A. output is maximized
B. inputs are minimized
C. there is no way to make a given output using less of one input and no more of the other inputs
D. Costs are minimized
Related Mcqs:
- An industry that realizes such large economies of scale in producing its product that single-firm production of that good or service is most efficient is called ?
A. a fixed cost monopoly
B. a natural monopoly
C. a government franchise monopoly
D. a economies of scale monopoly - The efficient scale of production is the quantity of output that minimizes ?
A. average fixed cost
B. average total cost
C. average variable cost
D. marginal cost - The theory that states that a country has a comparative advantage in the production of a product if that country is relatively well endowed with inputs used intensively in the production of that product is the?
A. Ricardo Malthus theorem
B. Heckscher Ohlin theorem
C. Lucas-Laffer theorem
D. Friedman Samuelson theorem - Which index combines measures of calorie availability (in relation to requirement) the growth of per capita daily energy supply food production food staples self-sufficiency, and variability of food production and consumption ?
A. food sufficiency index
B. food security index
C. food self-intake index
D. food growth index - If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ?
A. constant opportunity costs
B. decreasing opportunity costs
C. first increasing and then decreasing opportunity costs
D. increasing opportunity costs - If a country has a liner (downward sloping) production possibilities frontier, then production is said to be subjected to ?
A. constant opportunity costs
B. decreasing opportunity costs
C. first increasing and then decreasing opportunity costs
D. increasing opportunity costs - What is called an arrangement of workers machines, and equipment in which the product being assembled passes consecutively from operation to operation or the process in which finished products are turned out in a mechanically efficient, though impersonal, manner ?
A. Assembly line
B. Production line
C. Both of them
D. None of them - An efficient tax ?
A. minimizes the administrative burden form the tax
B. does all the things describe in these answers
C. raises revenue at the smallest possible cost to taxpayers.
D. minimize the deadweight loss from the tax. - To be Productively efficient a firm must produce where ?
A. Marginal costs are maximized
B. Marginal costs are Minimized
C. Average costs are minimized
D. Average costs are maximized - An allocation is Pareto-efficient if no reallocation of resources would make some people _______ without making others ________?
A. worse off; worse off
B. better off; better off
C. better off; worse off
D. equal, unequal
