The collapse of housing prices in 2007-2009 illustrates that:
a. market systems drive less-competitive firms out of business.
b. market systems are prone to economic booms and busts.
c. market systems generate great income inequality.
d. market systems are not as productive as planned economies.
Question 2
Why are market-based economic systems more dynamic
better able to adjust to the changing needs of societythan planned economies?
a. Market-based economic systems encourage entrepreneurs to produce a wide variety of goods and services based on consumer demand.
b. Market-based economic systems empower political leaders to allocate goods and services in a manner that accounts for society's changing needs.
c. Market-based economic systems guarantee that the people will have the ability to change society through the ballot box.
d. Market-based economic systems are not more dynamic than planned economies.
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