3. Equality versus efficiency Match each definition to its appropriate concept.

Question

3. Equality versus efficiency Match each definition to its appropriate concept. Definition When economic benefits are distributed uniformly across society When a society gets the most it can from its scarce resources Equality Efficiency All societies face a trade-off between equality and efficiency If the United States government raises the income taxes on the wealthiest Americans, while increasing welfare payments to the poorest Americans, the result will likely be in efficiency and in equality in the United States

Explanation / Answer

when economic benefits are distributed uniformly across the society-equality

when a society gets the most it can from its scarce resources -efficiency

when everybody gets equal economic benefit no matter how much he contribute in production (wheather less or more) then its equality. And when most possible production take place with given resource then economy works efficiently.

if the united states government raises the income taxes on the wealthiest American ,while increase welfare payments to poorest Americans the result will be decrease in efficiency and increase in equality in the united states.

due to law of diminishing marginal utility government takes tax from rich and do welfare payment to poorest so that poor people gets equal standard of living

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