________ Is One of the Most Important Mechanisms for Obtaining

question 38

Multiple Choice

________ is one of the most important mechanisms for obtaining equality of opportunity.

• A) Public education
• B) Affirmative action
• C) Transportation
• D) Commerce
• E) Health care

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Definitions:

Efficiency

The extent to which resources are used in the most productive way possible to achieve maximum output or outcomes.

Opportunity Costs

The cost of an alternative that must be forgone in order to pursue a certain action or the benefits you miss out on when choosing one alternative over another.

Economic Welfare

The overall health and well-being of an economy, often measured by standards of living, availability of goods and services, and income distribution.

Economic Efficiency

A state in which resources are ideally distributed to best meet the needs of every person or entity, reducing waste and inefficiency to a minimum.