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An economy achieves “productive efficiency” when:
- a)The best quality goods are produced
- b)The highly skillful resources in the country are fully employed
- c)All resources are utilized and goods and services are produced at least cost
- d)None of the above
Correct answer is option 'C'. Can you explain this answer?
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An economy achieves “productive efficiency” when:a)The bes...
Economic growth when there is an increase in the production of goods and services in a country over a period of time. This can be achieved through various means such as:
1. Increase in investment: When there is an increase in investment, it leads to an increase in capital stock, which in turn leads to an increase in the production of goods and services.
2. Increase in productivity: When there is an increase in productivity, it leads to an increase in the output of goods and services without a corresponding increase in the inputs used.
3. Improvement in technology: When there is an improvement in technology, it leads to an increase in the efficiency of the production process, which in turn leads to an increase in the output of goods and services.
4. Increase in human capital: When there is an increase in human capital, it leads to an increase in the skills and knowledge of the workforce, which in turn leads to an increase in the production of goods and services.
5. Increase in natural resources: When there is an increase in natural resources, it leads to an increase in the availability of inputs for the production of goods and services.
Overall, achieving economic growth requires a combination of these factors, and it is important for governments to implement policies that promote investment, productivity, technology, human capital, and natural resource management.
1. Increase in investment: When there is an increase in investment, it leads to an increase in capital stock, which in turn leads to an increase in the production of goods and services.
2. Increase in productivity: When there is an increase in productivity, it leads to an increase in the output of goods and services without a corresponding increase in the inputs used.
3. Improvement in technology: When there is an improvement in technology, it leads to an increase in the efficiency of the production process, which in turn leads to an increase in the output of goods and services.
4. Increase in human capital: When there is an increase in human capital, it leads to an increase in the skills and knowledge of the workforce, which in turn leads to an increase in the production of goods and services.
5. Increase in natural resources: When there is an increase in natural resources, it leads to an increase in the availability of inputs for the production of goods and services.
Overall, achieving economic growth requires a combination of these factors, and it is important for governments to implement policies that promote investment, productivity, technology, human capital, and natural resource management.
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Community Answer
An economy achieves “productive efficiency” when:a)The bes...
Resources shouldn't be under utilised so 1st part is correct as all resources are utilised and
cost of production should be least in order to earn more profit so 2nd part is correct too ...
so answer is "C" .
cost of production should be least in order to earn more profit so 2nd part is correct too ...
so answer is "C" .
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An economy achieves “productive efficiency” when:a)The best quality goods are producedb)The highly skillful resources in the country are fully employedc)All resources are utilized and goods and services are produced at least costd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?
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An economy achieves “productive efficiency” when:a)The best quality goods are producedb)The highly skillful resources in the country are fully employedc)All resources are utilized and goods and services are produced at least costd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about An economy achieves “productive efficiency” when:a)The best quality goods are producedb)The highly skillful resources in the country are fully employedc)All resources are utilized and goods and services are produced at least costd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An economy achieves “productive efficiency” when:a)The best quality goods are producedb)The highly skillful resources in the country are fully employedc)All resources are utilized and goods and services are produced at least costd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.
An economy achieves “productive efficiency” when:a)The best quality goods are producedb)The highly skillful resources in the country are fully employedc)All resources are utilized and goods and services are produced at least costd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about An economy achieves “productive efficiency” when:a)The best quality goods are producedb)The highly skillful resources in the country are fully employedc)All resources are utilized and goods and services are produced at least costd)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An economy achieves “productive efficiency” when:a)The best quality goods are producedb)The highly skillful resources in the country are fully employedc)All resources are utilized and goods and services are produced at least costd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.
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