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Discuss each of the following statements from the standpoints of equality and

Chapter 1, Problem Problems and Applications 1.10

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QUESTION:

Discuss each of the following statements from the standpoints of equality and efficiency. a. Everyone in society should be guaranteed the best healthcare possible. b. When workers are laid off, they should be able to collect unemployment benefits until they find a new job.

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QUESTION:

Discuss each of the following statements from the standpoints of equality and efficiency. a. Everyone in society should be guaranteed the best healthcare possible. b. When workers are laid off, they should be able to collect unemployment benefits until they find a new job.

ANSWER:

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Economic efficiency is focused on gaining or producing maximum benefits at minimum cost. This results from the efficient utilization of economic resources. Equality is concerned with the distribution and accessibility of these economic resources.

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