In a centrally planned economy, the households and firms decide how economic resources will be allocated....
In a centrally planned economy, the households and firms decide how economic resources will be allocated.
True
False
Homework Answers
In centrally planned economy, the government decides how economic resources will be allocated not by households and firms.
Answer: False
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In a centrally planned economy, the households and firms decide
how economic resources will be allocated....
State the two features of a centrally planned economy. Discuss how economic decisions are made in this setting. In the c...
State the two features of a centrally planned economy. Discuss how economic decisions are made in this setting. In the course of your answer, develop an input-output table to complement your discussion.
Imagine that the leaders of a poor nation with a centrally planned economy become willing to...
Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a different economic system, and hire an economist from a rich, market economy nation to advise them. The economist recommends a switch to a market economy. What will the economist suggest the leaders order their citizens to do?
Imagine that the leaders of a poor nation with a centrally planned economy become willing to...
Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a different economic system, and hire an economist from a rich, market economy nation to advise them. The economist recommends a switch to a market economy. What will the economist suggest the leaders order their citizens to do? *Please be detailed*
Which of the following statements is false? In a market economy, firms do not interact with...
Which of the following statements is false? In a market economy, firms do not interact with consumers In both centrally planned and market economies, the three essential economic questions are what, how, and for whom. O In a market economy, decisions concerning the three essential questions result from interactions taking place in markets. O The two alternative approaches to the three essential questions are market economies and command economies. 0 In a centrally planned economy, decisions concerning the three essential...
True-False-NotGiven and please Explain why. Thank you very much Economic resources are classified into one of...
True-False-NotGiven and please Explain why. Thank you very much Economic resources are classified into one of four categories: land, labor, capital, and machinery. A society that is operating at a point outside its production possibilities frontier is using its economic resources inefficiently. The American economy is referred to as a centrally planned economy because the federal government makes most of the economic decisions. A decrease in the price of a good will cause the demand curve for that good to...
(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. ...
In general terms, discuss the ways in which the change from a centrally planned economy to...
In general terms, discuss the ways in which the change from a centrally planned economy to a more market-based economy has affected career options and standards of living for the elderly, young professionals, unskilled laborers, members of the military, women, and former government bureaucrats.
An economy in which people exchange goods and services in a market is called a ...
An economy in which people exchange goods and services in a market is called a centrally planned economy. command economy. market economy. socialist economy. Suppose that if poor households have a price elasticity of demand for medical care of 0.70 and wealthy households have a price elasticity of demand for medical care of 0.10, then a 10% increase in the price of medical care would lead to poor households reducing their quantity demanded for medical care...
The- simplifies the economy into two groups,firms and households, and allows us to make predictions about...
The- simplifies the economy into two groups,firms and households, and allows us to make predictions about economic behavior
1. Economic models The following diagram presents a circular-flow model of a simple economy. The outer...
1. Economic models The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the Inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Which of the following is true regarding this economic model? While simple, the circular-flow diagram can still be useful for the purposes of modeling...
Which of the following statements is false? In a market economy, firms do not interact with consumers In both centrally planned and market economies, the three essential economic questions are what, how, and for whom. O In a market economy, decisions concerning the three essential questions result from interactions taking place in markets. O The two alternative approaches to the three essential questions are market economies and command economies. 0 In a centrally planned economy, decisions concerning the three essential...
The- simplifies the economy into two groups,firms and households, and allows us to make predictions about economic behavior
1. Economic models The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the Inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Which of the following is true regarding this economic model? While simple, the circular-flow diagram can still be useful for the purposes of modeling...
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