Policy Statements and Value Judgments Quiz
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Questions and Answers

What is a key characteristic of a planned economy?

  • Free market pricing
  • Unrestricted consumer choice
  • Decentralized economic decisions
  • Central Planning (correct)
  • In a planned economy, who often owns and controls the means of production?

  • Government (correct)
  • International organizations
  • Private individuals
  • Collective bargaining groups
  • What is typically set by the government in a planned economy?

  • Production quotas based on consumer demand
  • Prices for goods and services (correct)
  • Entrepreneurial opportunities
  • Labor wages determined by the market
  • Which economic system is often associated with socialist or communist political systems?

    <p>Planned economy</p> Signup and view all the answers

    What major challenge have many countries with planned economies faced?

    <p>Shortages and surpluses</p> Signup and view all the answers

    Which factor is typically limited for consumers in a planned economy?

    <p>Consumer choice</p> Signup and view all the answers

    In a planned economy, who typically owns the means of production?

    <p>Government</p> Signup and view all the answers

    What is a key characteristic of a planned economy related to production targets?

    <p>Production targets are set by a central authority</p> Signup and view all the answers

    How does a planned economy affect consumer choice compared to a free market economy?

    <p>Less variety and fewer options for consumers</p> Signup and view all the answers

    What is one consequence of the government setting prices in a planned economy?

    <p>Prices that do not reflect supply and demand</p> Signup and view all the answers

    How does resource allocation occur in a planned economy?

    <p>According to the central plan set by the government</p> Signup and view all the answers

    What impact does reduced competition have in a planned economy?

    <p>Decreased efficiency and innovation</p> Signup and view all the answers

    Which economic system allows individuals to own resources like land, labor, and capital?

    <p>Free Market Economy</p> Signup and view all the answers

    In positive economics, what is the main focus?

    <p>Describing what is happening</p> Signup and view all the answers

    Which type of economics involves making recommendations and judgments about policies?

    <p>Normative Economics</p> Signup and view all the answers

    What is the main characteristic of a free market economy in terms of pricing?

    <p>Prices are influenced by supply and demand forces</p> Signup and view all the answers

    Which economic system involves government intervention in determining prices?

    <p>Planned Economy</p> Signup and view all the answers

    What aspect of an economy does the belief that 'wealthy individuals ought to pay higher taxes to support social welfare programs' relate to?

    <p>Wealth distribution</p> Signup and view all the answers

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