Answering which of the following questions is not part of "organizing economic activity," described in class? O How should we distribute output? O What should we produce? O How should we produce output? O What prices should we charge?

Answering which of the following questions is not part of "organizing economic activity," described in class? O How should we distribute output? O What should we produce? O How should we produce output? O What prices should we charge?

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter5: Difficult Cases For The Market And The Role Of Government

Section: Chapter Questions

Problem 9CQ

See similar textbooks

Related questions

Q: What do you call the man-made resources used in the production of goods and services? Oa land Ob.…

A: The use of natural objects to build anything innovative that offers our life with usefulness and…

Q: An economic system that relies upon some central authority to make economic decisions would be O a.…

A: In a command system,a central government plans, then organizes and in turn controls all of the…

Q: What is one industry, firm, or product that has disappeared from the market as a result of…

A: Creative destruction describes the intentional destroying of laid-out processes to clear a path for…

Q: (d) Slavery is abolished. Brad is required to give Angelina half of everything she produces. (i)…

A: Introduction Angelina is a peasant farmer who produces food. i) Brad and Angelina both will get the…

Q: Which of the following concepts can be used to explain why production possibility frontiers is…

A: The graph known as the Production Possibilities Frontier (PPF) illustrates all the possible output…

Q: The market system/capitalism is the best economic system because it is O Efficient (doesn't waste…

A: The market system/capitalism is the best economic system because it is all of these i.e, Efficient…

Q: In advanced technology and capital goods are encouraged. Select one: o a. Market Economic System O…

A: In an economy, technological advancement and capital goods are the drivers of economic growth…

Q: Which of the following is NOT true of a market economy? Decisions are regulated by a central agency.…

A: Option D is wrong It relies millions of individual economic dicision to determine economic output…

Q: "Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a…

A: Given the statement is Every gun that is made, every warship launched, every rocket fired…

Q: is defined as an economic system based on the market in which the onwership of the means of…

A: There are many types of economic systems like capitalist, socialist and mixed economy. A capitalist…

Q: Three economic questions must be determined in all societies. What are they? What goods will be…

A: Three economic questions must be determined in all societies .what are they.

Q: Which of the following choices is not part of capitalism? O free enterprise O private ownership of…

A: Capitalism is an economic and political system in which the ownership of the private enterprise is…

Q: Explain opportunity cost. what importance is opportunity cost to the (a) Individual; (b) Firm; (c)…

A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…

Q: Adam Smith's invisible hand refers toa.the subtle and often hidden methods that businesses used to…

A: In economics, the main goal of all economic agents is to satisfy their unlimited desires and wants…

Q: a) What are the basic differences between “competition in the market” and “competition for the…

A: Competition in a market is the traditional view of competition that concentrates on the market share…

Q: What about s the practical importance of economic law? Explain in 250 words

Q: Which of the following is a macroeconomics question? Select one: Should we have a constitutional…

A: Macroeconomics refers to the study of the economy as a whole.

Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…

A: Capitalist economy: It is an economic framework where private people or organizations own capital…

Q: All societies must take decisions on collective resources should be allo- cated. In democratic…

A: Since you have asked answers to only questions c and d, we will answer both these questions for you.…

Q: Adam Smith, how would a market economy accomplish that harmony about which he describes? What is…

A: The market economy is one in which the forces of supply and demand determine market price and…

Q: At Big Drop Coffee, some employees brew coffee, others deal with customers, and others prepare…

A: In a free market economy, resources are allocated through the interaction of free and self-directed…

Q: Why do you think that command economies .3 ?constrain economic freedom

A: The economic system refers to the economic mechanism based on which an economy runs and perform all…

Q: Is space the canvas on which economic geographical patterns are mapped out, or does it play a role…

A: Economic Geographic patterns are the aggregate result or resultant of the several economic laws,…

Q: Friedrich Hayek advocated for an economic system based on: O A. sharing the profits from all…

A: Friedrich Hayek was primarily known for his contribution to the field of political psychology and…

Q: Do you think a free market or a command economy is more likely to encourage productive and…

A: Command economy and free market are two opposite firms of an economy because command economy is the…

Q: The branch of economics that assesses how efficienty and equitably an economy allocates its scarce…

A: The overall scarcity of the resources arises only and when the certain given resources or means to…

Q: Which of the following is a market-oriented mission statement? "We manufacture shoes." O b. "We are…

A: A market orientated organisation looks at the market and its target audience first, before any…

Q: Which of the following economic system represents an egalitarian society? O a. Capitalist economy O…

A: Hi, thanks you the question. Since there are multiple questions posted, we will answer first…

Q: You decide to join the football team, but this means you can't join the basketball team, as the…

A: There exists a trade off between joining basketball team and football team as both teams practice at…

Q: The "invisible hand" directs economic activity through Select one: O a. prices. O b. advertising O…

A: Invisible hand refers to a situation where a market get its equilibrium without any external market…

Q: Karen can make 4 jackets or 17 ties in one day working at the clothing factory can make 8 jackets or…

A: Opportunity cost measures the trade-off between two goods i.e. it measures what we give up to obtain…

Q: s why the market fails

A: Market failure refers to a situation when the market fails to efficiently distributes goods and…

Q: Which structure demonstrates a culture of consumption? O a mall O a Native American adobe home O a…

A: Answer- Need to find- Which structure demonstrates a culture of consumption Evaluating the…

Q: OOO O When one member of a society ow making that member worse off, the allocative efficient.…

A: In economics, different conditions are explained by different economy terms such as productive…

Q: D. What is the opportunity cost of increasing production from 5,500 tons of cinnamon to 6,500 tons…

A: Since you have asked to solve from D to F so I am answering that only.

