Question

At the macro level, the most efficient technique is the one that uses ______

Options

• The most quantity of scarce resources

• Least quantity of resources

• Least quantity of scarce resources

• None of the above

Answer 1

At the macro level, the most efficient technique is the one that uses the least quantity of scarce resources.

Explanation:

The guiding principle of the problem 'how to produce?' is to use the production technique that has the lowest cost per unit of the commodity. The most efficient technique at the macro level is the one that uses the least amount of scarce resources. As a result, producers must always use the most efficient technology to produce efficiently. As a result, every economy must select the most efficient method of producing a commodity.