ECO100Y1 Midterm: first test def

Efficiency means our economic pie is divided into equal slices:

a. society is conserving resources in order to save them for the future.  

b. society's goods and services are divided equally among society members 

c. society's goods and services are distributed fairly though not necessarily equally among the members 

d. society is getting the maximum benefits from its scarce resources 

Economics is best defined as the study of how society manages its scarce resources _______________.