In a Market System, Decisions About How to Allocate Resources

question 218

Multiple Choice

In a market system, decisions about how to allocate resources are made:

• A)by central planning boards in each industry.
• B)by a lottery system.
• C)by individuals and firms interacting in markets coordinated by market prices.
• D)by large conglomerates working cooperatively with the government.
• E)based upon tradition.

---

Definitions:

Primary Category

The main or most significant classification into which a subject or object is placed based on its defining characteristics.

Diversity

The inclusion of individuals representing more than one national origin, color, religion, socioeconomic stratum, sexual orientation, etc., contributing to a rich variety of experiences and perspectives.

Race

A category of identity formed by society, based on bodily traits, lineage, history of association, or common cultural practices.

Indra Nooyi

Former CEO of PepsiCo, known for her leadership and innovative business strategies.