In Most Societies, Resources Are Allocated by

question 77

Multiple Choice

In most societies, resources are allocated by

• A)a single central planner.
• B)a small number of central planners.
• C)those firms that use resources to provide goods and services.
• D)the combined actions of millions of households and firms.

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Definitions:

Selective Exposure

The tendency of individuals to prefer information that supports their pre-existing beliefs and values, avoiding contradictory evidence.

Selective Comprehension

The process by which people interpret information in a way that conforms to their pre-existing beliefs and attitudes, often leading to biased understanding.

VALS System

A psychographic tool used by marketers to classify consumers into eight distinct types based on their values, attitudes, and lifestyles.

Thinkers

Intellectuals or individuals who engage deeply with ideas, often considering complex problems and abstract concepts.