Which of the Following Statements About Economic Systems Is True

question 385

Multiple Choice

Which of the following statements about economic systems is true?

• A) Consumers usually have more freedom of choice in a market-directed economy.
• B) Command economies are most effective for countries with large and complicated varieties of goods and services.
• C) Branding is less common in a market-directed economy than in a command economy.
• D) The United States is a good example of a command economy.
• E) None of the above is true.

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Definitions:

Binomial Probability

The probability of obtaining a given number of successes in a fixed number of binary trials, where each trial has two possible outcomes.

Continuity Correction

An adjustment made to a discrete distribution when approximating it by a continuous distribution, often used in binomial to normal distribution approximations.

Continuous Probability Curve

A curve that represents the distribution of a continuous random variable, indicating the probabilities of all possible values.

Continuity Correction

An adjustment made to a discrete distribution when approximating it to a continuous distribution.