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Questions
What is meant by the efficiency of labour?
What is the efficiency of labour?
Short Answer
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Solution
Efficiency of labour refers to the quality and quantity of goods and services which can be produced by a labourer during a given period under certain prevailing conditions. It is assessed by contrasting the amount of a good that is produced by the worker, its quality, and the time it takes the worker to produce it.
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Chapter 1: Factors of Production - Exercise [Page 31]
