Question

Which of the following is not a strength of the market system? A. Equity B. Profit...

Which of the following is not a strength of the market system?
A. Equity
B. Profit
C. Efficiency
D. Equality
E. Social Welfare

Which of the following is a method by which countries can answer the three economic questions (what, how and for whom to produce?) SELECT ALL THAT APPLY

A. The Market System: Demand and Supply
B. Fairness

C. The Government

D. Profit

E. The Price System
F. How these questions were answered in the past
G. All of the Above

0 0
Add a comment Improve this question Transcribed image text
Answer #1

1) E

social welfare is not a part of the market system.

  • Market system is a network of all buyers and sellers come to trade.

2) G

all of the above can apply the 3 economic questions

Add a comment
Know the answer?
Add Answer to:
Which of the following is not a strength of the market system? A. Equity B. Profit...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 2. Consider the market for burritos in a hypothetical Canadian city, blessed with thousands of students and...

    Question 2. Consider the market for burritos in a hypothetical Canadian city, blessed with thousands of students and dozens of small burritos stands. The demand and supply schedules are shown in the table. Price ($) Quantity Demanded (Burritos) Quantity Supplied (Burritos) 0.0 500 125 1.0 400 175 1.50 350 200 2.00 300 225 2.50 250 250 3.00 200 275 3.50 150 300 4.00 100 325 5.00 0 375 a) Graph the demand and supply curves. What is the free -market...

  • Which of the following economic systems depends on supply and demand to regulate the availability and...

    Which of the following economic systems depends on supply and demand to regulate the availability and price of goods and labor? capitalism communism socialism O social democracy NEXT e here to search O 3 Command economies are economic systems in which states control all aspects of an economy private property is abolished with a system of common ownership Othere is a greater role for the state in controlling the negative aspects of free markets and providing significant welfare benefits government...

  • 9. The pricing system Consider the market for hamburgers in an economy where the market equilibrium...

    9. The pricing system Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. Suppose that currently 80 million hamburgers are being produced and sold at a price of $2.50. This outcome in the market for hamburgers is economically because: Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. The opportunity cost of...

  • In a perfectly competitive market, a firm profit maximizes by choosing to produce the level of...

    In a perfectly competitive market, a firm profit maximizes by choosing to produce the level of output for which a. marginal revenue equals marginal cost. b. total revenue equals marginal costs. c. externalities are minimized. d. net social benefits are greatest. e. marginal costs are minimized. . if economic profits are positive for firms in a perfectly competitive market, then a. market supply will shift to the left. b. each firm will decrease production. c. new firms will enter the...

  • Question 26 2 Aggregate demand refers which of the following totals? ONominal actual expenditure Nominal planned...

    Question 26 2 Aggregate demand refers which of the following totals? ONominal actual expenditure Nominal planned expenditure Real planned expenditure Real actual expenditure What does the aggregate supply and demand model show? Supply and demand relationships for the economy as a whole Supply and demand relationships for every individual good Supply and demand relationships between private businesses and the government Aggregate results for all nations 2.5 pts Which of the following issues is the least likely to be a macroeconomic...

  • QUESTION 15 If the market equilibrium for wages is $8/hr, and the government imposes a minimum...

    QUESTION 15 If the market equilibrium for wages is $8/hr, and the government imposes a minimum wage of $10/hr, it will result in A. an increase in social welfare. B. social justice. C. an economic boom. D. a benefit for all workers. E. surplus labor (unemployment), CUESTION 15

  • 1- Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of...

    1- Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of the following are true? Select all that apply. The monopolist loses profit. The government gains revenue. The monopolist is forced to reduce their prices. The monopolist is forced to sell less products. 2-Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of the following are true? Select all that apply. The monopolist loses profit. The government gains revenue. The...

  • are making an economic Today, firms in a perfectly competitive market run, firms will profit. In...

    are making an economic Today, firms in a perfectly competitive market run, firms will profit. In the long firns in a perfectly competitive market are making the market until all firms in the market onomic e) exit, producing at the minimum point on their long-run average cost d) a) exit; covering only their total fixed costs b) enter, making zero economic profit enter, making zero normal profit an economic profit when new firms enter 46. The firms in a perfectly...

  • For the purpose of protecting the environment, upon which of the following approaches do we rely...

    For the purpose of protecting the environment, upon which of the following approaches do we rely more and more as time goes by? a. adherence to the notion of the invisible hand b. command-and-control policies c. the development and enforcement of regulations d. the requirement that decision makers bear the full costs of their actions In the absence of externalities, the "invisible hand" leads a market to maximize a. producer profit from that market. b. total benefit to society from...

  • Assume that the UK car market is perfectly competitive and that cars are a homogenous good....

    Assume that the UK car market is perfectly competitive and that cars are a homogenous good. The inverse demand curve for cars is given by PD(Q) = 36−Q, where quantities are measured in millions of units, while prices are measured in thousands of dollars. The supply of cars in the US is given by PS(Q) = 6 + 2Q. Cars are produced also in other countries and in this exercise we will assume that the US is “small” as far...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT