Which of the Following Statements Is CORRECT

question 54

Multiple Choice

Which of the following statements is CORRECT?

• A) Technological efficiency depends on the relative costs of resources.
• B) Economic efficiency occurs when the firm produces a given output at the least cost.
• C) A firm can be economically efficient without being technologically efficient.
• D) Economic efficiency depends only on production methods.

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Definitions:

Internal Consistency Reliability

A type of reliability that examines whether items on a test measure only one dimension, construct, or area of interest.

Interrater Reliability

The level of agreement among multiple observers or raters of the same phenomenon or measurement.

Concurrent

Existing, happening, or done at the same time.

Test-Retest

A method used to assess the consistency of a measure by comparing the scores of the same participants on the same test administered at two different times.