Question on: JAMB Economics - 2002
Improved labour efficiency can be measured by?
A
an increase in output-input ratio
B
an decrease in output-input ratio
C
the constancy of input-output ratio
D
an increase in input-output ratio
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Correct Option: A
Improved labor efficiency means that the same amount of labor can produce more output. This is reflected in the output-input ratio.
- Output-input ratio: This is a measure of efficiency, with output representing what is produced and input representing the resources used (in this case, labor).
- Increased output-input ratio: An increase indicates that more output is being produced for the same amount of input (labor), demonstrating improved efficiency.
- Decreased output-input ratio: Would mean that less output is produced relative to the same input (labor), thus is less efficient.
- Constant input-output ratio: Implies no change in efficiency, which would mean the same output is achieved with the same input.
- Increased input-output ratio: This would not be
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