A merit good is a good or service that   Select one:   a.   the political process has deemed socially desirable.   b.   should be taxed to correct the market failure and allocative inefficiency.   c.   cannot be individually consumed.   d.   would be overproduced by the private market.

Q: Describe one economic benefit, other than energy cost savings, that may result from increasing the…

A: Enterprise is managed by entrepreneur and therefore enterprise would be occupationally mobile if…

Q: Alberta owns a nature preserve next to a coal mine. The mine produces dust that enters a stream on…

A: Externality refers to a situation when some third party who is not directly involved in the…

Q: Which are benefits of a mixed market economy? Select all that apply. A mixed market economy provides…

A: The system of the market for commerce, allocation of resources, and trade where free markets tend to…

Q: What causes market imperfections? Give 2 examples.

A: The following problem has been solved as follows:

Q: conditions for production and consumption efficiency.

A: Economic efficiency refers to a condition of affairs in which all resources are distributed properly…

Q: Homesteaders who moved west to settle on free land found that a.the land was lush and fertile for…

A: When talking about the movement of homesteaders to the west, it is the situation during civil war.

Q: Which of the following are complementary goods and/or services?  a) Cars and motorcycles b) cars…

A: Complementary goods are those goods that are used together. if these goods are used individually…

Q: List and discuss in detail (thoroughly and carefully), two examples of the scarcity that you have…

A: When there is the presence of resources being fewer than actually being required for the fulfillment…

Q: Sophia, Victoria, and Eve all would like a place to sit while waiting at their children's bus stop.…

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: library's collection of e-books is a ?

A: Public good id a good which is non excludable and non rivalry Non excludable means that a person…

Q: Mr. Tahir wanted to take his family on a holiday. There are three members in his family. Two members…

A: There are several approaches that deals with significant analysis and events and might belong to…

Q: (a)   Identify the type of market failure, explain why it occurs and provide a solution (i)    An…

A: Market-failure is a situation where there’s a problem of inefficient-distribution of goods(g) and…

Q: most government have a policy of not negotiating with kidnappers but relatives of kidnap victims do…

A: In economics, some of the basics principles are used to explain the behavior of market participants…

Q: The use of "green" pesticide production practices while environmentally desirable, raises the…

A: Demand: It refers to the quantity of a commodity that consumer is willing and able to purchase at…

Q: Explain how and why the "invisible hand" works to ensure that producers provide quality services and…

A: Invisible hand is simply the idea of how the market gets sorted through the forces of demand and…

Q: Question 4. What does the economic environment consist of as far as marketers are concerned, and why…

A: The markets are considered to be the place where the meeting of the buyers, and sellers takes place.…

Q: Students at a nearby college often complain about assignments requiring group work. The statement “I…

A: Complaint is fine by students.If if college is there and it is a public good with free education…

Q: Name and describe two key contributions that the natural environment makes to our economies.

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: From the Microeconomices, regarding to the MRS, how they work out for Ux and Uy? For example:…

A: Marginal rate of substitution refers to willingness of given up units in order to gain some other…

Q: Why the government should prioritized the better standards of education and healthcare, particularly…

A: Government is the authority that works to maintain the stability in the economy and tires to improve…

Q: There are 1,000 families in a neighborhood that is affected by noise pollution from a local factory.…

A: Public goods are the goods which are non-excludable and non-rival in nature. Non-excludability…

Q: This system provides materials needed for goods and services, and serves as a sink for our wastes:

A: Manufacturing system: The manufacturing system is responsible for implementing and operating the…

Q: Describe the primary benefits?

A: Profit: A firm earn revenue by selling the output that it produces and this revenue contains the…

Q: Relative surplus-value can be increased by _________ - increasing the length of the working day -…

A: In a market, relative surplus-value refers to the additional hours and energy left when work is done…

Q: Give an example of a government law or policy that affect individuals’ religious decisions. State…

A: Government law or policy that is likely to affect individuals religious decisions has been…

Q: Governments may intervene in a market economy in order toa. protect property rights.b. correct a…

A: The economic system refers to a system of a nation concerned to the allocation of resources,…

Q: Economics system - role of consumers, producers, government and Voluntary sector in the welfare of…

A: consumers are the ones who demand the products and purchase the goods accordingly. producers are the…

Q: What are the factors of production in the agriculture industry? Explain each factor needed by…

A: The fundamental factors of production are normal resources (land, water, soil, precipitation), work…

Q: New York's proposed "Good Cause" legislation may discourage landlords from renting to persons with…

A: Answer-

Q: To help reduce the price of oil, new supplies are needed. However, in 2013, objectors opposed…

A: Economics is the study of human behavior regarding the use of scare or limited resources which have…

Q: Which one of the following is a positive economic statement? a. Thoughtful people oppose an…

A: Positive economic statement establishes a cause and effect relationship between variables and it…

Q: The AstraZeneca vaccine is considered to be what type of good? *   a.Private Good b.Demerit Good…

A: Merit goods are the goods that create positive externality for a third party when they are consumed.…

Q: A Day in the Life: The Johnson's are you average American family living in the average community in…

A: Public goods are those goods that are non-excludable and non-rivalrous. Non-excludable means nobody…

Q: The meaning of Private Benefit of EDUCATION.

A: Private profit means the person has the chance to create a profit, or to use or be provided…

Q: List the categories of scarce resources and delineate the nature of society’s economizing problem.

A: Land, labor, capital, entrepreneurial ability- are a list of scarce resources

Q: The Junkbuyers Company travels from home to home, looking for opportunities to buy items that would…

A: The externalities refer to the benefits, or costs which are incurred by the third parties who are…

Q: Explain the main economic issue law and lawlessness ,and describe the factors that cause…

A: Most economic activities and exchanges contain key characteristics that, when combined, necessitate…

Q: CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are…

A: For statement 1- Increasing consumption of nonrenewable resources, increased pollution, global…

Q: Alberta owns a nature preserve next to a coal mine. The mine produces dust that enters a stream on…

A: As land is belongs to both Alberta and coal mine, they both use it for their own purpose. Coal mine…

Q: Match the Department Directions Match each agency in Column 1 with its correct description Column 2.…

A: The measure that depicts the increase in the production of services and goods in the economy is…