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MULTIPLE CHOICE: Choose the best answer. 1. A person who values individualism would believe that most people 1. can make informed decisions 2. function best in a planned economy . require guidance to ensure that goals are achieved 4. should have their choices coordinated to serve the goals of society 2. In a planned economy, the government shows most concern for 1. the individual consumer 2. maintaining freedom 3. keeping with traditions 4. the needs of the group Use the following reading to answer the next TWO questions. Decisions are made by three groups - consumers, producers and government. Consumers have the right to decide where they want to work and where to spend their money. Producers decide what to make and how to make them. The government role is to make regulations for the common good of all of those involved. 3. Which type of economic system is being described? 1. market economy 2. mixed economy 3. planned economy 4. In the economic system described above, which value(s) support the goals of the system described? 1. freedom 2. equality 3. equality and freedom 4. none of the above5. Use the following source to answer Question 5 Zappo Inc. is a privately owned electricity generating and supplying corporation that has created a monopoly as an electricity provider. Because Zappo Inc. owns the generator and the transmission lines, customers wanting electrical service to their homes must sign on with Zappo Inc and pay the electricity and transmission fees set by Zappo Inc. Over the winters, when household electricity usage is highest, Zappo Inc. increases the fees they charge greatly and also adds a 'winter service fee' to everyone's bills. These unregulated fees and service fees are becoming a great financial hardship to the citizens and those who cannot pay their electricity bill are having their service cut off and living without electricity because they have no other options. Which of the following is a possibility to resolve this issue? a) The government could intervene to end Zappo Inc.'s monopoly and restore competition to the electricity market. b) Those who cannot afford Zappo Inc.'s electricity rates could opt to sign a contract with another provider. c) Nothing can be done because Zappo Inc. is an independent, privately owned corporation and owns the monopoly rights to the electricity market. d) Those who cannot afford Zappo Inc.'s fees and rates should purchase solar panels and live "off the grid." 6. When money for projects is provided by the government, with little to no contributions from the private sector, which type of economy is most likely? a) Mixed economy b) Centrally planned economy c) Market economy d) Free enterprise economy 7. The central issue of scarcity forces governments to mainly a) Make decisions within economic systems b) Consider the amount on bailout money c) Produce goods and services rapidly d) Own the different means of production
