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- Briefly discuss a government intervention in the market that you would considered as necessary, or an intervention that, is not worth the loss of efficiency (deadweight loss) in the economy.Briefly discuss multiplue government interventions in the market that you would consider an intervention that, is not worth the loss of efficiency (deadweight loss) in the economy.A market economy is regulated by “an invisible hand” known as the market mechanism.Explain what the market mechanism is.
- Briefly explain any three economic roles of a governmentBriefly compare state-guided and entrepreneurial capitalism.Summarize your views on whether a glut or overproduction -excess supply of all goods in an economy- is possible or not. Refer to economists in the 18th and 19th centuries. hello can you help me? I need a short explanation(a few sentences). thanks.
- What is the difference between the primary market and thesecondary market?What is institutional economics?Identify a type of market failure. Provide an example of that type of market failure and briefly explain one way that the government could help reduce the negative effect of that market failure.
- Friedrich von Hayek won the Nobel Prize in Economics in 1974. In awarding the prize, the Academy specifically referred to his conclusion quoting the Academy, not Hayek "that only by far-reaching decentralization in a market system with competition and free price-fixing is it possible to make full use of knowledge and information." What did the Academy mean?6-2. What is the trade feedback effect?Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.