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What of the following terms best describes an economy in which the government makes the decisions of goods production?
The term that best describes an economy in which the government makes decisions regarding goods production is a "command economy." In this system, the government centrally plans and controls all economic activities, determining what to produce, how much to produce, and for whom the goods are produced. This contrasts with market economies, where decisions are driven by supply and demand.
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Which best describes the role of a government that is following the philosophy of laissez-faire?
The government does not interfere in business practices.
Which statement describes the role of a government that is following the philosophy of laissez-faire?
The government does not interfere in business practices.
Which of the following economic systems leaves production decisions competely up the producers?
free-market economy
Which statement best describes the role of a government that is following the philosophy of laissez-faire?
The government does not interfere in business practices.
Which of the following best describes ricin production?
A low-tch endeavor requiring little time or funding
Match the following actions with the system in which the government performs them.?
Free-market system - Protecting property rights. Socialism - Providing equality of wealth. Planned economy - Making production decisions.
Which statement describes the role of a government that is following the philosophy of laissez-faire?
The government does not interfere in business practices.
Which best describes the role of a government that is following the philosophy of laissez-faire?
The government does not interfere in business practices.
Which of the following describes entrepreneurship?
Combining the other factors of production in a unique way to make a profit (A+)
Which of the following describes a situation in which government spending exceeds its revenue?
budget deficit
Which of the following economic systems leaves production decisions competely up the producers?
free-market economy
Which statement best describes the role of a government that is following the philosophy of laissez-faire?
The government does not interfere in business practices.
Which of the following best describes ricin production?
A low-tch endeavor requiring little time or funding
Which of the following best describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
Which of the following best describes the economic effect that results from the government having budget surplus?
Demand increases, pushing producers to increase supply --> overal demand decreases, reducing the incentivefor producers to icrease production
Which of the following describes an agreement among businesses making the same product to linit production and keep prices high?
Cartel
Which of the following describes a situation where the goal of security is being pursued?
The government establishes a retirement program for its citizens.
