How to allocate limited resources in an efficient way?
For unlimited access to Homework Help, a Homework+ subscription is required.
Which of the following statements is NOT true?
The government allocation mechanism provides no incentive for the economy to grow.
The market mechanism for allocating resources is most efficient due to the incentives it creates.
The random allocation mechanism provides no incentives at all.
Markets are always the most efficient way to allocate goods, even if the market is not perfectly competitive.
Which of the following elements in a society are required for economic study? Check all that apply.
A) a standardized medium of exchange that is, money.
B) a system of government.
C) decisions about how to allocate resources.
D) people with wants and needs.
E) resources in limited supply.
Economists generally believe that rent control is
a.Ā a highly inefficient way to help the poor raise their standard of living
b.Ā an efficient way to allocate housing, but not a good way to help the poor
c.Ā an efficient and fair way to help the poor
d.Ā inefficient but the best available means of solving a serious social problem
