Which of the Following Correctly Describes the Relationship Between Economic

question 137

Multiple Choice

Which of the following correctly describes the relationship between economic efficiency and economic equity?

• A)They are both automatically achieved in a free market economy.
• B)They always call for opposite outcomes.
• C)There is no conflict between the two goals.
• D)There is often a trade-off between the two.

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Definitions:

Global Context

The consideration of the larger international or worldwide environment in decisions, strategies, and operations.

Ethical Standards

Principles that guide conduct and decision making based on notions of right and wrong.

Justice Issues

Concerns or disputes arising over what is morally right or fair, often relating to the equitable distribution of resources or treatment of individuals.

Instrumental Values

Basic convictions about modes of conduct and desirable end-states that act as guiding principles in one's life.