Homework Answers
(a) government owns all economic resources in a command economy.
(Under a command economy, government owns all resources whereas in a mixed economy, there can be private ownership of resources.)
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A basic difference between a mixed economy and a command economy is that: (a) government owns...
(21) To move from a system of central planning to a market system, an economy generally...
(21) To move from a system of central planning to a market system, an economy generally implements which of the following steps? Nationalization of industry Privatization of capital Regulation of prices Transition from agriculture to industry (22) Which of the following factors contributed to the difficulty of the transition in the former Soviet Union? Capital was not privatized. Households preferred the communist system. Free market institutions were not in place. Tax rates were excessively high. ...
36. The basic difference between government bureaus and market firms is that bureaus: a. can...
36. The basic difference between government bureaus and market firms is that bureaus: a. can profit from a higher share price. b. have an incentive to maximize profits. c. are more likely to be concerned with the public interest than their own self-interest. d. control the money supply in an economy. e. are less concerned with satisfying consumer demand.
ANSWER OPTIONS AVAILABLE: 1. selling / purchasing 2. financial / goods and services 3. An increase...
ANSWER OPTIONS AVAILABLE:
1. selling / purchasing
2. financial / goods and services
3. An increase / stagnation
4. economic decline / economic growth
5. goods and services / monetary payments
6. goods and services / monetary payments
7. inputs / outputs
8. money / goods and services
9. sellers / buyers
10. sellers / buyers
11. (check all that apply)
CENGAGE MINDTAP a Search this course Ch 01: Assignment - Understanding the Financial Planning Process 0 Most people recognize...
LinkThere are two major types of economic systems which try to best satisfy the scarcity problem....
LinkThere are two major types of economic systems which try to best satisfy the scarcity problem. All economic systems suffer the combined existence of scarce resources and unlimited wants. One system is the command system which organizes the economy under state control. The government owns property and depends on central planning for resource allocation. Its biggest proponent was Karl Marx. It suffered two profound problems which are the coordination and the incentive problem Capitalism, conversely relies on economic freedom markets...
Federal Reserve Bank of St. Louis Page One Economics®: “Why Are Some Countries Rich and Others...
Federal Reserve Bank of St. Louis Page One Economics®: “Why Are Some Countries Rich and Others Poor?” After reading the article, complete the following: 1. Why is GDP per capita used as an estimate of the average standard of living in a country? 2. Why is economic growth key for countries who want to escape poverty? 3. How do institutions increase total factor productivity (TFP) and create incentives for economic growth? 4. The “institutional theory” suggests that by establishing property...
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...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade b. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms. c. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment. 5. Scarcity implies that: a consumers...
is independent, the government protects peronal politicl nore partics can govern (as a coalition or separnetelye...
is independent, the government protects peronal politicl nore partics can govern (as a coalition or separnetelye The it, and free elections ta If three or c) Cirizens have the legal right to make all docisions 12 A distributive political risk is characterized by the following statement is Government interferes with business transactions b) Government change public policies and such changes always reduce profits. c) potem want to claim a larger share of revenues gomerated by foreip d) Constrains flexibility of...
question 2 question 3 Fill in the blanks: Suppose that Jake and Jill have the ability...
question 2
question 3
Fill in the blanks: Suppose that Jake and Jill have the ability to pick either apples or strawberries. The following table shows how much they can pick in one hour. Quantity Picked in One Hour Pounds of Apples Pounds of Strawberries 11010 For Jake, the opportunity cost of picking one pound of apples is 0.5 pound(s) of strawberries, and the opportunity cost of picking one pound of strawberries is of apples. For Jill, the opportunity cost...
Economics is a social science concerned with: The best use of scarce resources to achieve the...
Economics is a social science concerned with: The best use of scarce resources to achieve the maximum satisfaction of economic wants. Increasing the level of productive resources so there is a minimum level of income. Increasing the level of productive resources so there is maximum output in society. The best use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer: A person should consume more of something when its marginal: benefit exceeds...
ANSWER OPTIONS AVAILABLE:
1. selling / purchasing
2. financial / goods and services
3. An increase / stagnation
4. economic decline / economic growth
5. goods and services / monetary payments
6. goods and services / monetary payments
7. inputs / outputs
8. money / goods and services
9. sellers / buyers
10. sellers / buyers
11. (check all that apply)
CENGAGE MINDTAP a Search this course Ch 01: Assignment - Understanding the Financial Planning Process 0 Most people recognize...
LinkThere are two major types of economic systems which try to best satisfy the scarcity problem. All economic systems suffer the combined existence of scarce resources and unlimited wants. One system is the command system which organizes the economy under state control. The government owns property and depends on central planning for resource allocation. Its biggest proponent was Karl Marx. It suffered two profound problems which are the coordination and the incentive problem Capitalism, conversely relies on economic freedom markets...
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...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade b. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms. c. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment. 5. Scarcity implies that: a consumers...
is independent, the government protects peronal politicl nore partics can govern (as a coalition or separnetelye The it, and free elections ta If three or c) Cirizens have the legal right to make all docisions 12 A distributive political risk is characterized by the following statement is Government interferes with business transactions b) Government change public policies and such changes always reduce profits. c) potem want to claim a larger share of revenues gomerated by foreip d) Constrains flexibility of...
question 2
question 3
Fill in the blanks: Suppose that Jake and Jill have the ability to pick either apples or strawberries. The following table shows how much they can pick in one hour. Quantity Picked in One Hour Pounds of Apples Pounds of Strawberries 11010 For Jake, the opportunity cost of picking one pound of apples is 0.5 pound(s) of strawberries, and the opportunity cost of picking one pound of strawberries is of apples. For Jill, the opportunity cost...
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