Which of the following is true?
A)Efficiency refers to the size of the economic pie; equality refers to how the pie is divided.
B)Government policies usually improve upon both equality and efficiency.
C)As long as the economic pie continually gets larger, no one will have to go hungry.
D)Efficiency and equality can both be achieved if the economic pie is cut into equal pieces.

Question

Quizplus · Accepted Answer

Efficiency in economics refers to how well resources are used and allocated to maximize productivity and output, essentially focusing on the size of the economic pie. Equality, on the other hand, concerns how evenly the benefits of those resources (the economic pie) are distributed among members of society. The other statements oversimplify complex economic relationships and ignore potential trade-offs between efficiency and equality.

Which of the Following Is True