An Economy Is Efficient If One Person Can Be Made

question 38

True/False

An economy is efficient if one person can be made better off by reallocating resources without making anyone else worse off.

---

Definitions:

Background Knowledge

Background knowledge encompasses the information, awareness, or familiarity gained through experience or education that an individual brings to a situation or task.

Homogamy

The tendency for individuals to associate and bond with similar others, especially in terms of social characteristics, values, or traits.

Background

A set of circumstances or facts that surround a particular event or situation.

Group Membership

The state of being part of a collective or organization with shared interests or goals, emphasizing belonging and identity.