An efficient economy is an economy
A) in which output is steady or growing and there is low inflation.
B) that produces what consumers demand and does so at the least possible cost.
C) that distributes output equally among all consumers.
D) in which there is a fair distribution of wealth.

Question

Quizplus · Accepted Answer

An efficient economy is defined by its ability to produce what is demanded by consumers at the lowest possible cost, maximizing productivity and minimizing waste. Choices A, C, and D describe other desirable economic attributes but do not directly define efficiency.

An Efficient Economy Is an Economy