Answered: 4 market economic systems and command…

4 market economic systems and command economic system countries differ fundamentally both in problems that there economic system must solve and in the way * they go about solving these problems

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 5SCQ: What would be another example of a system in the real world serve could serve as a metaphor for...

See similar textbooks

Related questions

Q: Scenario Wanda thinks the domestic market has been flooded with start-up companies offering gourmet…

A: Four Issues identified Similar cultural issues is difficult to find out, like the demographic…

Q: Cuba dictates and decides most of the economic decisions. Identify the type of economic system in…

A: A command economy is defined as an economy where the government or the central planners own and…

Q: Type of economic system that individual consumers and businesses interact to solve the economic…

A: The statements given in the question represents various economic systems. The term economic system…

Q: Entrepreneurship is becoming the driving force behind many economies in the world and most economies…

A: Entrepreneurship is significant for various reasons, from elevating social change to driving…

Q: Disscuss the Theory of Economic Development in the History of Economic Thought perspective and…

A: A process of increasing real national income and real per capita income is referred to as economic…

Q: 4. Explain all three Circular flow economic models in one structure.

A: As an economic model, the circular flow model shows the flow of money through the economy. The basic…

Q: Question 1 a. Draw a production possibilities curve for a hypothetical economy producing capital…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: Explain the advantages and disadvantages of two of the three basic types of economic systems.

A: Economic system helps in understanding the economy better and enable the economist to predict the…

Q: The statement below is NOT TRUE about waqf institutions. A ) The functions of waqf…

A: Waqf is a financial charitable institution that spend its revenue to beneficiaries depending on the…

Q: 1) "Undercover Colors" developed the innovative nail polish that changes color when dipped in a…

A: Technological advancement: In economics, the term technological advancement refers to the new…

Q: 1. (a) State THREE types of business organisation operating in a free market economy. b. For cach…

A: The organization is the set of people that work for achieving the common objective and goals.

Q: 10) Which of the following emerged in the United States as a result of industrialization? A)…

A: Industrialization refers to the transformation from agricultural society to industrial society.

Q: Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of…

A: Economy refers to the system in which individuals earn their living to satisfy their needs through…

Q: Discuss a business’ ability to integrate new technology into its processes and procedures. a)…

A: Business ability to integrate new technology into its processes and procedures. To guarantee that…

Q: Understand the relationship of capitalism and popular culture

A: There are various schools of economic thought. Each economic theory has its own set of guidelines…

Q: 11. The main problem of economic theory and practice is to resolve the contradiction between: a)…

A: Scarcity alludes to the essential economics issue, the gap between restricted – that is, scarce –…

Q: 1. The three major actors in terms of economic activity are A. governments, businesses, and…

A: Economic activities include agents who perform their functions and roles. They can be the government…

Q: 3. Which is a characteristic of the free enterprise system? A. Most private property was held in…

A: Economic system drives the economic growth of the nation and explains how the economy works. It can…

Q: 5. Adam Smith, the founding father of economics, likened the price mechanism to an invisible hand •…

A: 5. Adam smith the founding father of economics likened the price mechanism to an invisible hand - An…

Q: 40. Which of the following statements about Adam Smith are FALSE? He argued that a competitive…

A: Adam smith is well known economist of 18th century. He is also known as father of economics. He…

Q: 3. Which of the following is an important feature of capitalism? A. Capital is government owned B.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: 19. The key factor in determining the model of the economic system is: a) political regime; b) the…

A: Market, command and mixed economy are type of economies.

Q: 16. The process of human influence on the substance of nature in order to create material goods and…

A: Question 16. Answer - d) economic growth

Q: Question 5: Applications In Economics als to Consider an cconomy with four sectors, Agriculture,…

A: Economists use sectors to categorize economic activity by grouping enterprises that perform…

Q: 4) Models of Schumpeterian creative destruction aim to explain: (a) how old capital is best retired…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 9. Economic systems The U.S. economic system is: O A market system O Based upon religious principles…

A: An economic system refers to how the government/society organizes and distributes the available…

Q: Analyze the Economic Theory of Entrepreneurship.

