Choose the economic system that ensures maximum freedom to individuals and businesses. a. Socialist system b. Communist system c. Capitalist system d. Mixed system
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- According to economic theorists, which system should have the greatest degree of control by the state?a. capitalismb. socialismc. democratic socialismd. welfare capitalismIn 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 EconomyThe three economic questions that every society must answer are OA. What are the prices of goods, how are they determined, and who will pay for them? OB. What economic system will be used, how will it be implemented, and who will make market decisions? OC. What goods will be produced, how will they be produced, and who will receive the goods? OD. What kind of government will the society have, how will it be run, and who will run it? Centrally planned economies allocate resources based on decisions by while market economies answer these questions through decisions made by
- The economic system where all the industries are owned by the government is called as ______________. a. Mixed economy b. Capitalist economy c. Command economy d. Economic systemWhich of the following is not correct about a socialist economic system? a. Absence of Economic stability b. Absence of technology c. Absence of monopoly d. Absence of competitioneconomic system where the market mechanism solves the central economic problems Oa. Market economy O b. Mixed economy C. Command economy Od. Socialist economy
- Decide 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.What is the purpose of an economic system? Select all that apply. Multiple answers: Multiple answers are accepted for this question Selected answers will be automatically saved. For keyboard navigation... SHOW MORE a b C To make choices about what to produce. e To make as much profit as possible. To make choices about how to produce the goods and services chosen. d To make choices about for whom to produce the goods and services. To make choices about when to produce the goods and services.As an Economic Professional how can you define the following:1. Economic Efficiency2. Economic System
- Most economies in the world are built in a way that both the government and the private sector make economic decisions together. What type of economy is being described here? a. Capitalist economy b. Socialist economy c. Mixed economy d. Communist economyMr. Yusuf enjoys economic freedom; He owns a factory which produces steel products. There are no government regulations for his company. The economic system Mr. Yusuf falls into is ___________. a. Capitalist economy b. Mixed economy c. planned economy d. Command economyIn this type of economy, economic decisions are made by private individuals and businesses. a. agriculture b. industry c. capitalist d. command