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Economics > Efficiency > Flashcards

Efficiency Flashcards

(5 cards)

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1
Q

What is technical efficiency?

A

Technical efficiency occurs when a firm produces the maximum output from a given set of inputs.

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2
Q

True or False: Dynamic efficiency refers to the ability of an economy to improve its production processes over time.

A

True

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3
Q

Fill in the blank: Productive efficiency is achieved when a firm operates at the lowest point on its ______ curve.

A

average cost

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4
Q

What distinguishes allocative efficiency from productive efficiency?

A

Allocative efficiency occurs when resources are distributed in a way that maximizes consumer satisfaction, while productive efficiency is about minimizing production costs.

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5
Q

Multiple Choice: Which type of efficiency focuses on innovation and long-term growth? A) Technical Efficiency B) Dynamic Efficiency C) Productive Efficiency D) Allocative Efficiency

A

B) Dynamic Efficiency

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