Podcast
Questions and Answers
What is the main benefit of economies growing?
What is the main benefit of economies growing?
- Stagnant incomes and lower standard of living
- More government control and regulation
- Decreased innovation and economic growth
- Increased incomes and higher standard of living (correct)
What do market economies rely on for determining production and prices?
What do market economies rely on for determining production and prices?
- Unrestricted competition between privately owned businesses and consumers (correct)
- Collaboration between businesses and consumers
- Government intervention and control
- Random fluctuations in supply and demand
What type of markets do economists typically promote as the best for driving economic growth?
What type of markets do economists typically promote as the best for driving economic growth?
- Free markets (correct)
- Black markets
- Monopolistic markets
- Controlled markets
Why do consumers and producers usually cooperate in market economies?
Why do consumers and producers usually cooperate in market economies?
Who is considered a pioneer in the field of promoting free markets as the best way to drive economic growth?
Who is considered a pioneer in the field of promoting free markets as the best way to drive economic growth?
What guides the factors of production in a command economy?
What guides the factors of production in a command economy?
What is typically lacking in command economies due to government-fixed wages?
What is typically lacking in command economies due to government-fixed wages?
What do most economists maintain about command economies?
What do most economists maintain about command economies?
What can harm efficiency in a command economy due to making many economic decisions?
What can harm efficiency in a command economy due to making many economic decisions?
What is sacrificed in the name of individual liberties in command economies?
What is sacrificed in the name of individual liberties in command economies?
Flashcards are hidden until you start studying
