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the classical view of economics holds that a society can best determine its needs and wants through
 
a. a centrally planned economy.
b. government owned factors of production.
c. democracy.
d. the marketplace. 

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Darryn D'Souza
Darryn D'SouzaLv10
23 Sep 2020

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Related questions

In an economy in which decisions are guided by prices and individual self-interest, there is:

a. the potential to reach efficiency in production 

b. a strong need for government intervention in the economy.

c. less efficiency than otherwise be in a centrally planned economy. 

d. more need for a strong legal system to control individual greed than would be needed in a centrally planned economy  

Which of the following is a problem inherent in centrally planned economies? 
a) households and firms make poor decisions in choosing how resources are allocated
b) there is too little production of low cost, high-quality goods, and services. 
c) production managers are more concerned with satisfying consumer wants than with satisfying government orders
d) exports tend to exceed imports. 

One advantage market economies have over centrally-planned economies is that market economy

a. provide an equal distribution of goods and services to households.

b. establish a significant role for the government in the allocation of resources.

c. solve the problem of scarcity.

d. are more efficient

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