The central planning approach failed to optimally

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International Economics
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Chapter 15 / Exercise 4
International Economics
Carbaugh
Expert Verified
57.The central planning approach failed to optimally allocate oil during the 1973–1974 oil crisis because of problems of: A) demand and supply. B) markets and prices. C) resources and budgets. D) information and incentives.
58.In a demand-and-supply diagram, the market price represents the value of the:
59.The market solves the information problem when allocating resources by:
60.The market solves the incentive problem when allocating resources because the:
61.When a consumer compares the price of a good to the value of that good, he or she is really comparing: Page 12
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
International Economics
The document you are viewing contains questions related to this textbook.
Chapter 15 / Exercise 4
International Economics
Carbaugh
Expert Verified
A) the price of other substitute goods. B) the value of the good to the costs associated with producing the good. C) the value of the good to its opportunity cost. D) the price of the good to the value of other substitute goods.
62.When the price of pizza increases, consumers have an incentive to:
63.Which economist described the market as being driven by “an invisible hand”?
64.The market is effectively able to allocate goods to their highest-valued uses because:

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