In Most Societies, Who Allocates Resources

question 169

Multiple Choice

In most societies, who allocates resources?

• A) a single central planner
• B) those who own the resources
• C) those firms that use resources to provide goods and services
• D) the combined actions of millions of households and firms

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Definitions:

Constructive Partnership

A legal concept where a partnership is deemed to exist based on the actions or conduct of the parties, despite there being no formal agreement.

Actual Partnership

A type of business partnership that exists when two or more individuals engage in a business for profit with an express or implied agreement of partnership, as opposed to being legally deemed partners by the law.

Purported Partner

Implies someone alleged or claimed to be a partner in a business or enterprise, often without the legal or formal acknowledgment of such a partnership.

Substantial Reliance

A level of dependence on a promise or statement significant enough to alter one's position, often referenced in contract law.