The Terms Equality and Efficiency Are Similar in That They

question 157

Multiple Choice

The terms equality and efficiency are similar in that they both refer to benefits to society. However, they are different in that

• A)equality refers to uniform distribution of those benefits and efficiency refers to maximizing benefits from scarce resources.
• B)equality refers to maximizing benefits from scarce resources and efficiency refers to uniform distribution of those benefits.
• C)equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity cost of the benefits.
• D)equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing identical tradeoffs.

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Definitions:

Information

Data or knowledge communicated or received concerning a particular fact or circumstance.

Principal

In legal and financial contexts, the original sum of money loaned or invested, before interest; in agency, the person or entity who authorizes an agent to act on their behalf.

Specific Authority

Power or permission given to an agent for specific tasks or transactions on behalf of the principal.

Necessarily Incidental

Activities or actions that are not central but are unavoidably part of or related to accomplishing a main activity or goal.