A. market economy B. socialist economy C. welfare economy D. Traditional economy Correct Answer: Option B B. socialist economy
A. collectively owned B. jointly owned C. privately owned D. communally owned Correct Answer: Option C C. privately owned
A. capital economic system B. command economic system C. combined economic system D. traditional Correct Answer: Option A A. capital…
A. competition among producers B. demand and supply force guiding production decision C. that profit motive is paramount D. public…
A. frictional unemployment B. residual unemployment C. structural unemployment D. mass unemployment Correct Answer: Option A A. frictional unemployment
A. demand and supply B. cost of production C. production possibility curve D. scarcity of resources Correct Answer: Option D…
A. social cost B. real cost C. fixed cost D. variable cost Correct Answer: Option B B. real cost
A. large population size of the world B. scarcity of resources C. opportunity cost of goods and services D. needs…
A. Value B. Index C. Price Level D. Wages Correct Answer: Option C C. Price Level Explanation The purchasing power…
A. Bulk B. Large C. Units D. Chain Correct Answer: Option C C. Units Explanation A retailer is a trader…