Which of the following statements is considered a market-value definition? a) We make railroads. b) c) d) We make copiers and scanners. We make theme parks. We move people and goods.
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- In a market economy Group of answer choices All the other answers are true for the market economy. consumers buy what makes them better off. those goods and services that people will buy, will be produced. producers and sellers produce/sell goods and services that are profitable to produce/sell.Q: determine whether the following statements are true or false: a) In the economic model of the circulation of goods (services) and resources, households make demand on resources. b) In the modern market economy, workers, despite the constant increase in incomes, may still be alienated from the means of production. c) Economic relations in the production process do not depend on the form of ownership.Which of the following best captures the idea of the fundamental economic problem? Choose 1 answer: Choose 1 answer: (Choice A) A Limited wants and limited resources (Choice B) B Infinite resources and limited wants (Choice C) C Limited resources and unlimited wants (Choice D) D Unlimited resources and unlimited wants (Choice E) E Lack of demand for limited resources
- One of the important concepts for understanding cities is “path dependency.” Which of the following best represents the concept of path dependency? a. Highways have become necessary for the export and import of goods to cities. b. Many things that happen in the present are determined by things that happened in the past c. The location of a firm depends upon whether procurement costs or distribution costs are greater d. Commuters get used to traveling the same way to workIdentify the relevant economic concept which can be matched to the descriptions below. Simple give the question number and the relevant terms/ words in each case Q.1.1 Government sets a price level in a market that is aimed at assisting consumers Q.1.2 Quantity demanded is less than quantity supplied Q.1.3 A situation where the quantity supplied of a good is highly sensitive to a change in the price of the good Q.1.4 A curve showing combinations of two goods that provide a consumer with a constant amount of utility Q.1.5 The addition to total output when one more worker is hired, ceteris paribusWhich of this is a following is a normative statement: Select one: The correlation between the full moon and increased crime and wild animal attacks suggests werewolves are a concern in some areas A car scrappage scheme will lead to fall in the price of second hand cars A fall in incomes will lead to a rise in demand for the own-label supermarket foods The movie industry is an evil
- A market economy is regulated by the interaction between which two things A.Goods and services B.Producers and consumers C Product based and service based Business D.Public and private sectorsDefine what is meant by market economy and identify its three required featuresExplain why the goal of a society, production or consumption, has important implications for analysis and policy.
- Which of these statements does not apply to market economies? Select one: a. Prices influence how much of a good buyers choose to purchase and how much sellers choose to produce. b.Prices guide economic decisions and thereby allocate scarce resources. c.Prices ensure that quantity supplied and quantity demanded are in balance. d.Prices ensure that anyone who wants a product can get it.In a market economy, decisions are guided by individual self-interest. What impact does this have? Question 6 options: There is more need for a strong legal system to control individual greed. There is a strong need for government intervention in the market. There is less efficiency in market economies than in command economies. There is still the ability to achieve desirable economic well-being for society as a whole.Which of the following are examples of positive economics?(please choose all the answers that are correct) Input market supply can be affected differntly under the income or substitution effects of price changes. The law of demand does not hold for all goods. Fewer price controls increases the standard of living Government should invest in public goods The unemployment rate in the United States spiked during the COVID pandemic