Today,the Economic Systems of Most Nations Could Most Accurately Be

question 170

Multiple Choice

Today,the economic systems of most nations could most accurately be classified as:

• A)Pure capitalism.
• B)Pure socialism.
• C)Command economies.
• D)Mixed economies.

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Definitions:

Tax Revenue

The income that is gained by governments through taxation, which is used to fund public services and goods.

External Costs

Costs that fall on third parties who are not directly involved in a transaction or economic activity.

Marginal Social Costs

The total cost to society of producing one extra unit of a good or service, including both private costs and any externalities.

Property Rights

Legal rights to use, derive benefit from, and transfer property.