In This Type of Economy, People Act in Their Own

question 39

Multiple Choice

In this type of economy, people act in their own self-interests with little if any government regulation.

• A) Traditional economy
• B) Command economy
• C) Market economy
• D) Mixed economy

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Definitions:

Existential Instantiation

A logical principle that states from the knowledge that something exists, one can infer the existence of an instance of that thing.

Universal Instantiation

A logical rule that allows one to deduce that a statement applies to specific instances given it holds for all instances.

Modus Tollens (MT)

A form of logical argument where the denial of the consequent leads to the denial of the antecedent.

Simplification (Simp)

A logical operation that breaks down complex arguments or propositions into simpler components.