Economics

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Economics

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Last Name *

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Period *

Period 1

Period 2

Period 3

Period 4

Period 5

Which of the following problems do all economic systems face? *

I. How to allocate scarce resources among unlimited wants. II. How to distribute income equally among all the citizens. III. How to decentralize markets. IV. How to decide what to produce, how to produce, and for whom to produce.

1 point

I only

I and IV only

II and III only

I, II, and III only

In a command economy *

1 point

The market dictates the answers to fundamental economic questions

Competition helps answer the fundamental economic questions

State and local governments respond to the fundamental economic questions

the central government dictates the answers to the fundamental economic questions

Market economies *

1 point

rely on markets to coordinate economic activity

rely on the government to address the fundamental economic questions

rely on elected officials to make the most important economic decisions

rely on courts to ensure people and firms get what they deserve

The economic goals of a market economy include *

1 point

freedom and efficiency

profit, traditions, and government control

socialism that evolves into pure communism

choice, central planning, and security

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