A Situation in Which the Market System Allocates Too Many

question 27

Multiple Choice

A situation in which the market system allocates too many resources to the production of a given activity is known as

• A)market allocation.
• B)market failure.
• C)market efficiency.
• D)market breakdown.

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Definitions:

Indigenous

Peoples or ethnic groups that are the original inhabitants of a given region, maintaining traditions that distinguish them from the dominant groups of the society.

State Religions

Officially endorsed religions by a state, which often enjoy certain privileges not granted to other religions in that country.

Voodoo

A religion originating in West Africa, which involves the worship of ancestors and spirits, and is characterized by rituals and ceremonies that can include drumming, singing, dancing, and spirit possession.

Religion

A set of beliefs concerning the cause, nature, and purpose of the universe, especially when considered as the creation of a superhuman agency or agencies, usually involving devotional and ritual observances.