Question

3. According to the textbook, equality means that
A. all members of society have the same income.
B. society is getting the most it can from its scarce resources.
C. society's goods and services are distributed according to need.
D. the benefits of society's resources are distributed uniformly among society's members.
E. A and B, only


4. According to the textbook, efficiency means that
A. society is getting the most it can from its scarce resources.
B. society's goods and services are distributed according to need.
C. society is conserving resources in order to save them for the future.
D. society's goods and services are distributed fairly among society's members.
E. C and D, only

Which of the following statements is (are) correct?
(x) In the market, prices, profit and self-interest guide the decisions of many firms and households.
(y) Without government’s protection of property rights businesses would have less incentive to provide goods and services.
(z) One advantage market economies have over central planning is that market economies are more efficient than centrally planned economies.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (y) only

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Answer #1

3.D

4.A

Next one is option D

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