Question

1. which economy allows the people to buy and sell whatever their money allows?

a. traditional
b. centrally planned
c. free market
d. mixed economy

1. which economy combines elements from the other economies?

a. traditional
b. centrally planned
c. free market
d. mixed economy

1. which economy is controlled completely by the government?

a. traditional
b. centrally planned
c. free market
d. mixed economy

1. the united states operates in which form of economies?

a. traditional
b. centrally planned
c. free market
d. mixed economy

1. a trade-off occurs when

a. we choose multiple courses of action and receive all of them
b. we choose multiple courses of action and receive none of them
c. we choose one course of action over another course of action
d. we have absolutely no choice

1. the most desirable alternative given up for a decision is the

a. margin
b. cost of doing business
c. opportunity cost
d. profit margin

1. sometimes a decision involves whether to add or subtract one unit of a resource, this is called

a. expanding potential
b. traditional economic theory
c. distribution interruption theory
d. thinking at the margin

Explanation:

Question 9

In a Free Market economy, individuals have the freedom to buy and sell goods and services based on their financial capacity, with minimal government intervention. Traditional economies rely on customs, Centrally Planned are controlled by government, and Mixed has both market and government elements.

A Mixed Economy combines aspects of Traditional, Centrally Planned, and Free Market economies. It has both private and public sector involvement, incorporating elements from other economic systems.

A Centrally Planned Economy is completely controlled by the government, where the government makes all economic decisions regarding production, distribution, etc. Traditional is custom - based, Free Market is market - driven, and Mixed has both government and market.

Answer:

c. Free Market

Question 10