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JAMB Economics 1983 Question 8

Question 8

Basic Concepts

The concept of economic efficiency primarily refers to

  1. A.obtaining the maximum output from available resources at the lowest possible cost
  2. B.conservation of our petroleum resources
  3. C.equity in the distribution of the nation's wealth
  4. D.producing without waste
  5. E.the limited wants-unlimited resources dilemma.
Show the answer and explanation

Answer: A (obtaining the maximum output from available resources at the lowest possible cost)

Explanation

Economic efficiency means getting the greatest output from the resources available at the least cost.