With electric motors, given the same power out, the motor sized
closest to the actual demanded power will be most efficient, given the
same construction on all the motors. It costs energy to move the
rotors after all, bigger motor, bigger rotor, more mass, more energy
needed. Also bearing drag will be more with larger motors. There
could be circumstances where a smaller moter is markedly less
efficient than a good larger motor, less iron, not as good quality
bearings, larger magnetic gaps, etc. Would be like the difference
between an el-cheapo dedicated motor out of a current appliance and a
top quality industrial motor. One is built to a price point, the
other is built to a performance standard. Improved higher temp
insulation has led to a lot of penny-shaving out there in motor
design. They can cut costs by including less iron, but the motors
won't be as efficient as they could be, they lose a lot of energy as
heat.
As far as IC engines, you STILL have the same power needed to move a
vehicle down the road at a given speed, the mass of the car isn't
changing, E=MV^2 is still valid. So a small engine still needs to put
out the same power output as a large engine at the same speed. With
Ford, several of their engine families used the same block design for
larger displacement engines as they did for lower displacement ones.
Becuase the higher displacement engines had larger bores, the blocks
actually weighed less than the smaller engines. If you picked the
right RPM the larger engine could be marginally more efficient jsut
because the vehicle mass was slightly less. They usually had
different carbs, though, performance was expected out of the big
bores, so they usually sucked more gas. The answer's going to depend
a lot on engine management, pumping loses, valve train design, amount
of powder just to keep the parts moving and gas quality. So no easy
answer on your second question.
Stan