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Economic Systems and Growth

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Questions and Answers

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?

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?

Free markets (correct)

Black markets

Monopolistic markets

Controlled markets

Why do consumers and producers usually cooperate in market economies?

To give each other what they want Signup and view all the answers

Who is considered a pioneer in the field of promoting free markets as the best way to drive economic growth?

Adam Smith Signup and view all the answers

What guides the factors of production in a command economy?

Central authority Signup and view all the answers

What is typically lacking in command economies due to government-fixed wages?

Incentive for workers to work faster or produce more Signup and view all the answers

What do most economists maintain about command economies?

They do more harm than good Signup and view all the answers

What can harm efficiency in a command economy due to making many economic decisions?

Enormous and complex bureaucracy Signup and view all the answers

What is sacrificed in the name of individual liberties in command economies?

Individual liberties Signup and view all the answers