A. By a command system
B. According to tradition
C. Through a price system
D. By executive fiat
Related Mcqs:
- An economy may operate outside the production possibility Frontier if ?
A. It is not utilizing its resources fully
B. It is being productively efficient
C. It is a mixed economy
D. It is trading other economies - Products of the economy used in production as opposed to gifts of nature are______________?
A. land
B. labor
C. capital
D. entrepreneurship - The participants in a market economy cannot pursue their goals freely because they are affected by_________________?
A. the ratio of gold to paper money
B. economic laws
C. prices and incomes
D. the religious institution - Some of the advantages of a market economy include ?
A. all participants get some satisfaction
B. scarce resources are put into goods that are in demand
C. economic output is distributed to those who can pay the price
D. all of the above - Keynes suggested that decisions to consume and save were based on ?
A. previous decisions
B. absolute income
C. relative income
D. permanent income - The type of foreign policy decisions made by the governmental bureaucracy fall into the category of_______________?
A. crisis decisions
B. administrative foreign policy
C. legislative decisions
D. constructive foreign policy - Each society must make the following decisions of an economic nature regarding the______________?
A. time place and quantity of production
B. assessment collection and counting of taxes
C. measurement of land water and minerals
D. production distribution and consumption of goods and services - Foreign policy decisions may be categorized into those that are________________?
A. general
B. administrative
C. crisis
D. all of the above - If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge ?
A. The higher price in market A
B. The higher price in market B
C. The same Price in both markets
D. Cannot tell which price will be higher - The resources in the economy do not include ?
A. Demand
B. Land
C. Labour
D. Capital
