IBUS QUIZ 6 - In free market economy if consumers signal to...

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than currently charged for pastry products, pastry producers will c. Generally tend to produce more pastry Question 2 Marks: 1 In a State-directed economy the government regulates various factors of production False Question 3 Marks: 1 The Mixed Economy as an economic ideal is supported by the ______________________ as a compromise between classic socialism and free-market capitalism. d. Social Democrats Question 4 Marks: 1 Which of the following best fits the description of a command economy: c. A Command economy is characterized by State-owned monopolistic firms Question 5 Marks: 1 Mixed economies include elements of both capitalism and socialism. Answer: True Question 6 Marks: 1 In a Command economy ______ has the final authority to take decisions regarding production, utilization of the finished industrial products and the allocation of the revenues earned from their distribution. Choose one answer. a. Government Question 7 Marks: 1 In a free market economy, if the price of everyday use wrist-watches goes up significantly consumers will Choose one answer. a. Produce more of them since they see consumers are willing to pay such high prices for them b. Generally tend to purchase less of them c. Produce less of them since the prices consumers are willing to pay is going up d. Produce as many as the government will allow them to
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IBUS QUIZ 6 - In free market economy if consumers signal to...

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