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 Efficiency Equality 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

(1)

When economic benefits are distributed uniformly across society - Equity

hen a society gets the most it can from scarce resources - Efficiency

[Note that an outcome is efficient when no person can be benefitted without reducing the benefit obtained by at least one more person]

(2)

If US raises income tax on wealthiest Americans, the result will likely be a Decrease** in efficiency and an Increase** in equality.

**For precise wording of the answer, provide the drop-down options in Comment section.

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