Asked by Silupe Lanier on Jun 03, 2024
Verified
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.
Efficient Economy
An economic system where resources are allocated optimally to meet the needs and wants of its participants, minimizing waste.
Consumer Demand
The desire of purchasers, consumers, or buyers for products or services which they are willing and able to buy.
- Gain an understanding of economic efficiency and establish benchmarks for the evaluation of economic policy consequences.
Verified Answer
JM
Joseph MichaelJun 06, 2024
Final Answer :
B
Explanation :
An efficient economy is defined by its ability to produce what is demanded by consumers at the lowest possible cost, maximizing productivity and minimizing waste. Choices A, C, and D describe other desirable economic attributes but do not directly define efficiency.
Learning Objectives
- Gain an understanding of economic efficiency and establish benchmarks for the evaluation of economic policy consequences.