Economists Use the Word Equality to Describe a Situation in Which

question 43

Multiple Choice

Economists use the word equality 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)society's resources are used efficiently.

---

Definitions:

Practical Intelligence

Refers to the ability to solve everyday problems by utilizing knowledge gained from experience in order to effectively deal with new and unusual situations.

Experience

The knowledge or skill acquired through involvement in or exposure to events.

Flexibility

The capacity to adjust to novel, diverse, or evolving demands and circumstances.

Tacit Intelligence

The unspoken, practical skill set and knowledge that individuals acquire through personal experience rather than formal education.