Ch 2 Quiz
Answer all the following questions in full sentences.
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Last Name *
First Name *
Class hour *
How does a traditional economy, a market economy, a command economy, and a mixed economy differ? Explain. *
Why aren't all people paid the same amount in factor payments for the resources they provide? Provide your own example of two unequal factor payments. *
What are the roles of households and firms in the market economy? *
How do socialism and communism differ? *
Why have some nations begun a transition to free enterprise? *
What did Richard Branson do to instigate Kidd's discussion on happiness? *
How would you describe a happiness set point and what does he mean by moving it? *
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