Which economic orientations govern Western industrial societies ?
Correct answer: D. BOTH market and command
- A. Tradition
- B. Command
- C. Free Market
- D. BOTH market and command
Explanation
Western industrial economies generally combine market mechanisms with government direction, regulation and public provision. They are therefore mixed systems involving both market and command orientations.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? [email protected]
About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
Practise Microeconomics
1,742 free Microeconomics MCQs from Economics, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Discussion
Stuck on an option, or know a faster way to get there? Ask or explain it here.
No comments yet. Be the first to explain this one.
Exams that ask Economics questions like this
Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Microeconomics questions
Efficiency in economic terminology means________________?
Specialized division of labor in industrial societies can make workers feel that they_______________?
The market system consists of planning by__________________?
The main problem facing societies with a surplus is_____________________?
The foremost advantage of a corporation is its_____________?
In most societies ownership of property takes one of three forms________________?