In this economic system, private citizens own all of the factors of production to make products and create profits.
A. socialist economy
B. Capitalist economy
C. Command economy
D. Mixed socialist economy
Answer: B. Capitalist economy
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If the market was a monopoly, the quantity would be ________ and the price would be ________; if the market tis perfectly competitive, the quantity would be ________ and the price would be ________
A) Q1; P1; Q2; P2 B) Q2; P1; Q1; P2 C) Q1; P1; Q2; P1 D) Q1; P2; Q2; P1 E) Q1; P2; Q1; P1
The bulk of the exports from developing countries comprises of:
a. manufactured goods. b. finished goods. c. raw materials. d. services.
Based on the model of the money market, when real GDP increases, the equilibrium interest rate should
A) stay the same. B) increase. C) decrease. D) increase to the same extent that the supply of money increases.
The above figure shows the U.S. market for wheat. When there no international trade, the U.S. price of wheat is ________ per ton and the U.S. equilibrium quantity is ________ tons
A) $14; 300,000 B) $14; 500,000 C) $16; 500,000 D) $16; 300,000 E) $16; 700,000