Source: https://www.youtube.com/watch?v=4HeSE9o15k4

1/ What do economists mean by efficiency in terms of economic surplus?

Efficiency means the total consumer surplus is greater at equilibrium than anywhere else.

Efficiency means the total economic surplus is greater at equilibrium than anywhere else.

Efficiency means the total producer surplus is greater at equilibrium than anywhere else.

Efficiency means the total economic surplus is smaller at equilibrium than anywhere else.

2/ Why is there deadweight loss when the market is not in equilibrium?

When the market is in equilibrium, total economic surplus shrinks resulting in inefficiency (deadweight loss).

When the market is in equilibrium, total economic surplus increases resulting in inefficiency (deadweight loss).

When the market is not in equilibrium, total economic surplus shrinks resulting in inefficiency (deadweight loss).

When the market is not in equilibrium, total economic surplus increases resulting in inefficiency (deadweight loss).

3/ What is the explanation for the deadweight loss (inefficiency) of Christmas?

Gift exchanges often result in the gifts that people do not really want. The people who received gifts would value the gifts less than the prices of the gifts.

Gift exchanges often result in the gifts that people really want. The people who received gifts would value the gifts more than the prices of the gifts.

Gift exchanges often result in the gifts that people do not really want. The people who received gifts would value the gifts more than the prices of the gifts.

Gift exchanges often result in the gifts that people really want. The people who received gifts would value the gifts less than the prices of the gifts.

4/ Why is it better to give money than gifts during Christmas?

Money transfer is much more efficient than gift giving.

Money transfer is much less efficient than gift giving.

Money transfer is the same as gift giving.

Money transfer and gift giving are two different things.

5/ Despite inefficiency in gift exchanges during Christmas, why gift giving is still preferable during Christmas?

People who give gifts because they have to do it.

Gift giving implies people don't care about their loved ones.

Gift giving implies people care about their loved ones.

Everyone is required to buy gifts during Christmas.