question
c. a market economy
answer
The private ownership of property resources and the use of markets and prices
to direct and coordinate economic activity are characteristic of
a. socialism
b. communism
c. a market economy
d. a command economy
to direct and coordinate economic activity are characteristic of
a. socialism
b. communism
c. a market economy
d. a command economy
question
c. the right to own private property
answer
Which is one of the main characteristics of the market system?
a. central economic planning
b. limits on freedom of choice
c. the right to own private property
d. an expanded role for government in the economy
a. central economic planning
b. limits on freedom of choice
c. the right to own private property
d. an expanded role for government in the economy
question
b. businesses are free to produce products that consumers want
answer
In the market system, freedom of enterprise means that
a. government is free to direct the actions of businesses
b. businesses are free to produce products that consumers want
c. consumers are free to buy goods and services that they want
d. resources are distributed freely to businesses that want them
a. government is free to direct the actions of businesses
b. businesses are free to produce products that consumers want
c. consumers are free to buy goods and services that they want
d. resources are distributed freely to businesses that want them
question
d. entrepreneurs
answer
The maximization of profit tends to be the driving force in the economic decision
making of
a. workers
b. consumers
c. legislators
d. entrepreneurs
making of
a. workers
b. consumers
c. legislators
d. entrepreneurs
question
c. by seeking the lowest price for a product
answer
How do consumers typically express self-interest?
a. by minimizing their economic losses
b. by maximizing their economic profits
c. by seeking the lowest price for a product
d. by seeking jobs with the highest wages and benefits
a. by minimizing their economic losses
b. by maximizing their economic profits
c. by seeking the lowest price for a product
d. by seeking jobs with the highest wages and benefits
question
b. the widespread diffusion of economic power
answer
Which is a characteristic of competition as economists see it?
a. a few sellers of all products
b. the widespread diffusion of economic power
c. a small number of buyers in product markets
d. the relatively difficult entry into and exit from industries by producers
a. a few sellers of all products
b. the widespread diffusion of economic power
c. a small number of buyers in product markets
d. the relatively difficult entry into and exit from industries by producers
question
a. prices
answer
To decide how to use its scarce resources to satisfy economic wants, a market
economy primarily relies on
a. prices
b. planning
c. monopoly power
d. production targets
economy primarily relies on
a. prices
b. planning
c. monopoly power
d. production targets