Which of the following statements about economic efficiency are true? (Indicate
ID: 1161728 • Letter: W
Question
Which of the following statements about economic efficiency are true? (Indicate all that apply.)
Carol chose to buy a new Prius rather than a new Corolla. Higher gas mileage was efficient for Carol.
Efficiency is a matter of all the costs and benefits.
Some manufacturers are still making gas guzzlers. A new government regulation requiring all new cars to get at least 28 mpg would obviously be a big improvement in efficiency.
A Prius automobile that gets 51 miles per gallon in the city is more efficient than a Corolla that gets 27 mpg.
Carol chose to buy a new Prius rather than a new Corolla. Higher gas mileage was efficient for Carol.
Efficiency is a matter of all the costs and benefits.
Some manufacturers are still making gas guzzlers. A new government regulation requiring all new cars to get at least 28 mpg would obviously be a big improvement in efficiency.
A Prius automobile that gets 51 miles per gallon in the city is more efficient than a Corolla that gets 27 mpg.
Explanation / Answer
Economic efficiency is a point where one can not be made better off without making someone else worse off
The correct options are
Carol chose to buy a new Prius rather than a new Corolla. Higher gas mileage was efficient for Carol
Efficiency is a matter of all the costs and benefits.
Some manufacturers are still making gas guzzlers. A new government regulation requiring all new cars to get at least 28 mpg would obviously be a big improvement in efficiency.
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