Question: 1. An efficient allocation of resources occurs when: A. Goods and services are distributed equally B. No one can be made better off without making

1. An efficient allocation of resources occurs when: A. Goods and services are distributed equally B. No one can be made better off without making someone else worse off C. The government controls all production D. Only the rich benefit from economic growth (1 mark) 2. Which of the following government actions is most likely to increase equity in society? A. Lowering minimum wage laws B. Providing free public education C. Reducing taxes on luxury goods D. Eliminating unemployment benefits (1 mark) 3. The Lorenz Curve is used to: A. Measure inflation B. Show the distribution of income or wealth in a society C. Calculate unemployment rates D. Determine exchange rates

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