Though certainly on the market end of the spectrum, the presence of institutions such as social security or even municipal transportation services suggest the economic system of the United States is best described as a O traditional economy O command economy O market economy O mixed economy In a true command economy, what determines the answers to the most basic economic questions a society must face? O The government O The free market O The interaction between supply and demand O Consumers

Though certainly on the market end of the spectrum, the presence of institutions such as social security or even municipal transportation services suggest the economic system of the United States is best described as a O traditional economy O command economy O market economy O mixed economy In a true command economy, what determines the answers to the most basic economic questions a society must face? O The government O The free market O The interaction between supply and demand O Consumers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Though certainly on the market end of the spectrum, the presence of
institutions such as social security or even municipal transportation
services suggest the economic system of the United States is best
described as a
O traditional economy
O command economy
O market economy
O mixed economy
In a true command economy, what determines the answers to the most
basic economic questions a society must face?
O The government
O The free market
O The interaction between supply and demand
O Consumers

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