The Economic System That Is Generally Considered to Be the Most

question 44

Multiple Choice

The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

• A) market economy.
• B) command economy
• C) soviet economy.
• D) traditional economy.

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Definitions:

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors, using fewer resources.

Programs

Structured plans or initiatives designed to achieve certain goals or outcomes, often referring to software in computing contexts.

Sunglasses

Protective eyewear designed to prevent bright sunlight from damaging or discomforting the eyes.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others.