How Economies Differ (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
Which term is NOT another name for a market economy?
Which term is NOT another name for a market economy?
Central planning
What does the price mechanism coordinate without?
What does the price mechanism coordinate without?
Direct intervention
What are product markets?
What are product markets?
Interaction of demand & supply for goods
What does consumer sovereignty mean?
What does consumer sovereignty mean?
Consumers determine what is produced
What does competition require in each market?
What does competition require in each market?
Large numbers of buyers & sellers
How are decisions made in a mixed economy?
How are decisions made in a mixed economy?
By market forces & government together
What are the three main reasons for government intervention?
What are the three main reasons for government intervention?
Resource use, income, stability
Why does government provide collective goods like parks and roads?
Why does government provide collective goods like parks and roads?
They can't charge individuals
What happens under a progressive income tax system?
What happens under a progressive income tax system?
High earners pay proportionately more
What are merit goods?
What are merit goods?
Goods under-produced by private sector