A Friend of Yours Asks You Why Market Prices Are

question 83

Multiple Choice

A friend of yours asks you why market prices are better than government-determined prices.Because you understand economic principles,you say that market-determined prices are better because they generally reflect

• A)the value of a good to society,but not the cost of making it.
• B)the cost of making a good to society,but not its value.
• C)both the value of a good to society and the cost of making it.
• D)neither the value of a good to society nor the cost of making it.

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Definitions:

Human Rights

The fundamental rights and freedoms that every person is entitled to, regardless of nationality, sex, ethnicity, religion, or any other status.

Nuremberg

A city in the German state of Bavaria, recognized for its significant historical events, including the Nuremberg Trials post-World War II where Nazis were prosecuted.

War Crimes

Violations of the laws or customs of war, including mistreatment of prisoners, genocide, the deliberate destruction of civilian property, and killing civilians.

Truman Doctrine

An American foreign policy strategy announced by President Harry S. Truman in 1947, aimed at containing the spread of communism by providing political, military, and economic assistance to all democratic nations under threat from authoritarian forces.