Contemporary question answering (QA) systems, including Transformer-based architectures, suffer from increasing computational and model complexity which render them inefficient for real-world applications with limited resources. Furthermore, training or even fine-tuning such models requires a vast amount of labeled data which is often not available for the task at hand. In this manuscript, we conduct a comprehensive analysis of the mentioned challenges and introduce suitable countermeasures. We propose a novel knowledge distillation (KD) approach to reduce the parameter and model complexity of a pre-trained bidirectional encoder representations from transformer (BERT) system and utilize multiple active learning (AL) strategies for immense reduction in annotation efforts. We show the efficacy of our approach by comparing it with four state-of-the-art (SOTA) Transformers-based systems, namely KroneckerBERT, EfficientBERT, TinyBERT, and DistilBERT. Specifically, we outperform KroneckerBERT21 and EfficientBERTTINY by 4.5 and 0.4 percentage points in EM, despite having 75.0% and 86.2% fewer parameters, respectively. Additionally, our approach achieves comparable performance to 6-layer TinyBERT and DistilBERT while using only 2% of their total trainable parameters. Besides, by the integration of our AL approaches into the BERT framework, we show that SOTA results on the QA datasets can be achieved when we only use 40% of the training data. Overall, all results demonstrate the effectiveness of our approaches in achieving SOTA performance, while extremely reducing the number of parameters and labeling efforts. Finally, we make our code publicly available at https://github.com/mirbostani/QA-KD-AL.