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- Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy?In Mcdonald v. Chicago Justice John Paul Stevens made an argument against applying all Bill of Rights provisions to the states. He stated, “When a federal court insists that state and local authorities follow its dictates on a matter not critical to personal liberty or procedural justice, the latter may be prevented from engaging in the kind of beneficent ‘experimentation in things social and economic’ that ultimately redounds to the benefit of all Americans.” How would you respond to Stevens’ quote?Does the economic model or socioeconomic model of social responsibility make more profits? And why?
- what are the three institution of government that protect individuals right in a market economy, explain their functionsOne of the famous Utopian Socialists, Robert Owen, disagreed with Adam Smith that self-interest would bring harmony of interest. Explain his viewpoint on the relationship between human character and their surrounding environment and the social revolution that he introduced in his New Lanark Mills in order to prove his theory. Explain in brief why Marxian Socialism dismissed the moderate approach used by Utopian and Christian Socialism to eradicate the worst aspect of CapitalismQ1. In a command economy, _____.a. owners can sell their resources to the highest bidderb. a dictator makes every economic decisionc. no individual or group coordinates the economyd. public ownership of resources is combined with free markets to direct economic activitye. in theory, individual choices are reflected in collective decisions and decisions are made by central planners.Q2. Patrick decided to go to class today instead of going to the movies. He made this decision because:a. Patrick’s additional benefit of going to class exceeds the additional cost of going to the movies.b. Patrick’s additional benefit of going to class exceeds the additional cost of going to class.c. Patrick’s additional benefit of going to the movies exceeds the additional cost of going to the movies.d. Patrick’s additional benefit of going to the movies exceeds the additional cost of going to class.e. Patrick’s additional benefit of going to class equals the additional cost of…
- According to standard economic theory which is true? a. Choices people make, including the choice to eat French fries or smoke, should be respected as long as these choices do not affect others. b. Taxes on sugary sodas force consumers to make decisions that are privately confusing. c. Public intervention is always justified as long as the prevalence of the problem is large d. Obesity is a public problem, not a private problem, because it is associated with reduced life expectancy.What is the term for the economic doctrine that holds that an economy works best with the minimum amount of government intervention? O Laissez-faire. Productive efficiency. Producers' preferences. Perfect competitio.what are 2 assumptions that underline the conclusion that free market are efficient?
- Avon pays its sales personnel a commission for every sale they make. Which economic principle is Avon trying to apply? Group of answer choices A)People face trade-offs B)Trade can make everyone better off C)Markets can make everyone better off D)People respond to incentivesIs “fairness” the economic basis for government laws and regulations designed to remedy market failures? If so, why; if not, what is the economic basis?What mechanism guides the invisible hand? A. Price Mechanism B. Trust C. External Costs D. Market Failure What forces business firms to be as efficient as possible so they can charge the lowest price? A. Property Rights B. Externalities C. Competition D. Capitalism Capitalism is based on:A. Command-and control Regulations B. Trust C. Market Failure D. Government Intervention
