A Method of Allocating Scarce Resources Is a Necessary Component

question 72

Multiple Choice

A method of allocating scarce resources is a necessary component of

• A) all economic systems
• B) all economic systems except market capitalism
• C) centrally-planned socialism and market socialism only
• D) centrally-planned capitalism and market capitalism only
• E) all economic systems except centrally planned socialism

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Definitions:

Careers

The progression and actions related to an individual's occupation or profession over their lifetime.

Inductive Arguments

Arguments that reason from specific instances to general principles, aiming to support the truth of their conclusions in a probabilistic manner.

Validity

The quality of being logically or factually sound; in logic, an argument is valid if its conclusion follows inevitably from its premises.

Deductive Arguments

Arguments where the conclusion logically follows from the premises, guaranteeing the conclusion's truth if the premises are true.