Prices Provide Little Information About Where Resources Should Best Be

question 53

True/False

Prices provide little information about where resources should best be allocated in an economy.

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Definitions:

Affirmed

In legal terms, it means a decision or judgment has been confirmed or upheld by a higher court.

Declared Bankrupt

The legal status of an individual or entity that cannot repay the debts they owe to creditors, formally recognized by a court.

Capacity To Contract

The legal ability of a person to enter into a binding contract, typically requiring that the individual is of a certain age and sound mind.

Necessaries

Goods or services that are essential for someone’s maintenance and welfare according to their status in life and their requirements at the time of contract.