Planned economies are economies wherein the market is the primary mechanism of resource allocation. subunits are generally coordinated by instructions from a superior agency. private ownership generally prevails. all of the above. none of the above. O0 0 00
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- multiple choice a justification for government intervention in the economy arises from the fact that market systems usually produce _ outcomes, but the do not need necessarily produce _ outcomes. a) efficient, equitable b) Equitable, efficient c)efficient, profitable D) profitable, equitableAllocative efficiency is concerned with: producing the combination of goods most desired by society. achieving the full employment of all available resources. producing every good with the least-cost combination of inputs. reducing the concavity of the production possibilities curve.marginal cost minus marginal benefit. the time spent on an economic activity. the value of the best forgone alternative. the money cost of an economic decision. 2. (TCO1) Which is not a factor of production? Money Land Labor Capital 3. (TCO1) A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 4. (TCO1) A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced 5. (TCO 2) Which is consistent with the law of demand? A decrease in the price of tacos causes no change in the quantity of tacos demanded An increase in the price of pizza causes an increase in the quantity of pizza demanded An increase in the price of…
- In contrast to manufacturing, agricultural production is stochastic, which implies that [Select one] Agriculture focuses more on stocks of commodities than on the flow of commodities. Agriculture is organized in households that are both producers and consumers. Agriculture changes dramatically from one place to another depending on local climate. Agricultural outcomes are partly random and out of the control of the farmer.State whether the following statements are true or false. The economic problem facing individuals, organisations and economies is one of limited wants and unlimited resources. Opportunity cost can be defined as the best alternative forgone. The production possibility frontier is convex to the origin. In a pure ‘planned economy’ the market decides what should be produced. A mixed economy combines elements of the market and planned economies. A positive statement involves value judgments. A macroeconomic issue tends to influence all the firms and households, rather than specific firms or households. If a product has price elasticity of demand greater than 1 then a rise in the price of the good will lead to a rise in total revenue received. An inferior good is one for which demand increases as income increases. Goods A and B are complementary if a rise in the price of good A leads to a fall in the demand for good B. Price elasticity of supply refers to how supply for a good responds to a…____________ refers to an environment where the government guides the behavior of individuals in regards to economic decisions by establishing policies which alter costs and benefits. The Invisible Hand Indicative Planning Consumer Sovereignty Command Planning
- Implementation and enforcement of the seatbelt law has resulted in an increase in the number of accidents. which core principle is represented in the scenario (if any) choose: a. Cost-benefit analysis b. The situation does not represent a core principle c. Scarcity, choice and opportunity cost d. Diminishing returns e. Compare the cost versus benefit in making decision f. Incentive principle g. Scarce resources so choice has to be made h. People are responding to an incentive I. Adding more variable factor to a given fixed factorShield deodorant and Gucci Perfume are products that satisfy Physiological needs. True False Which of the following is NOT regarded as one of the 4 Limited resources? Coal Builders Heavy machinery Stationary An economic system is chosen to achieve the highest possible satisfaction of needs using scarce resources. True False The challenge of how to achieve the highest possible satisfaction of needs using scarce resources is also called the Economic Problem. True False PLEASE ASSISTRationing of most scarce goods and services in a capitalist economy is done by: Group of answer choices market prices. face-to-face negotiations. the government. changes in the distribution of income.
- Due to heavy rains the price of ground produce increases. which core principle is represented in the scenario (if any) choose: a. Cost-benefit analysis b. The situation does not represent a core principle c. Scarcity, choice and opportunity cost d. Diminishing returns e. Compare the cost versus benefit in making decision f. Incentive principle g. Scarce resources so choice has to be made h. People are responding to an incentive I. Adding more variable factor to a given fixed factorThe value of _______ includes the following alternative meanings: the ability to act without restriction from rules imposed by others; the right to possess the capacity or resources to act as one wishes; and the choice to escape the cares and demands of this world entirely?State whether the following statements are true or false a. In a pure ‘planned economy’ the market decides what should be produced. b. A macroeconomic issue tends to influence all the firms and households, rather than specific firms or households. c. A price elasticity of demand of 0.4 means that a 10% increase in price leads to a 4% reduction in the quantity of a good demanded.