Economists use the word equity to describe a situation in which
A)each member of society has the same income.
B)each member of society has access to abundant quantities of goods and services, regardless of his or her income.
C)society is getting the maximum benefits from its scarce resources.
D)the benefits of society's resources are distributed fairly among society's members.

Question

Quizplus · Accepted Answer

Equity refers to the fair distribution of resources and benefits among society's members. Option D describes this concept accurately. Option A describes equality, not equity. Option B describes abundance, not equity. Option C describes efficiency, not equity.

Economists Use the Word Equity to Describe a Situation in Which