Other questions in this quiz

2. What does consumer sovereignity mean?

  • All land is owned equally by the public
  • Economy is very responsive to chanes in consumer demand
  • Private-Sector Firms determ,ine how much they want to produce
  • No Government

3. In a market economy, "choice" is offered. What of the following would be an example of an economic choice made by a consumer?

  • Labour or Capital intensive to produce?
  • Who to work for?
  • How much to produce?
  • Invest by selling shares or using profits?

4. An advantage of a Market economy is that the incentive of high profit and competing firms encourages effeciency

  • True
  • False

5. Inwhich system would there be the greatest incentive for workers to work hard, entrapeneurs to start firms with new ideas?

  • Mixed
  • Market
  • Planned
View more questions

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »