The basic principles of economics suggest that a. markets are seldom, if ever, a good way to organize economic activity. b. government should become involved in markets when trade between countries is involved. c. government should become involved in markets when those markets fail to produce efficient or fair outcomes. d. All of the above are correct.

The basic principles of economics suggest that a. markets are seldom, if ever, a good way to organize economic activity. b. government should become involved in markets when trade between countries is involved. c. government should become involved in markets when those markets fail to produce efficient or fair outcomes. d. All of the above are correct.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.1: The Basic Problem In Economics

Problem 3R

See similar textbooks

Similar questions

Which of the following a branch of economics that deals with how the economic problem facing the society should be solved? A, Normative economics B, Macroeconomics C, Microeconomics D, Positive economics
how does a market economy and individual right works? explain.
Does an individual consumer really have a voice in answering the "basic four economic questions"? (a. What goods and services- and how much of each- will be produced? b. How will these goods and services be produced? c. For whom will these goods and services be produced? d. Who owns and who controls the major factors of production?) Why do you feel this way? Be specific and give examples in your answer. This class is intro to business
describe.2.countries or societies with 2 different types of economics and compare how the type of economy affects the answers to the question of what,how and for whom to produce in each country
Give your opinion, which type of market is best to exist and why? In which kind of market, the consumer gets benefitted and why
The statement that describes the term Scarcity is __________________ a. the government is spending too much b. a shortage of resources, goods or services c. No wants are found in the economy d. there is too much competition in the market
At Big Drop Coffee, some employees brew coffee, others deal with customers, and others prepare sandwiches. This best exemplifies how a market system performs which coordination task required in the economy? A. Which of the possible combinations of goods to produce B. How to use resources efficiently C. How to distribute output
Connect In a free market system, how are incentives related to the principle of consumer sovereignty?
Most economies in the world are built in a way that both the government and the private sector make economic decisions together. What type of economy is being described here? a. Capitalist economy b. Socialist economy c. Mixed economy d. Communist economy
How does a market economy solve the what, how, and for whom to produce problems?
Base on your understanding illustrate what is economics
Describe the three major tasks of economics. Number one is description number two is evaluation and number three is explanatory