-Price Controls

question 324

Multiple Choice

-Price controls

• A) do not include black markets.
• B) are another name for the price system.
• C) do not include rent controls.
• D) interfere with the rationing function of prices.

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Definitions:

Genetic Drift

A mechanism of evolution that causes changes in allele frequencies in a population due to random sampling effects, particularly in small populations.

Bureaucracy

A rational and efficient form of organisation founded on logic, order and legitimate authority.

Division of Labour

The practice of dividing work into distinct tasks or roles, specialized by individuals or groups, to increase efficiency and productivity.

Hierarchy of Authority

The ordered arrangement of individuals within an organization according to their levels of power or authority, usually from the highest to the lowest rank.