The Economic System That Answers the What, How and for Whom

question 83

Multiple Choice

The economic system that answers the What, How and For Whom questions the way they have always been answered is a:

• A) market economy.
• B) command economy
• C) soviet economy.
• D) traditional economy.

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Definitions:

Obliged Party

A person or entity that is contractually or legally required to fulfill certain duties or obligations.

Ratified

Official approval or confirmation of an agreement, treaty, or contract by all parties involved.

Unauthorized Signature

A signature placed on a document by someone who does not have the legal authority or permission to sign on behalf of the indicated party.

Warranties

Warranties are assurances provided by a seller regarding the quality, condition, or performance of a product, explicitly stated or implied by law.