Comparing Economic Systems Answers

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Which statements accurately describe the goals of a free market economy? Choose three correct answers.Everyone should have the freedom to participate in the economy as they want.Markets should behave in a way that is predictable—even if their focus changes.There should be strong regulations that control market prices.Centralized planning and control creates a stable economy.Everyone should have access to the same economic opportunities.

A
Everyone should have the freedom to participate in the economy as they want.
B
Markets should behave in a way that is predictable—even if their focus changes.
C
There should be strong regulations that control market prices.
D
Centralized planning and control creates a stable economy.
E
Everyone should have access to the same economic opportunities.
6

Which of the following are disadvantages of a command economic system? Choose three correct answers.strong government support of social security programsfew economic choices for citizenslow unemployment rates and retirement assistanceover/under production of important goodsprotections for individual property and business ownersno private ownership of business

A
strong government support of social security programs
B
few economic choices for citizens
C
low unemployment rates and retirement assistance
D
over/under production of important goods
E
protections for individual property and business owners
F
no private ownership of business
7

What was the primary purpose of the Sherman Antitrust Act?

A
to limit anti-competitive behaviors
B
to protect the rights of workers
C
to make it illegal to own most of an entire industry
D
to make it illegal to artificially limit the supply of certain essential goods
8

Which of the following is an example of the benefits provided by mixed market systems?

A
Businesses and production goals aren’t able to shift rapidly based on market needs.
B
A mixture of private and government control allows for economic freedom and social benefits.
C
Economic goals are identified and planned for far in advance.
D
Prices are preset and determined by the value of the product or service.

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