Technical efficiency
A) ignores the values of the chooser.
B) is a necessary precondition for the attainment of economic efficiency.
C) is always attained if economic efficiency is achieved.
D) is attained whenever the ratio of physical output to physical input is greater than unity.
E) is easier to achieve than economic efficiency.
A
You might also like to view...
Should the level of pollution be reduced to zero and if not, then to what level?
What will be an ideal response?
Economists classify all of the following as capital, except one. Which one is not capital?
a. a $20 bill in a firm's petty cash drawer b. the building where our economics class meets c. a plumber's wrench d. a railroad car e. a factory
Autarky is the situation of national self-sufficiency, in which there is no economic interaction with foreign producers or consumers
Indicate whether the statement is true or false
Farm programs such as those of the United States and the European Union:
A. encourage the United States and the European Union to use tariffs and quotas to restrict agricultural imports. B. cause U.S. and EU farmers to produce less than domestic consumers want to purchase. C. increase world market prices for agricultural products. D. raise farm output in developing nations.