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When a country has a market economy, which of these statements correctly defines this system?
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
Which term best describes an economic system in which the government - not the people- own land, factories, and businesses?
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
What is the purpose of free trade partnerships like the North Atlantic Free Trade Agreement (NAFTA) between the USA, Canada, and Mexico?
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
Which economic term best describes using money to earn more money?
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
A country's parliament votes to increase tariffs upon goods from another country. This is an example of
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
A market economy is very different from a command economy. Which of the following is found in a market economy?
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
Which of the following best identifies the economy of Cuba?
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this?
investing
a representative democracy restricting trade.
communism
to increase trade by doing away with tariffs.
bartering with a seller
command
competition
Companies produce goods of their choice and consumers decide whether to buy the goods.
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