The Economic Growth Quiz
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Questions and Answers

Which economic system do most economists argue leads to the most economic growth?

  • Command economies
  • Mixed economies
  • Market economies (correct)
  • Traditional economies
  • What is a key benefit of economic growth?

  • Higher overall standard of living (correct)
  • Increased competition
  • Decreased innovation
  • Reduced incomes
  • What is the relationship between innovation and economic growth?

  • Economic growth hinders innovation
  • Innovation has no impact on economic growth
  • Economic growth leads to innovation
  • Innovation leads to economic growth (correct)
  • What do economists typically mean when they talk about markets?

    <p>Free markets</p> Signup and view all the answers

    Why do consumers and producers usually cooperate in market economies?

    <p>To give each other what they want</p> Signup and view all the answers

    Which economic system do most economists argue leads to the most economic growth?

    <p>Market economies</p> Signup and view all the answers

    What is a key benefit of economic growth?

    <p>Increased incomes</p> Signup and view all the answers

    What do economists typically mean when they talk about markets?

    <p>Free markets with unrestricted competition</p> Signup and view all the answers

    What is the relationship between innovation and economic growth?

    <p>Innovation leads to more economic growth</p> Signup and view all the answers

    Why do consumers and producers usually cooperate in market economies?

    <p>They benefit from mutually satisfying each other's wants</p> Signup and view all the answers

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