A weakness of a market system is
A) it generates products that consumers don't want
B) it generates low quality products when there are competing producers
C) it does not encourage people to develop skills that allow them to be successful
D) the incentive to produce at minimum cost should lead to environmental damage
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In a planned economy
A) free enterprise is the prevailing philosophy
B) goods and services are usually produced more efficiently than in a market system
C) value judgments of individual buyers and sellers are more important than value judgments of planners.
D) how goods and services are produced is determined by what resources planners make available to producers.
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A socialist system
A) shares the same essential features as capitalism but attempts to equalize the distribution of income
B) has collective ownership of many factors of production and attempts to equalize the distribution of income
C) depends exclusively on planning to decide what goods and services will be produced, and exclusively on markets to decide how they will be distributed.
D) none of the above
Answers
Status NEW
Posted 05 Jun 2017 05:06 AM
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