BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Which of the following is true about market economies? Market economies are more efficient than centrally-planned economies.
Detailed explanation-2: -In a market economy, almost everything is owned by individuals and private businesses-not by the government. Natural and capital resources like equipment and buildings are not government-owned. The goods and services produced in the economy are privately owned.
Detailed explanation-3: -In a free market economy, resources are allocated through the interaction of free and self-directed market forces. This means that what to produce is determined consumers, how to produce is determined by producers, and who gets the products depends upon the purchasing power of consumers.
Detailed explanation-4: -Which of the following is true of a market system? A market system is a combination of centralized government initiatives and decentralized actions taken by firms.