ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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command economies
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market economies
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traditional economies
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survival economies
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Detailed explanation-1: -The basic problems of an economy can be solved either by the decisions of the Government or by the Market through interactions of buyers and sellers.
Detailed explanation-2: -Some of the indicators are unemployment levels, inflation, government spending, GDP, etc. Prices show the inflation of the economy. The agricultural output shows how the agricultural sector is performing, which is included in the calculation of GDP.
Detailed explanation-3: -The catch-up effect is a theory that all economies will eventually converge in terms of per capita income, due to the observation that underdeveloped economies tend to grow more rapidly than wealthier economies. In other words, the less wealthy economies will literally “catch-up” to the more robust economies.