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

Question

3. Equality versus efficiency

Match each definition to its appropriate concept.

Definition

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.

Definition

Equality

Efficiency

When economic benefits are distributed uniformly across society When a society gets the most it can from its scarce resources

Explanation / Answer

a) Equality occurs when benefits are distributed equally across society.

b) Efficiency occurs when scarce resources are used to its full level.

c) True

d) Increase in equality

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