The Market System Is Also Known as ___, While the Command

question 155

Multiple Choice

The market system is also known as ___, while the command system is also known as _____.

• A) capitalism; socialism
• B) socialism; communism
• C) central planning; laissez faire
• D) a production system; a planning system

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Definitions:

Mode

A measure of location, defined as the value that occurs with greatest frequency.

Measure of Variability

Statistical indicators that describe the spread or dispersion within a data set, such as range, variance, or standard deviation.

Range

A measure of variability, defined to be the largest value minus the smallest value.

Midrange

The statistical measure that calculates the average of the maximum and minimum values in a data set, giving a rough estimate of the data's central tendency.