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Economics
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Which of the following is a fundamental characteristic of the market system?
 
(i) central planning by the government
(ii) unselfish behavior
(iii) government-set wages and prices.
(iv) resources are privately owned.

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Patrina Schowalter
Patrina SchowalterLv2
6 Mar 2020
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Related questions

In a market economy, economic activity is guided by:
 
(i) Self-interest and prices.
(ii) The government.
(iii) Corporations.
(iv) Central planners.

Why might some firms voluntarily pay workers a wage above the market equilibrium?
I. Paying higher wages causes worker turnover to increase.
II. Paying higher wages increases the number of job applicants.
III. Paying higher wages allows employees to purchase enough food to be healthy.
IV. Paying higher wages encourages workers to be more productive.
A. II, III, and IV only
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Productivity is measured by:
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B. Dividing total employment by the population
C. Dividing total output by the number of hours worked
D. Dividing total savings by total investment

Which of the following government policies would lead to an increase in productivity?
I. The government reduces taxes on interest earned from savings accounts.
II. The government increases expenditures on nutrition programs for malnourished workers.
III. The government increases the interest rate on student loans.
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which of the following is a characteristic of a pure command economy?
 
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e. economic choices are voluntary and are based on rational self-interest
 

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