The Property of Society Getting the Most It Can from Its

question 183

Multiple Choice

The property of society getting the most it can from its scarce resources is called

• A)efficiency.
• B)equality.
• C)externality.
• D)productivity.

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Definitions:

Public Saving

The difference between tax revenues and government expenditures, typically representing the amount of surplus funds the government has.

Closed Economy

An economic system that does not engage in international trade, instead relying on its own internal markets for goods and services.

Accounting Identity

An equation that must always be true due to the way variables are defined, commonly used in economics and accounting to reflect the balance between different components.

Tax Rate

The percentage at which an individual or corporation is taxed by the government.