Q: clear that productive inefficiency is a waste since reSOurces are used in a way that produces less…

A: Allocative inefficiency refers to the situation where the resources are not allocated to the…

Q: Capitalism refers to: a traditional economy. O a command economy. O a market economy. O socialism. C…

A: Capitalism is one ideology to run an economy that promotes the trade between the consumers and…

Q: 10.Before starring in Iron Man, Robert Downey Jr. had appeared in 45 movies that grossed an average…

A: 10. a) Robert Downey Jr. was partly responsible for Iron Man's popularity, he now requires a higher…

Q: When it comes to getting a college education, most people consider not O their self-interest; the…

A: Externality refers to spill-over effect of a good or service on the society.

Q: Which economic system is characterized by having all public or government owned resources? O…

A: Not each economy has a similar economic and social environment, and these changes occur due to…

Q: nf the government determines whether you get an apartment, you are most likely living in a In a…

A: There are different kind of the economies where their distributive and allocating functions are…

Q: How are the WHAT, HOW, FOR WHOM questions answered in a command economy? How are the WHAT, HOW, FOR…

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

Q: Which of the following people ultimately determines the product that a free enterprise (Market)…

A: Hello, Thank you for the question. Since there are multiple questions posted here, as per the rule…

Q: 14. Which of the following is not a type of economic system? a. traditional b. command c. market d.…

A: The economics as a study is based upon the idea that the resources which the economies have tend to…

Q: What are the conditions that needs a perfect market abd what are the conditions that needs the…

Q: Which statement about economic systems is usually correct: Select one Oa The market system is based…

A: The economies, or nations around the world tend to operate with the presence of scarce resources.…

Q: Consumer sovereignty is more likely to be observed in what type of economic system? A) Both A and B…

A: The theory of consumer sovereignty implies that the buyer knows what's best for himself or herself…

Question

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Ghana and Cote d'Ivoire are the world’s leading exporters of cocoa, which are grownand harvested by a large labour force that includes many children. Assume Ghana andCote d'Ivoire now outlaws the use of child labour on cocoa farms and the law is properlyenforced. Using economic theory and with the aid of diagrams, analyze what wouldhappen to employment and wages in the cocoa farming industry. Use supply anddemand curves in your analysis.
MCQS with reason 5 . In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b 6. In economic theory the term “means” refers to (a)Resources ; (b) Arithmetic mean ; (c) A characteristic ; (d) None 7. Market equilibrium of a commodity is determined by (a)Balancing of demand and supply position ; (b) Aggregate demand ; (c) Aggregate supply; (d) Government intervention 8. Economic resources are (a) Unlimited ; (b) Limited in supply and use ; (c) Limited in supply but have alternative uses; (d) Unproductive 9. Which of the following is/ are not an economic resource (a) Land ; (b) Capital ; (c) Labour ; (d)Air 10. Which of the following is/ are an economic
Examine the principles and theories underlying the concepts of production and costs aswell as the relationship between these two concepts. • Analyse these principles of production and cost in order to derive the optimum behaviourof producers or sellers of goods and services. • Compare and contrast the operations of the various market structures. • Demonstrate a willingness to critically assess the impact of economic policies on economicefficiency within the confines of a market system. • Appreciate and be able to discuss/explain the nature and characteristics of various marketstructures and propose how the firm and industry derive equilibrium in both the short andlong runs.
It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
In a command economy, establish(es) what will be produced and when, set(s) production goals, and make(s) rules for distribution. individuals and households only privately owned firms individuals, households and privately owned firms a centralized authority
Paul's firm produces the same good as Sal's firm. The total cost of producing qp units in Paul's firm is Cp( qp ) = 7.6 qp + 2.2. The total cost of producing qs units in Sal's firm is Cs( qs ) = 7.6 qs + 2.2. What is the efficiency loss if each person's firm produces half of a total of 595 units?
Why does the laissez faire approach to economic policy imply only minimal government involvement? When does it make sense for the government to intervene in a perfectly competitive market setting?
Marginal cost pricing in competitive markets results in which one of the following? A. The last unit produced in each market costs society exactly what the last customer to purchase the good values the good at. B. Invisible hand wides the free market to produce what is best for SOciety. C. Free markets produce an efficient mix of goods and services. D*. All of the above A B CD i will 5 upvotes
Michael owns a strawberry farm in central California and is deciding how many strawberries to supply this month. Which question appropriately applies the cost-benefit principle to the supply decision? Is the price Michael gets for the extra bushel of strawberries at least as large as the marginal cost? What is the fixed cost of production for Michael's strawberries? If Michael was not producing strawberries, how else could he use his resources? Is Michael "holding all else constant" when making this decision?
HOW WILL YOU DECIDE ON WHO WILL GET A COMMODITY OF MILK BASED ON THE CHARACTERISTICS AND ROLES OF 3 ECONOMIC SYSTEM {MARKET, COMMAND, MIXED)
Differentiate between Riba-al-Nasia and Riba-al-Fadl with examples of each. What is the role of Market Practice in Riba? During COVID-19, the following economic relief packages were delivered by different states. Ehsaas Emergency Cash program has been launched by the Prime Minister of Pakistan on April 1, 2020. United States issued $1200 checks to Americans. The UK government committed £30 billion to saving jobs and helping the young find work in an economy ravaged by the coronavirus pandemic.
THIS IS FOR MATHEMATICAL ECONOMIC CLASS Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Suppose that more consumers prefer the disposable cell phone over the smart phone because the disposable cell phone is more durable than the smart phone. This latest news comes after the fact that firms that manufacture disposable cell phones have the latest technology integrated into their production facilities. What will be the market effect? Going back to question (d), suppose that the price of a disposable cell phone is now set at $11.75. How many disposable cell phones will be demanded by consumers? Whichever curve you’ve determined should be shifted, derive the new function.