A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. However, redistributing income from rich to poor reduces the reward for working hard. Therefore, society faces a tradeoff between
A)guns and butter.
B)efficiency and equality.
C)inflation and unemployment.
D)work and leisure.

Question

Quizplus · Accepted Answer

Efficiency and equality represent the tradeoff society faces when deciding how to allocate resources. Efficiency refers to getting the most out of resources, while equality involves distributing economic benefits fairly, even if it means reducing incentives for hard work.

A Typical Society Strives to Get the Most It Can