microchp10 - POP QUIZ WORKSHEET 3 : CHAPTER 10 NAME: _...

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POP QUIZ WORKSHEET 3 : CHAPTER 10 NAME: __________________________________ COURSE: ________________________________ 1. Technical efficiency: a. means the same thing as economic efficiency. b. means that as few inputs as possible are used to produce a given output. c. is that method that produces a given level of output at the lowest possible cost. d. has nothing to do with labor-intensive inputs. 2. Economic efficiency: a. means the same thing as technical efficiency. b. means that as few inputs as possible are used to produce a given output. c. is that method that produces a given level of output at the lowest possible cost. d. has nothing to do with labor-intensive inputs. 3. Economies of scale: a. mean per-unit costs increase as output increases in the long run. b. are caused by loss of team spirit as a firm expands in size. c. is the result of mismeasurement of opportunity costs. d. occur when per unit costs increase as one input is added to production. 4.
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This note was uploaded on 09/02/2011 for the course ECON 2 taught by Professor Contractor during the Spring '11 term at DeAnza College.

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microchp10 - POP QUIZ WORKSHEET 3 : CHAPTER 10 NAME: _...

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