Which of the following is not a typical characteristic of a market system? Multiple Choice quantitative production targets use of capital goods private property limited government freedom of enterprise
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- Which of the following is not a typical characteristic of a market system? A Freedom of Choice B technological advance C use of money D government production of planning E specializationThe list below describes characteristics of a type of economic system. Government regulates the factors of production for goods and services. Individual and business control some factors of production. Supply and demand determine more economic production. Private property rights with some government intervention. Which economic system is most likely described by the list? Mixed-market economy Free-market economy Command economy Traditional economyWhich of the following is not a typical characteristic of a market system? Multiple Choice a. profit as a success Indicator b. consumer sovereignty c. lack of Incentives to produce new products d. freedom of choice e. competition in product and resource markets
- Which of the following is not true about a mixed economic system? a Some of the major resources are owned by the government b Distribution of resources takes place through the market mechanism c Distribution of resources takes place through the central plan mechanism d Distribution of resources is the same as the market-based economic systemWhich of the following is NOT true of a pure command economy? A. Capital and labor are allocated based on a centralized plan B. Prices serve as signals to allocate resources C. Allocate decisions are centrally coordinated D. The factors of production are collectively owned E. Production decisions are centrally coordinatedWhat are the advantages of a market economy as compared to a command economy
- The Canadian government has provided export assistance to Bombardier Inc. with its Technology Transfer Program. Is this consistent with the principles of a free market system? Explain how this might distort the system.Explain characteristic of following economic system Free market economy Command economic systemTwo major virtues of the market system are that it: allocates resources efficiently and allows economic freedom. results in an equitable personal distribution of income and always maintains full employment. results in price level stability and a fair personal distribution of income. eliminates discrimination and minimizes environmental pollution.
- Which of the following is NOT characteristic of a capitalist economy? Group of answer choices private ownership of the tools and equipment needed to produce goods goods are traded directly for other goods some level of inequality between capitalists and laborers laborers paid wages for their labor (labor is commodified)An important insight by early economists was that an economy based on free-market transactions is ▼ group self objective-organizing. Adam Smith developed the idea that ▼ self-interest equality goodwill, not benevolence, is the foundation of economic order.Which is not a factor of production? Money Land Labor Capital 2 A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 3. A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced