Which of the following is an example of a trade barrier? (1 point) O capitalism Otariff O gross domestic product O comparative advantage
Which of the following drives the free market economy? (1 point) the needs and wants of the people O the supply of goods in the market the number of consumers in the market O the gross domestic product
Which term describes the choices that people must make to meet their wants and needs? (1 point) supply O demand opportunity cost O producers
opportunity cost
1. The correct answer is "tariff". A trade barrier is any measure that restricts or hinders trade between countries, and a tariff is a specific type of trade barrier that involves imposing taxes on imported goods.
2. The correct answer is "the needs and wants of the people". In a free market economy, economic decisions are driven by the demands and preferences of individuals and businesses. This means that the production and pricing of goods and services are mainly determined by consumer choices and market forces.
3. The correct answer is "opportunity cost". Opportunity cost refers to the value of the next best alternative that is foregone when a choice is made. In the context of meeting wants and needs, people have to make decisions about how to allocate their limited resources, such as time and money, to obtain the most desired outcomes.