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Which of the following issues is a benefit that a country might receive by transitioning from a command to a market economy?
A.
removing private property from citizens
B.
increasing the potential for individual income for citizens
C.
collectivizing citizens’ businesses and land
D.
adding government regulation of the economy
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B. increasing the potential for individual income for citizens
Moving to a market economy increases private ownership, competition, and incentives for entrepreneurship, which can raise individuals’ opportunities to earn higher incomes. Options A and C describe features of a command economy; D is the opposite of a typical market reform.
Moving to a market economy increases private ownership, competition, and incentives for entrepreneurship, which can raise individuals’ opportunities to earn higher incomes. Options A and C describe features of a command economy; D is the opposite of a typical market reform.
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