Input Efficiency

question 22

Multiple Choice

Input efficiency:

• A) means that holding constant the total amount of each input used in the economy, there is no way to increase any firm's output without decreasing the output of another firm.
• B) is not a requirement of Pareto efficiency in a production economy.
• C) exists when it is possible to produce more of one good and at least as much of every other good using the same inputs.
• D) is the same as efficient efficiency.

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Definitions:

Amendments

Formal changes or additions made to the U.S. Constitution or other legal documents, requiring a specific legislative or ratification process.

Elite Democracy

A theory of democracy that suggests a small, socio-economically privileged group makes the most significant political decisions.

Political System

The system of government in a country, including the institutions, laws, activities, and principles that define how political power and authority are acquired, communicated, and exercised.