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AP Microeconomics Mkt 1 B Define How Resource Allocation Is Influenced By the Economic System Adopted By Society Questions

Practise comparing command, market, and mixed economies through ownership, property rights, planning, price signals, government intervention, and resource allocation.

Syllabus
Effective Fall 2022
Course
AP Microeconomics

Exam points

  • identify government ownership and central planning as command-economy allocation mechanisms
  • identify private resource ownership and protected property rights in a market economy
  • explain how prices signal valued uses and coordinate resource allocation in market economies
  • recognise a mixed economy when market allocation operates alongside policies such as a minimum wage

AP Microeconomics Mkt 1 B Define How Resource Allocation Is Influenced By the Economic System Adopted By Society Questions question 1

[Maximum number: 1]

Which of the following would NOT be considered a characteristic of a market or capitalistic economy but that of a command or communist economy?

A

Protection of private property

B

Negative externalities

C

The price system to allocate resources

D

Competition among firms

E

Centralized decision making

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