________ is the ratio of the quantity of output produced to the costs of all inputs used,where the inputs are combined on the basis of current period prices.

Question

Quizplus · Accepted Answer

Total factor productivity measures the efficiency of all inputs to a production process. It considers the quantity of output produced relative to the costs of all inputs (labor, capital, etc.), where these inputs are valued at their current period prices. This contrasts with measures like partial productivity, which might focus on a single input type.

________ Is the Ratio of the Quantity of Output Produced