In a Free Market System

question 18

Multiple Choice

In a free market system

• A) there is no government involvement in the economy.
• B) resources are allocated on a first-come first-served basis.
• C) buyers and sellers make all of the economic decisions.
• D) government mostly allows markets to operate with little intervention or regulation.

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Definitions:

Spacing Effect

The cognitive phenomenon whereby learning is facilitated when study sessions are spaced out over time rather than conducted in close succession.

Misinformation Effect

A phenomenon where a person's memory of an event can be influenced by misleading information introduced after the event, leading to false or distorted recollections.

Proactive Interference

The difficulty in learning new information because of the presence of previous information.

Sensory Memory

The shortest-term element of memory, which acts as a buffer for stimuli received through the senses, lasting typically up to several seconds.