An Efficient Economy Is an Economy

question 209

Multiple Choice

An efficient economy is an economy

• A) in which output is steady or growing and there is low inflation.
• B) that produces what consumers demand and does so at the least possible cost.
• C) that distributes output equally among all consumers.
• D) in which there is a fair distribution of wealth.

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Definitions:

Acceptable

Considered satisfactory or permissible in a given context.

Agents of Socialization

Individuals, groups, and institutions that shape an individual's social development and cultural norms.

Peers

Individuals who are equals within a certain social context, such as age, status, or position, often influencing social and personal development.

Immediate Influence

The direct impact or effect one entity or event has on another in a short period of time.