(Solved): 10. The concept of efficiency (a) is the same as productivity (units of output per unit of input in ...

10. The concept of efficiency (a) is the same as productivity (units of output per unit of input in the production process). (b) in its most general definition means maximizing society's wellbeing. (c) is not consistent with the "economic way of thinking" of optimization (d) is limited to a "point-in-time" static view. (e) All of the above QUESTION 11 11. Which of the following is TRUE? (a) The study of the business cycle, recession, inflation and economic growth is called microeconomics (b) The study of the economic behavior of individual decision-makers, prices and markets is called microeconomics (c) Macroeconomics and microeconomics are simply two names for the same thing. (d) both (a) and (b) are true (e) None of the above.