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The following statements are about economic coordination
The following statements are about economic coordination.
Choose the statement that is false.
a. The world oil market is not truly a market because it is not centralized in one place.
b. Without organized markets we would miss out on a substantial part of the potential gains from trade.
c. Firms coordinate a huge amount of economic activity.
d. Today most previously planned economies are adopting a decentralized market system.
Expert Solution
The correct answer is Option a. the world oil market is not truly a market because it is not centralized in one place.
Option a is incorrect. The world oil is absolutely a market even though it is not a centralized place.
Option b is a correct statement. Part of the potential trading gains are the organized markets (stock market to be particular).
Option c is also a correct statement. The interconnectivity of the economic activity of different firms involved huge amount.
Option d is right. As centralized market hampers operation of the firm, as day-to-day actions will be depends on the top management of the firm, the move to the decentralized market system are now being adopted in different planned economies.
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