Under __________, the means of production are owned by the government. a. Socialist economy b. Mixed economy c. Capitalist economy d. Market economy
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- In what type of economic system are the basic economic questions answered in the same way as in the past? A planned economyA traditional economyA command economyA market economy Flag this QuestionExplain the difference between market capitalism, centrally planned capitalism, centrallyplanned socialism, and market socialism. Give an example of a country that illustrates eachtype of 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 economy
- 14. The Chinese government controls all factors of production, the Chinese government has which type of economic systems? A) Capitalism B) Socialism C) Market D) Communism18- Mr. 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. Mixed economy b. Capitalist economy c. Command economy d. planned economy1. It regulates the engagement between the producer and the consumer. A. Chamber of commerce B. Local community C. Government 2. Economic development is measured by looking at A.Wealth of the community B.Quality of life C.Type of businesses present 3.It is regarded as the engine of the economy. * A.Entrepreneurship B.MSME's C.Education 4.The future belongs to those who can think like a; A. Positive person B.Scientist C.Entrepreneur 5.Which of the following is an entrepreneurial mindset? * A.Vulnerable Mind B.Resilient Mind C.Rigid Mind 6. is more interested in being unique. A.Independent Mind B.Risk Managing Mind C.Designing Mind 7.It is determined to achieve stretch goals. * A.Resilient Mind B.Independent Mind C.Goal oriented and effectuating mind 8. It has the propensity to take calculated risks. * A. A positive mind B.Risk managing mind C. Calculated risk mind 9.It…
- The economic institution that transforms factors of production into consumer goods is: a. a firm. b. the government. c. lending institutions such as banks and credit unions. d. the stock market.1. In a command system a) self-interest motivates and commands each business firm's decisions and actions. b) the head of each family decides and commands what to do with the family's resources. c) a government-appointed planning board makes production and allocation decisions. d) market traders command what outputs are produced and how they are allocated.A balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example) is a primary goal. Why do you think that is so?
- 5. Cuba dictates and decides most of the economic decisions. Identify the type of economic system in Cuba. a. Mixed economy b. Market economy c. Capitalist economy d. Command economy43. Sultanate of Oman is classified under which economic system? a. Mixed economy b. Communist economy c. Capitalist economy d. Socialist economyHolcombe argues that focusing on economic inputs has discouraged government intervention into the economy misunderstands the importance of a free economic environment explains cases like Korea or Germany demonstrates that democracy and economic freedom go hand-in-hand