Prices Are Useful in Coordinating Society's Economic Planning Because

question 195

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 responses are correct.

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Definitions:

Neural Impulses

The electrical and chemical signals transmitted along neurons to communicate information throughout the nervous system.

Subcortical Areas

Regions of the brain located below the cerebral cortex, involved in various functions including emotion, reward, and memory.

Hemp Plant

Is a variety of the Cannabis Sativa plant species grown specifically for industrial use, such as in textiles, biodegradable plastics, and health products.

Opiates

A category of drugs derived from the opium poppy, used medicinally for pain relief but also capable of causing dependency.