Friedrich Hayek advocated for an economic system based on: O A. sharing the profits from all industries with workers. B. regulating businesses to protect consumers. C. allowing businesses to freely set and change prices. D. ensuring fair economic outcomes for all citizens.

Q: Which of the following is a microeconomics question? Select one: O a. Why do some countries grow…

A: As wants and desires of the individuals in the economy are unlimited but the resources possessed by…

Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

A: Economic System is a structural organization which allocates resources, and plays the basic…

Q: Why do you think that the inventions you presented in class matter in terms of making the society…

A: Innovation is important for the progress of the society as it solves such social problems and…

Q: 1. In some countries the government makes most of the decisions about what will be produced, how it…

A: Hello, thank you for the question. Since there are multiple questions posted under a single thread,…

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: What does it mean "the opportunity of one action"? could you  discuss with examples how the…

A: "The opportunity cost of an action is what you should give up when you decide to make that choice.…

Q: a. Suppose that businesses buy a total of $140 billion of the four resources (labor, land, capital,…

A: The circular flow of income is an economic model that represents economic transactions in a market…

Q: The concept of choice would become irrelevant if... O A. we were dealing with a very simple,…

A: The concept of choice reflects the ability of consumers and producers to make choices regarding…

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: a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital,…

A: Product Market is market where households purchase goods for personal use from firms. Brings…

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

A: Consumer sovereignty is defined when consumer experiences some power to control goods that are to be…

Q: Question 9 of 10 Which element of a command economy is also used in a mixed economy? O A.…

A: The economy is an economic system in which the choice is made because of scarcity. The choices are…

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: The possible combinations of two goods that can be produced in a certain period of time under…

A: The Variation in the production of two goods in the specific time period is illustrated by the…

Q: A: How can explain the micro economics in this advanced age? B: Define the term production?

A: Answer for A part:

Q: In a market economy. O a. economic output shrinks as we discover better ways of doing things. O b.a…

A: Option A is correct

Q: After graduating from high school, Steve had three choices, listed in order of preference: (1)…

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

Q: Question 2 of 10 John Maynard Keynes and Karl Marx would disagree most about the answer to which…

A: Fiscal policy is the policy that is used by the government in order to find the solution to…

Q: The problem of choosing the appropriate production techniques refers to which type of economic…

A: Let's answer each of the following questions one by one along with the reasons behind them.

Q: QUESTION 20 Which of the fallawing is not an illustration of the notion of opportunity cost O A. The…

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

Q: QUESTION 19 Which of the following is a microeconomic statement? O A. The real domestic output…

A: Microeconomics deals with individual firms and goods. Macroeconomics deals with the whole economy as…

Q: 1. According to the preclassical or Physiocratic school (1756–78) and classical economists…

A: During the pre classical or classical economists era there were majorly three factors of production…

Q: What are the main 3 microeconomics principles?  How can each of the principles mentioned be applied…

A: Microeconomics is a part of economics that tries to predict about how individuals will respond in…

Q: QUESTION 1 All of the following are categories of economic resources except: O Land O Interest rate…

A: Economic resources: the inputs used for producing and distributing goods and services.

Q: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there…

A: Here, all the given statements talk about the nature of economics and its use in the society.

Q: In Islamic economic system the economic behaviour is governed by the Select one: O a. None of these…

A: In the Islamic economic system, economic behavior is governed by the Islamic law that is the…

Q: 2. Highlight for the answer: for each (a- d) statement as Positive/Normative. a. The price of…

A: The economics is the study of society and the individuals. It shows how the people earn their…

Q: 4. As capitalism emerged why, from the perspective of the capitalist, were the inherited forms of…

A: Capitalism: It is a form of market structure or an economic system in which the productive resources…

Q: 1) What's the opportunity cost of a typical college education? What's your personal opportunity…

A: "Since you have posted a question with multiple sub-parts,we will solve first three sub-parts for…

Q: Thousands of people work together every day so that fresh SO steak gets delivered to people in…

A: In a market economy or a capitalist economy resource allocation is left at the hands of the market.…

Q: Human capital refers to society's understanding of the best ways to produce goods and services.…

A: a.) True

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: 11. Which of the following is NOT a benefit of a capitalist economy? O Investing, as in giving your…

A: Capitalist economy: - it is that economic system where the price, quantity, and types of goods and…

Q: a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital,…

A: Total amount from labor, land, capital, and entrepreneurial ability = $100 billion Wages  = $60…

Q: a. What is the opportunity cost of producing the first smartphone (point a to b) in terms of the…

A: Opportunity cost: Opportunity cost is defined as the value that would be incurred by accepting that…

Q: a. What is the opportunity cost of producing 25 more units of capital goods if this economy is…

A: A production possibility curve shows various combinations of two goods that an economy can produce…

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: 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: 1. Robinson Crusoe happily lives by himself on a little island eating shrimp and mangos. He is able…

A: The production possibility curve will help to use the scarce resources effectively, suppose one…

Q: The economic reasons to marry include: O A) insurance, joint consumption, increasing returns to…

A: Economic activity is an activity that is performed with the aim to earn profit or returns whereas…

Q: Which two characteristics best describes a mixed economy? O A. Domestic trade and international…

A: Command economy: - a command economy is a controlled economy where all economic decisions are taken…

Q: a. Suppose that businesses buy a total of $150 billion of the four resources (labor, land, capital,…

A: The simple two sector circular Flow of Income Model is one of the most fundamental models in…

Q: hich of the below statements is INCORRECT about about a specific market economy such as the U.S.…

A: In the world, different economies adopt different economic systems according to the needs and…

Q: In a small town, there's a mousepad factory which employs workers at $8 an hour, for forty-hour…

A: Opportunity cost is the cost of loosing one opportunity for gaining the best other one or we can say…

Q: . Define positive and normative economics.

A: Since you have posted multiple questions, we will solve the first question for you. If you require…

Q: The opportunity cost of going to school instead of working is the cost of O a) food. O b) clothing.…

A: Opportunity cost refers to foregone income that could have been earned if resources were invested…