Which Type of Economic System Will Produce the Highest Degree

question 174

Multiple Choice

Which type of economic system will produce the highest degree of allocative efficiency?

• A)a perfectly competitive market system 
• B)a purely command economic system 
• C)a market system with limited price controls and price ceilings 
• D)a command system with limited market activity for non-essentials

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Definitions:

Generalized Other

A combination of other people’s views that tells you who and what you are.

Social Role

refers to the set of behaviors, rights, obligations, and expectations associated with a particular social status or position in a group or society.

Increased Self-Awareness

A heightened state of being conscious of one's own character, feelings, motives, and desires.

Over-Justification Effect

The phenomenon where extrinsic rewards decrease a person's intrinsic motivation to perform a task because the action is seen as driven by the reward, not personal interest or enjoyment.