Question

Which type of economy for an organized, large society gives citizens the most freedom of choice? (2 points)

traditional
mixed
command
market

2.
Which economic thinker is correctly matched to the type of economy he supported? (2 points)

Smith – command
Keynes – market
Keynes – command
Smith – market

3.
Most nations in the world today have (2 points)

market economies.
command economies.
mixed economies.
traditional economies.
help!

Answer 1

1.) A market economy gives citizens the most freedom of choice.

Answer 2

2.)
Adam Smith
* wrote The Wealth of Nations about his economic ideas (everyone benefits economically when the government backs off of the economy and supply and demand regulate prices and wages)
* there will always be poor people, even in a perfect economy
* said that businessmen could make maximum profit when running business as they saw fit – in their own selfish interest
* this would lead to increased production, making more goods available to consumers and more jobs for workers; known today as “trickle down theory”

Answer 3

3.) mixed economies

Answer 4

2.) not sure
but i believe its Smith – market