Detailed explanation and options for the selected question.
What is the term for the ability of an economy to produce more output from the same inputs?
A.
Efficiency
B.
Productivity
C.
Growth
D.
Specialization
Explanation:
Productivity measures how efficiently inputs are converted into outputs. Efficiency and growth are broader terms, while specialization refers to focusing on specific activities.
Related Topics
Foreign Trade Agreements and India’s Export Competitiveness