Which Is Not a Purpose of an Economy and Efficiency

question 24

Multiple Choice

Which is not a purpose of an economy and efficiency audit?

• A) Whether the entity is acquiring, protecting, and using resources economically and efficiently.
• B) The causes of inefficiencies and uneconomical practices.
• C) Whether the entity has complied with laws and regulations concerning matters of economy and efficiency.
• D) Each of the above is a purpose.

---

Definitions:

Price Elasticity

An indicator of the degree to which the demand or supply of a product adjusts due to a variation in its cost.

Midpoint Formula

A method used in economics to calculate the elasticity of demand or supply between two points on a curve by averaging the quantities and prices.

Price Elasticity

A parameter that quantifies the change in demand for a commodity in response to its price alterations.

Midpoint Formula

A mathematical method used to find the midpoint or average between two points, often used in economics to calculate price or quantity averages.