Final answer:
The statement is false because efficiency involves using resources wisely to maximize production, not just minimizing cost and time. It includes a measure of effectiveness related to the input of energy for work.
Step-by-step explanation:
The statement given says that effectiveness refers to achieving intended goals whereas efficiency refers to minimizing cost and time. The given statement can be considered false, as it does not fully capture the nuances of both concepts. While effectiveness does indeed pertain to the achievement of intended goals, efficiency also includes the idea of achieving these goals with the best use of resources, not just minimizing cost and time. Efficiency involves a measure of the effectiveness of the input of energy to do work, considering the useful energy or work that comes from the total input of energy. When an economy is efficient, it maximizes production by making sure that the available resources are used wisely to produce the most wanted goods and services demanded by people.