Question

(i) Price mechanism plays …………………. role in capitalist or free market
economy (the most important/a very limited)(ii) The freedom of choice is called …………………. in capitalist economy
(consumers sovereignty/consumer surplus)
(iii) The socialist economies are …………………. economies. (centrally planned
decentralized)
(iv) People can accumulate wealth and transfer it to their legal heirs in
…………………. economy. (capitalist/socialist)
(v) Public sector and private sector …………………. in a mixed economy
(co-exist/does not exist)

Answer 1

Answer:

1)important role in capitalist

Answer 2

Answer:

(1) the most important

(2) consumers sovereignty

(3) centrally planned

(4) capitalist

(5) co-exist

Explanation:

(i) Price mechanism plays ………the most important…………. role in capitalist or free market

economy. (the most important/a very limited)

(ii) The freedom of choice is called ………consumers sovereignty…………. in capitalist economy .

(consumers sovereignty/consumer surplus)

(iii) The socialist economies are ………centrally planned …………. economies. (centrally planned

decentralized)

(iv) People can accumulate wealth and transfer it to their legal heirs in

………capitalist…………. economy. (capitalist/socialist)

(v) Public sector and private sector ………co-exist…………. in a mixed economy.

(co-exist/does not exist)