n 10In a market economy, economic activity is guided byedout ofSelect one:questionO a. the governmentO b. central plannersC. pricesd. corporations

A market economy is that economy in which economic activities are not regulated by anybody. Instead,…

Answered: In a market economy, economic activity…

In a market economy, economic activity is guided by Select one: O a. the government O b. central planners C. prices O d. corporations

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

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: Which one of the following statements is positive (as opposed to normative)? O Jimmy prefers rock…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Name a way that your family interacts in the factor market and a way that it interacts in the…

A: The market is the place where the buyers and sellers interacts with each other and the exchange of…

Q: Economics is defined as the study of: Select one: O a. central planning b. government regulation c.…

A: Economics have two main branches that are microeconomics and macroeconomics.

Q: What are the key elements of the scientific method and how does this method relate to economic…

A: Scientific method is to observe whether the research which is going to be done how much it will…

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: show the difference between free market economy,planned economy,and economey of walfare state.

A: The main three economic system in our economy are market economy, planned economy and mixed economy

Q: In capitalist system, they are many fraud and illegal things happened. Why it happen?

A: There are various schools of economic thought, each with its own beliefs and principles. In a…

Q: Intro to Economic Systems What is a "market"? The Circular Flow Incomes lHouse- holds Businesses…

A: What is Market A market is a gathering area where people can come together to exchange products and…

Q: Which economic activity is a praxis through which people transform nature to meet their needs in the…

A: In terms of economics, praxis is the process in which the transformation of subjectivity is done…

Q: Define production and What are the factors of production and what are their reward payments?

A: In economics, we answer the three basic questions: what to produce, how to produce, and for whom to…

Q: In a market economy, economic activity is guided by Select one: Oa. the government Ob. prices O c.…

A: Economics: It deals with market study and effects due to which there is a change in the rates of…

Q: CLOI. Define economics and explain its importance to individuals' and firms' success.

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

Q: Facing trade-offs, opportunity costs, choosing a little more or a little less, and the influence of…

A: Terms like trade-off, opportunity cost, choosing more or less, and so on are the economic concept.

Q: Does an individual consumer really have a voice in answering the "basic four economic questions"?…

A: Individual consumer cannot voice in the basic four economic questions. These questions are answered…

Q: The principles of economics cannot explain which of the following: Multiple Choice O Why people…

A: To understand the principles of economics. We must examine the following five concepts that may play…

Q: Which of the following is a microeconomic question? a) How can we reduce the unemployment rate among…

A: The economy is the system where goods and services are manufactured, sold, and brought into the…

Q: Which is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier…

A: Macroeconomics – It is the branch of economics that studies the entire functioning of a national…

Q: Why are production and competitiveness important in today's economies?

A: Production increases competitiveness and competitiveness increases overall GDP in the economy.

Q: LeBron James is making an ethical decision. He wants to make sure he is fair and impartial to all…

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

Q: How does a pure command economy answer the basic question of which goods and services should be…

A: When talking about the types of economies, it can be seen that there are different economic systems…

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: 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: Economics is best defined as the study ofa. how society manages its scarce resources.b. how to run a…

A: Economics is a part of social science. It explains human behavior with respect to their unlimited…

Q: Normative economic statements? a. contain value judgements b. are usually irrational c. are…

A: In economics, we study how various economic agents like households, firms, and the state make…

Q: s why the market fails

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

Q: Microeconomics is best described as the study of a. economy-wide phenomena. b. how households and…

A: Economics comes from the Greek word which means management of households. In economics, we study the…

Q: What are some economic opportunities and challenges for an ageing population?

A: Meaning of Ageing Population and Economic Opportunity: Ageing Population refers that as large…

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: 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: State the main characteristics of a Market Economy and explain how Market Economy works?

A: A market economy is an economic system in which economic decisions and the pricing of goods and…

Q: how does a market economy and individual right works? explain.

A: The many laws and ordinances that make up the economy are referred to as the economic system.…

Q: explain what socio-economic theory assumes about people’s behavior. What are some of the social…

A: The study of the connection or interaction between social behaviour and economics is known as social…

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: (e) expalin normative economic analysis (f) explain market economy in your own words. (g) what do…

A: (e) Normative economic analysis: Normative economics gives importance to the ideas, opinions,…

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: Name a way that your family interacts in the marketsfor the factors of production and a way that…

A: The factor of production are bought and sold under the factor market, and the final goods or…

Q: Microeconomics is the study of Select one: O a. how the economy as a whole works O b. how government…

A: The word economics is derived from the Greek word Oikonomia meaning management of the household. It…

Q: How does a market economy solve the what, how, and for whom to produce problems?

A: What to produce, how to produce and for whom to produce are three basic economic questions or…

Q: hat are examples of free-market economies?

A: Below are the three types of economies:1. Free market economy2. Command economy3. Mixed economy In…

Q: Which of the following questions is not answered by the decisions that every society must make? a.…

A: Three questions to be answered What goods and services are to be produced? How should these be made…

Q: Draw by defining production possibilities. What happens when the economy is in full and…

A: The PPF shows the combinations in the amounts which can be produced of two goods if the production…

Q: In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which…

A: Ans) the correct option is c) Both a and b are correct.

Q: What are all the economic market structure and their differences? How to identify the market…

A: Dear Student as you have posted multiple questions, but we can attempt only 1 question at a time…

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

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

Economics is best defined as the study ofa. how society manages its scarce resources.b. how to run a business most profitably.c. how to predict inflation, unemployment, andstock prices.d. how the government can stop the harm fromunchecked self-interest.
a)What are the characteristics of a socialist economy? Of a capitalist economy? b)In your normative opinion, is someone acting compassionately if they tax certain individuals in order to pass along that money to others? c)How can government power lead to corruption?
What is scarcity? Can you think of two causes of scarcity?
Which is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier respective impacts on the rate of the nation's economic growth b) the effect of government regulations on car emissions c) the decision by Mc Donalds to hire fewer workers becuase of an increase in the minimum wage d) the stock market plunges by 1000 points due to uncertainty
A) In which system are the 3 basic economic questions answered by custom and habit? B)Which system is self interest an important part of?
A microeconomic analysis would deal with? a. How the change in the price of gas effects a family b. inflation c. unemployment d. Real GDP
What methodological conaiden ation in Econ omics will be useful far decision- making or policy making? A. Welfare Econmics B. Narmative Ecanomics C. Positive Economics D. None of the above
dont use chatgpt i will upvote Economists measure the a) importance b) benefit magnitude meaning of something by what a person is willing to give up to get it.
Make a table two show the difference between free market economy,planned economy,and economey of walfare state.
Why socio-economic issues the people’s top concern in an economy are?
You were recently hired at a new job. You start next week. This is an example of a Choose one: O A. microeconomic O B. macroeconomic issue.
a. Explain why scarcity leads to tradeoffs. b. What is the difference between positive and normative analysis? Which of the following statements would entail positive analysis, and which normative analysis? i. Internet auction companies will erode the profits of local automobile dealerships. ii. The government should impose special taxes on sales of merchandise made over the Internet. c. Why is the circular flow model important?