It can be derived from the text that the slowliest to react to changes in consumer needs and fluctuating patterns of supply and demand is

Economic Systems

1. Which of the following is the main idea of the text?

(A) An economy consists of the economic system of a country or some other area, the labor, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution and consumption of godds and services of that area.

(B) A given economy is the end result of a process that involves its technological evolution, history and social organization.

+(C) The categorization of different types of economy is based on the correlation of the private and public sectors within the economy.

(D) Different factors give context, content, and set the conditions and parameters in which an economy functions.

2. What is most likely the source the text has been taken from?

(A) a government’s report

+(B) a textbook

(C) a newspaper

(D) a science fiction book

It can be derived from the text that an economic system can be defined as

+(A) a set of institutions that society uses to answer the three basic questions of allocation of resources and seeks to solve the fundamental problem of scarcity.

(B) The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.

(C) A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs.

(D) Forces in the marketing environment that include decisions made by consumers and business organizations.

It can be inferred from the text that

(A) a market economy features a balance of public and private saectors.

(B) a market economy is the area where individual decisions about buying and selling interact.

(C) a market economy aims to eliminate entirely subsidies for a particular industry, the pre-determination of prices for different commodities, and the amount of regulation.

+(D) a market economy is driven by two major forces – supply and demand.

5. Which economy according to the information in the text is the most efficient because it adjusts automatically to meet the changing demand?

(A) a mixed economy

(B) a planned economy

+(C) a market economy

(D) a command economy

It can be derived from the text that a balance of a wide range of political and economic views is typical for

+ (A) a mixed economy

(B) a planned economy

(C) a market economy

(D) a command economy

It can be derived from the text that the slowliest to react to changes in consumer needs and fluctuating patterns of supply and demand is

(A) a mixed economy

+(B) a planned economy

(C) a market economy

(D) both mixed and command economies

8. Which of the following statements would the author most probably agree with?

+(A) A mixed economy combines both capitalist and socialist economic policies.

(B) A mixed economy aims at using all available resources for developing production instead of allocating the resources for advertising or marketing.

(C) In a mixed economy firms tend to be highly competitive, new advanced products and low prices are good ways to increse sales and profits.

(D) A mixed economy economy is government directed, and market forces have very little say in such an economy.

9. What is most likely the subject of the extract which is missing from this text?

(A) types of government

+(B) traditional economy

(C) economies of scale

(D) mercantilism

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