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Q1 VERBAL LOGIC

Efficiency is all right in its place, in the shop, the factory, the store. The trouble with
efficiency is that it wants to rule our play as well as our work; it won't be content to reign
in the shop, it follows us home. It can be inferred from the above passage that

Answer:

1. Efficiency can become all-pervading

Efficiency is all right in its place, in the shop, the factory, the store. The trouble with efficiency is that it wants to rule our play as well as our work; it won't be content to reign in the shop, it follows us home. efficiency can become all-pervading. efficiency does not always pay.

The author is of the opinion that one cannot limit efficiency to just work. It tends to affect a person's non-work life as well. In other words, efficiency can become all-pervading.

Explanation:

Efficiency is all right in its place, in the shop, the factory, the store. The trouble with efficiency is that it wants to rule our play as well as our work; While efficiency refers to how well something is done, effectiveness refers to how useful something is. For example, a car is a very effective form of transportation, able to move people across long distances, to specific places, but a car may not transport people efficiently because of how it uses fuel.  Ideally, individuals and companies find ways to be effective and efficient, but it is possible to be effective, but not efficient, or vice versa, or neither. For example, if a company is not doing well it may decide to train its workforce to use new technology. The training may go well, with employees learning the new technology in record time, but if overall productivity doesn't improve following the implementation of this new technology, the company's strategy was efficient but not effective.  

Economic efficiency is when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized.

•Economic efficiency is when every scarce resource in an economy is used and distributed among producers and consumers in a way that produces the most economic output and benefits to consumers.
•Economic efficiency can involve efficient production decisions within firms and industries, efficient consumption decisions by individual consumers, and efficient distribution of consumer and producer goods across individual consumers and firms.
Pareto efficiency is when every economic good is optimally allocated across production and consumption so that no change to the arrangement can be made to make anyone better off without making someone else worse off.

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