Question

1. to improve its standard of living, a nation’s economy must

a. remain stable
b. grow through innovation
c. reach economic equity
d. allow the central government to make economic decisions

1. traditional economies are usually

a. small, close communities that welcome change and new technology
b. large, widespread communities that welcome change and new technology
c. large, widespread communities that are able to deal effectively with environmental disaster
d. small, close communities that avoid change and new technology

1. the united states is a mixed economy

a. based on a traditional economy, but allowing some government intervention
b. based on a command economy, but limiting government intervention
c. based on a free market, allowing no government intervention
d. based on a free market, but allowing some government intervention

Explanation:

Question 4

To improve standard of living, economic growth via innovation (new ideas, tech) drives productivity, income, etc. Stability alone isn't enough, equity is about distribution, central govt control isn't key for growth. So option b is correct.

Traditional economies are small, close - knit, based on customs. They resist change/new tech (rely on tradition). Options a - c describe opposite or incorrect traits. So option d is correct.

US mixed economy is free - market (private ownership, market - driven) but has govt intervention (regulations, social programs). It's not traditional/command - based, and has some govt role (so not no intervention). So option d is correct.

Answer:

b. Grow through innovation

Question 5