Market Economy Review

Front

In a market economy, the basic economic decisions are driven by?

Back

individuals

Front

Which characteristic does NOT describe a command economy?

Back

Individuals can decide what to produce and how much to produce

Front

Who determines the products in a command economy?

Back

Government Officials

Front

Capitalism is associated with all of the following characteristics EXCEPT: personal decisionmaking with regard to investments, the right to earn a profit based on individual effort, personal ownership of property, government intervention in the economy's decision making process.

Back

government intervention in the economy's decision making process

Front

Cuba's shift from a command to a market economy: Which is NOT a possible benefit?

Back

Workers could have a guaranteed income

Front

How can you determine that an economic transaction is voluntary?

Back

Because I act of my own free will

Front

People tend to work harder when an employer promises to increase their wages. The hard work is an effect of the incentive provided by the employer.

Back

True

Front

Which characteristic does NOT belong to a market economy? private ownership, voluntary market exchange, governement price setting, incentives

Back

governement price setting

Front

In which situation is private ownership not guaranteed?

Back

Jane's business was closed because the government wanted to reduce competition with state-owned businesses

Front

Guarantees individuals the right to own property and use it in any legal way they would like

Back

Private ownership