Recall the Application about the market for meteorites to answer the following question(s).
-According to the Application, people in Morocco bring meteorites picked up in the desert to local dealers, who then sell them to the public through Websites. If the Moroccan government decided to intervene in this market by requiring all meteorites be turned over to the government, and then the government decides who is allowed to purchase the meteorites and at what prices, this best describes an example of
A) a market system.
B) central planning.
C) a barter economy.
D) comparative advantage.

Question

Quizplus · Accepted Answer

This is an example of central planning, as the government would control the market for meteorites by regulating who is allowed to purchase them and at what prices. This is in contrast to a market system, where individuals and businesses make decisions about their own production and consumption based on market forces. A barter economy involves exchange of goods and services without using money, and comparative advantage refers to the ability of one entity to produce a good or service more efficiently than another entity.

Recall the Application About the Market for Meteorites to Answer