Q number 1 to 10 Search 1 316 PM Exit Question 1 011 pts The

Search 1 3:16 PM Exit Question 1 0.11 pts The best description of an open market system would be that: Suppliers don\'t need to compete because buyers will purchase whatever is available O Encouraging economic progress O Consumers are free to decide what they want and producers are free to supply these needs O Producers of goods decide what consumers will buy Question 2 0.11 pts

Solution

Question 1

Open market system is consumers are free to decide what they want and producers supply them. In the open market, there is no interference in the functioning of the free market. There are no barriers to free trade.

Question 2

The value of all goods and services produced in a country is called Gross National Product.

National income is incorrect as this refers to the value of all goods and services produced by residents in the country and abroad.

Question 3

3/4.

Question 4

True.