Which of the following is TRUE?
A) Technological efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs.
B) Technological efficiency depends on the relative cost of the resources used in production.
C) If production is technologically efficient, then it must be economically efficient.
D) All of the above answers are correct.
A
You might also like to view...
The sharp increase in the excess reserves held by the commercial banking system since the second half of 2008 increases the potential for
a. a sharp contraction in the money supply, which is likely to increase the length and severity of the recession. b. a rapid increase in the money supply, potentially leading to inflation. c. a gradual increase in the money supply, following the trend of the previous decade. d. a reduction in the ability of banks to extend additional loans.
An American farmer today feeds over ______ people.
A. 15 B. 30 C. 50 D. 100
Sources of market failure include
A. competitive behavior. B. unequal income distribution. C. externalities. D. private goods.
________ bubble is driven entirely by unrealistic optimistic expectations
A) An irrational exuberance B) A credit-driven C) A stock D) A debt-driven