Asked by
Daniel Gonzalez
on Nov 17, 2024
Verified
The terms equality and efficiency are similar in that they both refer to benefits to society. However, they are different in that
A) equality refers to uniform distribution of those benefits and efficiency refers to maximizing benefits from scarce resources.
B) equality refers to maximizing benefits from scarce resources and efficiency refers to uniform distribution of those benefits.
C) equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity cost of the benefits.
D) equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing identical tradeoffs.
Equality
The state of being equal, especially in status, rights, opportunities, or distribution of wealth.
Efficiency
In economic terms, this refers to the optimal production and allocation of resources to maximize output with the least waste.
Scarce Resources
Limited resources which are not enough to satisfy the unlimited wants of people.
- Separate the ideas of efficiency and equality in the domain of economic policy.
Verified Answer
TT
Learning Objectives
- Separate the ideas of efficiency and equality in the domain of economic policy.
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