The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:
A. communism.
B. a market system.
C. a command system.
D. socialism.
Answer: B
You might also like to view...
Most nations that split from the USSR saw their incomes increase over the next several years after USSR's collapse
Indicate whether the statement is true or false
Contractionary policies help correct a balance of payments deficit by
a. lowering domestic incomes but raising demand for imports b. raising domestic incomes but lowering demand for imports c. raising both domestic incomes and demand for imports d. lowering both domestic incomes and demand for imports e. lowering interest rates and increasing aggregate spending
"Every major contraction in the U.S. economy has either been created or greatly exacerbated by monetary instability. Every major inflation has been caused by monetary expansion." Which of the following economists made this statement?
a. Adam Smith b. John Maynard Keynes c. Milton Friedman d. Paul Samuelson
Mika takes out a personal loan from her bank so that she can replace her furnace. From that point forward, Mika writes her bank a check for $150 every month until the loan has been satisfied. Mika’s payments demonstrate how money acts as a ______.
a. unit of account b. store of value c. medium of exchange d. means of deferred payment