Question

Select all of the following descriptions that are true about market economies. Select all that apply:

a. The government decides what methods of production will be used and how much workers will be paid.
b. A market economy is based on private enterprise.
c. Economic effort is devoted to goals passed down from a ruler or ruling class.
d. A person's income is based on his or her ability to convert resources (especially labor) into something society values.

Answer 1

The correct answers are B and D

Step-by-step explanation:

Market economies is the kind of market which is grounded on the private enterprise, which means or states that the production (businesses or the resources) are operated as well as owned by the group or the private individuals.

And the supplying the goods and the services are grounded on the demand. The income of the person is grounded on the ownership of the resources of the person (especially the labor).

Therefore, the statement which is true regarding the market economies are B and D.