ScienceEconomicsPractice Quiz 3 example #80372
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Practice Quiz 3 example #80372

Xavienna Diaz avatar Xavienna Diaz
31 January 2024
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question
Which of the following best describes pure capitalism?
answer
an economic system characterized by private ownership of the means of production, decentralized decision-making, and market implementation
question
In a "laissez-faire" economy
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the role of government is very limited / conducts routine functions only.
question
Which of the following is not a function of prices in a capitalist economy?
answer
ensuring that income is distributed fairly
question
In pure capitalism, consumers are protected from shoddy products and high prices by the presence of
answer
competition
question
According to the circular flow model
answer
households sell economic resources to businesses.
question
According to the concept of consumer sovereignty
answer
businesses attempt to produce the products that are most desired by consumers.
question
Which of the following is not a characteristic of pure command socialism?
answer
decentralized decision-making
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In pure command socialism
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central planning coordinates economic decisions.
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Pure capitalism and pure command socialism are alike in that
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they are both economic models.
question
Which of the following is not true of the United States economy?
answer
Pure competition exists throughout the economy.