With Regard to Various Economic Systems, Most Economists Agree That

question 44

Multiple Choice

With regard to various economic systems, most economists agree that

• A)most production and consumption decisions are more efficiently coordinated by markets than through central planning.
• B)the mix of market and command principles that exists in Canada is the best.
• C)command economies have been very successful in distributing income in socially just ways.
• D)the optimal mix of market and command systems remains constant over time.
• E)government intervention in the economy is only justified in time of war.

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Definitions:

Autotransformer

A type of electrical transformer with a single winding that acts as both the primary and the secondary winding, used for varying the level of voltage.

Primary

The initial or most important in order of development or consideration.

Distribution Transformer

A transformer used in electrical power distribution to step down voltage levels from high to lower levels for consumer use.

Control Transformer

A transformer used to provide a stable voltage supply to control devices in electrical circuits, isolating them from the main power circuit.