Answered: 15. Explain the changes that will…

15. Explain the changes that will happen if a capitalistic economy changes to a Mixed economy. Explain with advantage and disadvantage?

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 9PA

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15. Explain the changes that will happen if a capitalistic economy changes to a Mixed economy. Explain with advantage and disadvantage?

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6. Which one of the choices is NOT a characteristic of a capitalist economy? a. Profit motive b. Consumer's freedom c. Private ownership of resources d. State control of the factors of production
5) How did Veblen criticised capitalist economy? What were the instincts which motivated different actors in a capitalist economy?
12- Capitalist economies have these features, except __________. a. State control of the factors of production b. Profit motive c. Consumer's freedom d. Private ownership of resources
12)Which of the following best illustrates the economic way of thinking? * a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets
16. A universal assumption in economic theories is that a) people are motivated by self-interest b) what is true for one person must be true for everyone c) whatever goes up must come down d) as price increase, quantity demanded decreases
2. Discuss the Sixth principle of economics by Mankiw and why it is important to economic activity.
10. Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. none of the choices are correct d. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources
12. How are money cost and opportunity cost related to each other? a. Opportunity cost must always exceed money cost. b. They are always identical in any economic system. c. If markets function well, they are closely related. d. In a market economy, they must be equal to each other. e. Money cost is greater than or equal to opportunity cost.
1.Define ethical issue? 2.list the categories of unethical business activities as described in the chapter? 3.what is the role of top management in organizational ethics? 4.what is a code of ethics? 5.what are the four components of social responsibility? 6. Give an example of legal but irresponsible behavior. 7. How do business carry out their social responsibilities to consumers? 8.what is corporate philanthropy? 9.Describe strategic giving? 10.what are the 4 important aspects of a social contract between employees and employers?
# 10 An example of efficiency in economics is Select one: Satisfying wants with as many resources as possible Simplifying reality in economic models as much as possible Minimising outputs given inputs Maximising outputs given inputs
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