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Economic Efficiency: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Who often dictates the valuation of resources?

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1. Which one is not true?

2. Which one is true about economic efficiency?

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About This Quiz & Worksheet

This quiz and worksheet will test you on economic efficiency. You should be comfortable with the valuation of resources and facts about economic efficiency in order to pass the quiz.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Who often dictates resource value
  • Characteristics of economic efficiency and an economically efficient state
  • What economic efficiency means

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related economic efficiency lesson
  • Interpreting information - verify you can read information regarding who often dictates resource value and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the characteristics of economic efficiency

Additional Learning

To learn more about the benefits of having a well-oiled economic machine, review the corresponding lesson titled Economic Efficiency: Definition & Examples. This lesson will help you:

  • Define economic efficiency
  • Understand the effects of inefficiency and waste on economic efficiency
  • Identify the benefits of having an efficient economy
  • Describe the costs of goods in an efficient economy
  • Appreciate the relationship of physical input to output
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