In the Long Run, Under Which Allocation Mechanism Will a Society

question 13

Multiple Choice

In the long run, under which allocation mechanism will a society grow most quickly?

• A) Market
• B) Government
• C) First-come, first served
• D) Random
• E) All of these mechanisms will lead to long-run, sustained economic growth

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Definitions:

Privity Of Contract

A principle stating that only the parties involved in a contract have the rights and obligations under that contract.

Market Share Theory

A principle that assigns liability to manufacturers based on their market share of a harmful product when the specific source of harm cannot be identified.

Tortfeasors

Individuals or entities that have committed a tort, which is a civil wrong or injury that can be redressed by awarding damages.

Allegedly Harmful Products

Allegedly harmful products are goods reported or claimed to cause damage or injury, often subject to investigation or legal action to ascertain liability.