The Market System

question 254

Multiple Choice

The market system

• A)produces considerable inefficiency in the use of scarce resources.
• B)effectively harnesses the incentives of workers and entrepreneurs.
• C)is not consistent with freedom of choice in the long run.
• D)has slowly lost ground to emerging command systems.

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Definitions:

Automatic Responses

Reactions that occur without conscious thought, typically as a result of learned behaviors or innate reflexes.

Personality Development

Personality development involves the growth and changes in an individual's character, traits, and behaviors over time, influenced by both genetic factors and environmental experiences.

Genetic Inheritance

The process by which physical, behavioral, and personality traits are passed down from parents to their offspring through the transmission of genes.

Evolutionary Perspective

A viewpoint that examines human thoughts, feelings, and behaviors through the lens of natural selection and adaptation.