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Questions and Answers
Which of the following is a key characteristic of a market economy?
Which of the following is a key characteristic of a market economy?
- Private ownership of resources (correct)
- Centralized decision-making
- Equal distribution of wealth
- Government ownership of all resources
What is the primary function of the Federal Reserve System in the United States?
What is the primary function of the Federal Reserve System in the United States?
- Monetary policy (correct)
- Fiscal policy
- Industrial policy
- Trade policy
What is the law of supply and demand?
What is the law of supply and demand?
- Consumers demand goods and services based on producer supply
- Producers supply goods and services based on consumer preferences (correct)
- The government sets prices based on consumer demand
- The government controls both supply and demand
