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WAEC Economics 1998 Question 13

Question 13

Basic Concepts

To the economist, efficiency of resource use means

  1. A.the maximum use of resources to achieve minimum objective
  2. B.the reduction of cost for adequate output
  3. C.relating value of input to that of output
  4. D.using appropriate resources for desired wants
  5. E.maximizing output from a given amount of resources
Show the answer and explanation

Answer: E (maximizing output from a given amount of resources)

Explanation

Efficiency means getting the most output possible from the resources available.