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- In which of the following economic system does the government owns the factors of production and distribution? a. Capitalist Economy b. Command Economy c. Mixed Economy d. Private EconomyWho answers the three key economic questions in a Market economic system? custom & tradition O individual producers and consumers a central authority government and individuals Who answers the three key economic questions in a command economiAccording to economic theorists, which system should have the greatest degree of control by the state?a. capitalismb. socialismc. democratic socialismd. welfare capitalism
- Which economic system is characterized by having all public or government owned resources? O Capitalism Socialism Market Economy O CommunismWho answers the three key economic questions in a command economic system? O custom & tradition. O individual producers and consumers O a central authority government and individuals What is the function of an economic system 4 to coordinate production and distribution of goods and services aid for their laberDecide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.
- Is the Chinese econmy communist, capitalist, market-socialist – or something else?Judy allows her friend Tim to use her car whenever he’s in town on business. Which economic practice does this represent? a. social capitalb. redistribution marketsc. product service systemQUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.
- Currently, there seems to be a movement toward mixed economic systems in socialist societies. T or F?Do you think a free market or a command economy is more likely to encourage productive and entrepreneurial behavior? What does opportunity have to do with these behaviors?In a mixed economy, how is output allocated? By the political process By the central planner Via the market mechanism Partly by the market mechanism and partly by the political process.