IGCSE Economics - Various Economic Systems
ig eco
- Created by: Sebastian Bailey
- Created on: 22-04-11 06:42
Other questions in this quiz
2. What does consumer sovereignity mean?
- No Government
- Economy is very responsive to chanes in consumer demand
- All land is owned equally by the public
- Private-Sector Firms determ,ine how much they want to produce
3. In a market economy, "choice" is offered. What of the following would be an example of an economic choice made by a consumer?
- Labour or Capital intensive to produce?
- Who to work for?
- How much to produce?
- Invest by selling shares or using profits?
4. An advantage of a Market economy is that the incentive of high profit and competing firms encourages effeciency
- True
- False
5. Inwhich system would there be the greatest incentive for workers to work hard, entrapeneurs to start firms with new ideas?
- Market
- Planned
- Mixed
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