Figure 1- 2 With a budget of $500 000,a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination)for use in classrooms.

-In traditional economies,economic behaviour is
A)affected by elements of tradition,government command,and market incentives.
B)directed only by self interest.
C)random and unpredictable.
D)largely determined by a central authority.
E)based primarily on custom and habit.

Question

Figure 1- 2 With a budget of $500 000,a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination)for use in classrooms.
 
-In traditional economies,economic behaviour is
A)affected by elements of tradition,government command,and market incentives. 
B)directed only by self interest. 
C)random and unpredictable. 
D)largely determined by a central authority. 
E)based primarily on custom and habit.

Quizplus · Accepted Answer

In traditional economies, economic behavior is primarily based on customs, traditions, and habits, which guide the production and distribution of goods and services.

Figure 1- 2 with a Budget of $500 000,a School