Which of the Ten Principles of Economics does welfare economics explain more fully?
A)The cost of something is what you give up to get it.
B)Markets are usually a good way to organize economic activity.
C)Trade can make everyone better off.
D)A country's standard of living depends on its ability to produce goods and services.

Question

Quizplus · Accepted Answer

Welfare economics explains the principle that markets are usually a good way to organize economic activity by studying how the allocation of resources affects the well-being of individuals and society. It aims to identify policies that improve economic efficiency and equity, and to evaluate the trade-offs between them.

Which of the Ten Principles of Economics Does Welfare Economics