A disadvantage of the a command economy would be what?

Can't stop the gov't from producing things people don't want

How does the government operates in a free enterprise economy?

"Hands" off approach to business

Paradox of value refers to

high value of nonessential item/low value of essential item

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Questions 10

Answers

1
Which of the following systems of gov't would MOST likely provide goods/services to it's people
A socialist economy
A traditional economy
A free enterprise economy
A market economy
2
A disadvantage of the a command economy would be what?
Items tend to be produced solely for the sake of profit
It provides people with goods they probably couldn't afford
Can't stop the gov't from producing things people don't want
It cannot "change direction" easily if they need arises
3
How does the government operates in a free enterprise economy?
"Hands" off approach to business
It tells businesses what to produce and what to sell
It establishes laws and rules to maintain competition
It interferes with business only when it's profitable
4
A country wants to shift it's economic focus quickly. Which system is best for this to happen?
Mixed
Free Market
Centrally-Planned
Traditional
5
Workers have little incentive to make products well in what type of economic system?
Centrally-Planned
Traditional
Free Market
Mixed Economy
6
Where is the most free market in the world?
Hong Kong
Singapore
Australia
Taipei
7
Paradox of value refers to
high value of essential item/low value of nonessential item
high value of nonessential item/low value of essential item
contradiction of what consumers want and what they need
contradiction between gross domestic product & market value
8
Dave gets a job at a grocery store, which pays him an hourly wage in exchange for his labor.
the factor market
entrepreneurship
human capital
the product market
9
The efficient use of scarce resources leads to an increase in
investment
capital
productivity
scarctiy
10
Which of the economic systems is most common?
Free Market Economy
Traditional Economy
Mixed Economy
Central-Planned Economy

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