Question

4. realistically most economic systems are

a) traditional economies

b) command economies

c) market economies

d) mixed economies

5. one of the most significant stong points of a market economy is that

a) its results in an equal distribution of wealth

b) resources are used efficiently

c) planners rather than consumers determine answers to the basic economic questions

d) information for production and distribution decisions passes directly from the government to buyers

6.which one of the following describes a society in which all resources are collectively owned and workers share production

a) capitalism

b) the invisible hand

c) communism

d) a mixed economy

Answer 1

4) Realistically most economic systems are mixed economics

A mixed economy is a system which has all features of other economies like the traditional economy, market economy and command economy.

For eg

Mixed economies allow more freedoms than command economies, such as the freedom to possess the means of production; to participate in managerial decisions; to buy, sell, fire, and hire as needed; and for employees to organize and protest peacefully.

Similarly mixed economy have greater benefits than other economies

Hence option D is correct

5) One of the most significant stong points of a market economy is that resources are used efficiently.

A market economy is an economy in which the sources of all the decisions taken are from forces of the market which are demand and supply.

Now the strong point of a market economy is that the goods and services are produced in the most efficient way possible

As competition between different firms leads to an increase in efficiency.

Hence option B is correct

6) Communism describes a society in which all resources are collectively owned and workers share production

Option C is correct