Efficiency

question 201

Multiple Choice

Efficiency

• A)and equality both refer to how much a society can produce with its resources.
• B)and equality both refer to how fairly the benefits from using resources are distributed between members of a society.
• C)refers to how much a society can produce with its resources.Equality refers to how evenly the benefits from using resources are distributed among members of society.
• D)refers to how evenly the benefits from using resources are distributed between members of society.Equality refers to how much a society can produce with its resources.

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Definitions:

Deductible

A cost that can be deducted from total income to lower the taxable income amount.

Charitable Contribution Deduction

A tax deduction that allows taxpayers to deduct donations made to qualifying charitable organizations from their taxable income.

Itemize Deductions

To list allowable expenses that can be subtracted from adjusted gross income to reduce taxable income, rather than taking a standard deduction.

Taxpayers

Individuals or entities that are required to pay taxes to a federal, state, or local government.