Question

4) Theories aim to _____________.

Select the correct answer below:

a) create applied (or empirical) representations

b) take a complex, real-world issue and simplify it down to its essentials

c)implement a method to view the world through the same lens as other disciplines, such as anthropology and biology

d)build a physical model that sits on a tabletop

5)In command economies, decision-making is ______________.

Select the correct answer below:

a)determined by the market

b)centralized

c)decentralized

d)decided by familial or traditional skillsets

6) In which type of an economy do occupations stay in the family and people consume mostly what they produce?

Select the correct answer below:

a)Traditional economy

b)Command economy

c)Market economy

d)Underground economy

Answer 1

a) Theories aim to simplify the complex situations in the simple model in the economy. The answer is "C".

b) IN the command economy the decision making process is completely in the hand of the government i.e. the centralized agencies. The answer is "B".

c) "A"

Traditional economy do occupations stay in the family and the output is very small which is mostly consumed by the family itself.