Multiple Choice
Which of the following lists correctly identifies the four factors of production in economics?
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0. Basic Principles of Economics
Factors of Production
Multiple Choice
Which type of economy typically offers uniformity in wages regardless of individual productivity?
A
Mixed economy
B
Traditional economy
C
Command economy
D
Market economy
Verified step by step guidance1
Understand the characteristics of each type of economy: Mixed, Traditional, Command, and Market economies.
Recall that a Command economy is one where the government centrally plans and controls economic activities, including wage setting.
Recognize that in a Command economy, wages are often set uniformly by the government, regardless of individual productivity, to promote equality and control.
Contrast this with Market economies, where wages are determined by supply and demand and individual productivity, leading to wage differences.
Conclude that the economy type that typically offers uniformity in wages regardless of individual productivity is the Command economy.
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