1. Which of the following best explains the difference between amarket economy and a planned economy?
Group of answer choices
Planned economies promote the use of privatization to increasemarket share.
Capitalism is the root of a planned economy.
Market economies are also known as mixed market economies.
In a planned economy, consumers have little choice in where theywork or what they purchase or pay.
In a market economy, consumers must pay what the marketdemands.
2. What type of policy is made up of fiscal and monetarypolicy?
Group of answer choices
Stabilization
Foreign
Employment
Tax
Trade
3. What occurs when the quantity demanded exceeds the quantitysupplied?
Group of answer choices
Surplus
Equilibrium point
Shortage
Supply schedule
Demand deficit
4. What is needed to gain a competitive advantage overcompetitors?
Group of answer choices
The ability to have a unique good or service that cannot beeasily duplicated by competitors
The ability to produce goods and services and sell those at afixed profit
The ability to leverage the internet to sell in a globalmarketplace
The ability to produce goods and services and sell those at ahigh profit
The ability to produce goods or services efficiently and at areasonable profit