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Theme 3 - Economic efficiency

Quiz by Mark Seccombe

EdExcel (A-Level)
Economics
English National Curriculum

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9 questions
Show answers
  • Q1
    Which would increase dynamic efficiency in the economy?
    A fall in short run costs
    An increase in outward migration
    Technological innovation
    Factories producing 24 hours a day
    60s
    3.4.1
  • Q2
    Allocative efficiency requires which of the following conditions?
    Price equals average variable cost
    Price equals total cost
    Price equals marginal cost
    Price equals average cost
    60s
    3.4.1
  • Q3
    Productive efficiency is likely to be increased when
    Market supply and demand are in equilibrium
    The level of investment increases
    The economy moves to a point on its PPF
    Money wages are lower than real wages
    60s
    3.4.1
  • Q4
    Some industries are dominated by a few large firms. Which answer might explain this?
    Low entry barriers to the industry
    Diseconomies of scale in production
    The existence of economies of scale
    Decreasing returns to scale
    60s
    3.3.3
  • Q5
    The concept of the Minimum Efficient Scale is
    An example of the law of diminishing returns
    When SRAC and LRAC meet
    At the lowest point of the long run average cost curve
    When one firm holds most of the output in the market
    60s
    3.3.3
  • Q6
    Which might explain why the minimum efficient scale for an industry is high?
    Profitability is low
    The market is contestable
    The market is oligopolistic in nature
    The cost of entering the market is high
    60s
    3.3.3
  • Q7
    One way of increasing competition in the utility industry is
    State ownership
    Minimum pricing
    Deregulation
    Nationalisation
    60s
    3.6.1c
  • Q8
    Which is likely to lead to a shift downwards in a cinema's long run average cost curve?
    An improvement in ticket sales technology
    Bulk buying of popcorn and drinks
    A fall in the cost of maintaining the premises
    The employment of specialist workers in each cinema
    60s
    3.3.2
  • Q9
    Which type of efficiency would a public welfare seeking broadcaster achieve if successful?
    Static efficiency
    Productive efficiency
    Dynamic efficiency
    Allocative efficiency
    60s
    3.4.1

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