power company decides to use wind turbines to produce energy instead of oil. Which basic economic questiondoes this decision answer in a free market economy?A.CEWhat goods or services will beproduced?Who will consume the goods orservices?What economic system should beadopted?BDWho gets to decide?How will goods or services beproduced?mit nevo

Economics is a social science that studies product and service production, distribution, and…

power company decides to use wind turbines to produce energy instead of oil. Which basic economic question does this decision answer in a free market economy? A. C E O What goods or services will be produced? Who will consume the goods or services? What economic system should be adopted? B D Who gets to decide? How will goods or services be produced?

power company decides to use wind turbines to produce energy instead of oil. Which basic economic question does this decision answer in a free market economy? A. C E O What goods or services will be produced? Who will consume the goods or services? What economic system should be adopted? B D Who gets to decide? How will goods or services be produced?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 10P

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Similar questions

Exercise D25 What role does government play in stabilizing the economy and what are the tradeoffs that must be considered?
How do you see the trade-off between the economy and theenvironment? Which is more important? Is it possible toimprove both at the same time? Explain.
Overall, would it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility. Should therre be less?
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
Why is it important for a good economic model topredict cause and effect?
Cririca/ Thinking Many developed countries, includingthe U.S., have in recent decades become primarily service economies; that is, there is relatively little manufacturing of goods, and most people in the economy are employed by service industries. Why do you thinkthis has occurred? In what ways is this trend a goodand/or a bad thing for a country? Do you think thistrend will continue?
explain what socio-economic theory assumes about people’s behavior. What are some of the social consequences of assuming the universality of socio-economic theory? What explanation for human behavior would make more sense?
You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up afterthemselves.You,ontheotherhand,cancleanfaster than each of them. You determine that you are 70% faster at dishes and 10% faster with vacuuming. All of these tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a traderelated analogy to this problem?
Which central problem of an economy is concerned with the selection of goods and services to be produced? a. Where to produce? b. How to produce? c. What to produce? d. Whome to produce?
Make a table two show the difference between free market economy,planned economy,and economey of walfare state.
Suppose Americans decide to save more of theirincomes. If banks lend this extra saving to businessesthat use the funds to build new factories, how mightthis lead to faster growth in productivity? Who doyou suppose benefits from the higher productivity? Issociety getting a free lunch?
When we speak of "capital" in economics we mean? a. financial instruments like stocks and bonds b. goods used to produce more good c. only the cost of capital enviroment d. Money