Question

3.true or false: economics is concerned with how societies deal with unlimited resources.
4.true or false: in traditional economies, production is determined by government regulations.
5.true or false: free - enterprise systems allow businesses to make their own decisions about production and pricing based on consumer demand.
6.true or false: command economies are characterized by private ownership of production and distribution.
7.true or false: most countries today operate solely on free - market principles without any government involvement.

Explanation:

• 3. True: Economics studies resource - allocation in the face of scarcity.
• 4. False: In traditional economies, production is often based on custom and tradition, not consumer - demand.
• 5. False: Most countries have a mixed - economy system with both private and government involvement in production and distribution.

Answer:

1. True
2. False
3. False