How Does an Economist Define Efficiency

question 162

Multiple Choice

How does an economist define efficiency?

• A) the creation of a surplus using available resources
• B) the maximization of revenue from available resources
• C) the maximization of output from available resources
• D) the maximization of inputs using available resources

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Definitions:

Impulsive

Acting on instincts or desires without considering consequences or deliberation, often leading to hasty and sometimes regrettable decisions.

Reward

A positive reinforcement or incentive given in response to desired behavior, often used to motivate or encourage.

Behaviourists

Psychologists or researchers who focus on observable behaviors rather than internal processes such as cognition and emotion.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, often regarded in psychology as patterns of thought, feeling, and behavior.