Efficiency (U2: T1)

Efficiency (U2: T1)

11th Grade

40 Qs

quiz-placeholder

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Efficiency (U2: T1)

Efficiency (U2: T1)

Assessment

Quiz

Business

11th Grade

Practice Problem

Hard

Created by

Lachlan Brennan

Used 4+ times

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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true about the economic problem?

The economic problem can be avoided
The economic problem cannot be avoided
The economic problem is irrelevant
The economic problem is only a theoretical concept

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary objective of economic systems

To maximise profits
To minimize costs
To achieve optimal satsifaction of wants
To eliminate competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How should productive resources be allocated

To their minimum use
To their optimum use
To their average use
To their maximum use

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What will an efficient market achieve?

Maximum profits
Minimum costs
Optimum results
Elimination of competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following terms refers to the concept where additional units of input result in progressively smaller increases in output?

Productive Efficiency
Law of Diminishing Marginal Productivity
Technical Efficiency
Alloctive Efficiency

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the efficiency achieved when resources are allocated in a way that maximizes the net benefit to society?

Specialisation
Dynamic Efficiency
Allocative Efficiency
Technical Efficiency

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of efficiency is concerned with producing goods and services at the lowest possible cost?

Productive Efficiency
Economies of Scale
Socially Optimal Level of Output
Specialisation

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