In a System of _______________, a Central Bureaucracy Dictates Prices

question 72

Multiple Choice

In a system of _______________, a central bureaucracy dictates prices and outputs with the aim of allocating goods and services across society according to need.

• A) capitalism
• B) central planning
• C) monopoly
• D) pure competition

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Definitions:

Price Of Land

The monetary value assigned to a piece of land based on its characteristics, location, and the market demand and supply.

Administrative Agencies

Governmental bodies responsible for the oversight and administration of specific functions, such as regulation and enforcement of laws within certain industries.

Specific Performance

A legal remedy requiring a party to perform their obligations under a contract, typically used in real estate transactions.

Adversarial System

A legal system where two opposing parties present their cases to an impartial judge or jury, who decides on the matter.