microeconomics

1 W21- Requires Respondus LockDown Browser Left:0:43:57 Palwinder Kaur: Attempt 1 Previous Page Next Page Page 21 of 21 Question 21 (2 points) Which of the following is/are FALSE statements, 1, 2, 3, 4 or a combination of them? Explain why. (2 marks) 1. Every economic system allocates resources and answers the big three economic questions of what, how and for whom, just in a different way 2. In a free market or capitalist economy, the government owns the factors of production and determines how they will be used 3. In a capitalist economy, there may be an inequitable distribution of income 4. Most modern economies are capitalistic economies Paragraph BI U - hp