The U.S.economy Is Best Characterized as A

question 44

Multiple Choice

The U.S.economy is best characterized as a:

• A)barter economy.
• B)command economy.
• C)mercantile economy.
• D)mixed economy.
• E)traditional economy.

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Definitions:

International Trade

The exchange of goods and services between countries, allowing economies to grow by specializing in the production of goods they can produce most efficiently.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price level in a given period.

World Price

The global market price of a commodity, determined by worldwide supply and demand.

Quantity Supplied

How much of a certain good or service suppliers are ready and able to make available for purchase at a specific price point.