Which of the Following Reflects the Type of Economic System

question 30

Multiple Choice

Which of the following reflects the type of economic system found in the United States?

• A) Socialism, in which economic decisions are made by the government
• B) Regulated capitalism, in which business has substantial freedom from government interference, but the government does step in and regulate the economy to guarantee individual rights
• C) Pure capitalism, in which all means used to produce material resources are privately owned
• D) Pure laissez-faire capitalism, in which the government has no economic role at all
• E) Social democracy, in which government plays an enormous role in ensuring substantive guarantees of fair outcomes for all citizens

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Definitions:

President Of The United States

The head of state and head of government of the United States, responsible for enforcing federal laws and serving as the commander-in-chief of the armed forces.

Economists

Professionals who study the production, distribution, and consumption of goods and services, focusing on how individuals, groups, and societies use their resources to meet their needs and wants.

Production Possibilities Frontier

An outline that conveys the peak output possibilities for two products, relying on a compilation of inputs that incorporate resources and other factors.

Mobile Phones

Portable electronic devices that allow users to make voice calls, send text messages, and access various multimedia and internet services.