Asked by Bailey McPhee on Apr 26, 2024
Verified
Which statement is false?
A) Under our economic system,most of the important decisions are made in the market place.
B) In our economy the price mechanism determines the answers to our three basic questions-what,how,and for whom.
C) Most economists would agree that the price system leads to a very efficient allocation of resources.
D) None of these statements are false.
Economic System
The structure of methods and principles a society uses to produce and distribute goods and services.
Price Mechanism
The way in which the forces of supply and demand determine the price of goods and services in a free market.
Efficient Allocation
The process where resources are distributed in a manner that maximizes the net benefits attained through their use.
- Identify the pivotal importance of competitive forces and price determination processes in economic frameworks.
- Discuss the factors that contribute to the productivity and wealth of nations.
Verified Answer
Learning Objectives
- Identify the pivotal importance of competitive forces and price determination processes in economic frameworks.
- Discuss the factors that contribute to the productivity and wealth of nations.
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