Which of the following is a problem with a market economy? a) there is no reward...
Which of the following is a problem with a market economy? a) there is no reward for initiative. b) Government finds it difficult to coordinate the plans of producers and households. c) Government finds it difficult to decide which goods and services to produce. d) The goods which are produced are distributed according to current patterns of income and wealth
Homework Answers
The goods produced are distributed according to current patterns of income and wealth
Government has no role in a market economy for production or balancing the interests of households and firms. There is a market mechanism for that. But the distribution is not equitable because those with higher income are able to get more from the market. Hence goods are distributed based on income and willingness to pay by individuals.
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