An economic system is the set of rules
Question 3 of 10
An economic system is the set of rules that define _______ and _______ .
A. resources; prices
B. who gets to vote; when elections will be held
C. market prices; factors of production
D. how an economy’s resources are to be owned; how decisions about the resources are to be made
Question 4 of 10
In a market capitalist economy:
A. factors of production are owned privately and decisions about their use are basically made by individuals.
B. factors of production are owned by the government but decisions about their use are made privately.
C. private ownership exists but decisions about resource allocation are usually made centrally by the government.
D. there is no role for the government.
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