Prices Are Useful in Coordinating Society's Economic Planning Because

question 50

Multiple Choice

Prices are useful in coordinating society's economic planning because

• A)they convey information about which goods are scarce and which are plentiful.
• B)economies based on price systems are more flexible than centrally planned economies.
• C)economies based on price systems are more likely than centrally planned economies to minimize the cost of producing society's output.
• D)All of the above are correct.

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Definitions:

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, typically performing better on simple or well-rehearsed tasks and worse on complex or new ones.

Routine Tasks

Tasks that are regularly performed in a set manner, often characterized by a lack of novelty and the requirement for minimal conscious effort.

Unusual Tasks

Activities that deviate from what is commonly expected or considered normal, often requiring unique or creative approaches.

Group

Two or more people who share a common definition and evaluation of themselves and behave in accordance with such a definition.