Economic Models Are Only Applicable to Free-Market Countries

question 16

Multiple Choice

Economic models are only applicable to free-market countries.

• A) False. Economic models are applicable wherever there is scarcity.
• B) True. Economic models are applicable only when private citizens are free to make their own decisions.
• C) False. Economic models are applicable in all countries with more than one million people, regardless of political structure.
• D) True. Economic models are only applicable when government is small relative to the rest of the economy.

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Definitions:

Deposits

Materials laid down or settled from a state of suspension or solution in a fluid, often referring to geological or financial contexts.

Canadian Shield

A large geological shield covered by a thin layer of soil that spans across eastern and central Canada, known for its rich mineral deposits.

Metallic Minerals

Natural mineral formations containing sufficient metal to be beneficially extracted and technically feasible to mine.

Microorganisms

Tiny living organisms, such as bacteria, viruses, and fungi, that can only be seen under a microscope.