Consider the following economic agents: a. the governmentb.  consumersc. producersWho, in a market economy, decides what goods and services will be produced with the scarce resources available in that economy?Group of answer choicesthe governmentproducersconsumersconsumers and producers

The allocation of resources in a market economy is described by which of the following statements?The government decides which goods will be produced and which consumers will receive them.Buyers and sellers exchange goods and services on a voluntary basis.Prices and costs help producers decide whether they are producing too little or too much of a good. aI only bII only cIII only dI and III only. eII and III only.

In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.Group of answer choicesprivate enterpriseScratchcommunist economic systemScratchmixed economyScratchsocialisticScratchcapitalisticScratch

The idea that the U.S. economy uses the market mechanism to distribute most goods and services and those who receive the most income get the most goods is best represented by which question?Multiple choice question.WHAT goods and services are produced?HOW is output produced?FOR WHOM output is produced?

In a ________, if demand for a product exceeds supply, prices will rise, signalling to producers to produce more. Question 4 Select one: a. Command economy b. Market economy c. Common law economy d. Collectivist economy

Which of the following is out of place in a planned economy?Group of answer choicesMulti-party democracyState control of productionState control of pricesAuthoritarian governm