ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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**Question:** Which of the following is *not* a typical characteristic of a market system? - freedom of choice - specialization - government production planning - use of money - technological advance **Explanation:** This question tests your understanding of the core components of a market system. A market system typically includes elements like freedom of choice, specialization, use of money, and technological advancement. However, "government production planning" is more characteristic of a centrally planned economy rather than a market-based system.
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Transcribed Image Text:**Question:** Which of the following is *not* a typical characteristic of a market system? - freedom of choice - specialization - government production planning - use of money - technological advance **Explanation:** This question tests your understanding of the core components of a market system. A market system typically includes elements like freedom of choice, specialization, use of money, and technological advancement. However, "government production planning" is more characteristic of a centrally planned economy rather than a market-based system.
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