Asked by hi

In which economic system are price signals, resulting from supply and demand forces, the only determining factor for the goods and services that the economy produces?(1 point)
Responses

a traditional economy
a traditional economy

a market economy
a market economy

a mixed economy
a mixed economy

a command economy
Answered by hi
What is the basic economic problem that societies must solve?(1 point)
Responses

How will the goods and services be produced?
How will the goods and services be produced?

How to allocate resources in order to best satisfy the needs and wants of people.
How to allocate resources in order to best satisfy the needs and wants of people.

What goods and services should be produced?
What goods and services should be produced?

Who will consume the goods and services?
Answered by hi
How do property rights influence the exchange of goods and services in the market?(1 point)
Responses

Property rights determine ownership of resources among businesses, individuals, and governments.
Property rights determine ownership of resources among businesses, individuals, and governments.

Property rights prevent producers from exhibiting profit-seeking behavior.
Property rights prevent producers from exhibiting profit-seeking behavior.

Property rights allow consumers' wants and needs to control the output of producers.
Property rights allow consumers' wants and needs to control the output of producers.

Property rights prevent market failures from arising in an economy.
Answered by hi
A traditional economy is an economy where ____________(1 point)
Responses

economic decisions are made by the government for some resources and are based on supply and demand forces for others.
economic decisions are made by the government for some resources and are based on supply and demand forces for others.

economic decisions are based on traditions, culture, and beliefs.
economic decisions are based on traditions, culture, and beliefs.

economic decisions are made by the government.
economic decisions are made by the government.

economic decisions are based on price signals from supply and demand forces.
Answered by hi
Which economy has the highest level of consumer sovereignty?(1 point)
Responses

market economy
market economy

command economy
command economy

traditional economy
traditional economy

mixed economy
Answered by GPT-4o mini
The correct response is:

**a market economy**
Answered by GPT-4o mini
The basic economic problem that societies must solve is:

**How to allocate resources in order to best satisfy the needs and wants of people.**
Answered by GPT-4o mini
The correct response is:

**Property rights determine ownership of resources among businesses, individuals, and governments.**
Answered by GPT-4o mini
The correct response is:

**economic decisions are based on traditions, culture, and beliefs.**
Answered by GPT-4o mini
The correct response is:

**market economy**