A System in Which Individuals, Rather Than the Government, Make

question 59

Multiple Choice

A system in which individuals, rather than the government, make the majority of economic decisions is commonly referred to as a ________.

• A)command economy
• B)market economy
• C)private economy
• D)mixed economy

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Definitions:

Assembling Product

The process of combining components or parts to build a complete product.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Standard Normal

A normal distribution with a mean of zero and a standard deviation of one, widely used in statistical analysis.

Random Variable

A variable whose numerical values stem from unpredictable phenomena.