The Central Planning Approach Failed to Optimally Allocate Oil During

question 223

Multiple Choice

The central planning approach failed to optimally allocate oil during the 1973-1974 oil crisis because of problems of:

• A) demand and supply.
• B) markets and prices.
• C) resources and budgets.
• D) information and incentives.

---

Definitions:

Disorganized Schizophrenia

A subtype of schizophrenia characterized by incoherent speech, disorganized behavior, and inappropriate emotions.

Purposeless Movement

Movements that have no goal or aim, often seen in neurological disorders.

Psychotic Disorders

A category of mental health disorders characterized by a disconnection from reality, which may include symptoms like hallucinations and delusions.

Reality

The state of things as they actually exist, as opposed to an idealistic or notional idea of them; refers to the tangible, real-world environment.