A: The economic theories have a long and storied history in the field of entrepreneurship. Furthermore,…

Q: Create an entrepreneurship and socio-economic development relationship mind map. In your…

A: The process of coming up with innovative ways to combine resources is called entrepreneurship.…

Q: 2) Which of these characteristics should economies follow and why? Include three of the…

A: 2) Which of these characteristics should economies follow and why? Include three of the…

Q: The industrial revolution gave rise to capitalism and consumerism - True or False

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: . Briefly discuss the main strengths and weaknesses of the three basic types of an economic system.

A: Three basic types of economic system with their advantages and disadvantages are: 1-Command…

Q: 3. The organization of economic activities that involve the production and distribution of goods and…

A: The factor of Production refers to the inputs needed for the creation of a commodity or service. The…

Q: 14. The "big tradeoff" refers to A. producing capital goods instead of consumable goods. B. marginal…

A: Tradeoff means choice. An economy has a limited amount of resources to meet the unlimited wants of…

Q: 37. In a command economy a central authority determines What, How, and for Whom to produce. True or…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 2.a) Provide a definition of ‘technological capability and ‘social capability and describe the…

A: 2.a) Definition of ‘technological capability The term "technological capability" refers to the…

Q: Enumerate 6 classification of systems based on the dominant characteristics of Economic system with…

A: The means through which governments organize and distribute services, resources, and goods across a…

Q: The first question shows the type of economy in which each of the following economic activities can…

Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

4
market economic systems and command
economic system countries differ
fundamentally both in problems that there
economic system must solve and in the way
* they go about solving these problems
False O
True O

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What would be another example of a system in the real world serve could serve as a metaphor for micro and macroeconomics?
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants
Imagine a society that produces military goods andconsumer goods, which we’ll call “guns” and “butter.”a. Draw a production possibilities frontier for gunsand butter. Using the concept of opportunity cost,explain why it most likely has a bowed-out shape.b. Show a point on the graph that is impossible forthe economy to achieve. Show a point on thegraph that is feasible but inefficient.c. Imagine that the society has two political parties,called the Hawks (who want a strong military)and the Doves (who want a smaller military).Show a point on your production possibilitiesfrontier that the Hawks might choose and a pointthat the Doves might choose.d. Imagine that an aggressive neighboring countryreduces the size of its military. As a result, boththe Hawks and the Doves reduce their desiredproduction of guns by the same amount. Whichparty would get the bigger “peace dividend,”measured by the increase in butter production?Explain.
The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants cars. In an hour, Larry can either mow one lawn orwash one car; Moe can either mow one lawn or washtwo cars; and Curly can either mow two lawns orwash one car.a. Calculate how much of each service is producedin the following scenarios, which we label A, B,C, and D:• All three spend all their time mowing lawns. (A)• All three spend all their time washing cars. (B)• All three spend half their time on each activity. (C)• Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. (D)b. Graph the production possibilities frontier for thiseconomy.…
Inadvanced technologyand capital goods are encouraged.Select one:oa. Market Economic SystemO b. Socialism EconomyOc. Command Economic SystemO d. MixedEconomic System
Do economists have any particular expertise atmaking normative arguments? In other words, they haveexpertise at making positive statements (i.e., what willhappen) about some economic policy, for example, butdo they have special expertise to judge whether or notthe policy should be undertaken?
Suppose the hypothetical economy produces only car and oil using its available resources and existing technology. CombinationsUnitsProduction alternatives ABCDE OilKgs8006004002000 CarNumber0500100015002000 Using the above information, Draw the production possibility frontier/ curve of a nation.If the economy is initially operating at point C, then calculate the opportunity cost producing one more unit of car. What changes are required for the economy to shift PPF either outward or inward?
Draw and explain a productino possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows?
give an example of economic problem involving opportunity cost that SA government is curretly facing 3define a production possibility curve and use such a curve to illustrate scarcity,choice and opportunity cost
Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?
You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up afterthemselves.You,ontheotherhand,cancleanfaster than each of them. You determine that you are 70% faster at dishes and 10% faster with vacuuming. All of these tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a traderelated analogy to this problem?