Which situation is more likely to occur in a market economy than a command economy?(1 point)
Responses
An inventor designs and produces a new type of car
An inventor designs and produces a new type of car
A committee chooses which farms should receive new tractors.
A committee chooses which farms should receive new tractors.
People line up for cheap but scarce products.
People line up for cheap but scarce products.
A student is guaranteed a job out of college.
A student is guaranteed a job out of college.
People line up for cheap but scarce products.
Which of these would most likely be a feature of a free trade agreement?(1 point)
Responses
removing tariffs from imported goods
removing tariffs from imported goods
making it illegal to hire workers in other countries
making it illegal to hire workers in other countries
raising taxes on exported goods
raising taxes on exported goods
providing money directly to local manufacturers
removing tariffs from imported goods
What is achieved when supply meets demand?(1 point)
Responses
market price
market price
relative price
relative price
equilibrium price
equilibrium price
quantity price