Which of these claims is NOT a claim the book reports most economists agree about? Question 1 options: All the other answers are incorrect Local and state governments should eliminate subsidies to professional sports franchises The United States should eliminate agricultural subsidies A ceiling on rents reduces the quantity and quality of housing available

Which of these claims is NOT a claim the book reports most economists agree about? Question 1 options: All the other answers are incorrect Local and state governments should eliminate subsidies to professional sports franchises The United States should eliminate agricultural subsidies A ceiling on rents reduces the quantity and quality of housing available

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section: Chapter Questions

Problem 7AA

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Question 14 True or False: Economists generally support rent controls because they believe that rent controls will help the poorest citizens find adequate affordable housing. Group of answer choices True False
Which of the following statements are false? Group of answer choices People respond to incentives Markets are efficient, but not perfect Negative Externalities and Market Power is an example of a market failure Trade is a zero sum game Productivity gains increases living standards When the government increases the money supply we will get inflation All of the above are true statements
Which of the following statements is inaccurate? Multiple Choice There is substantial agreement about how and when markets fail. There is substantial agreement about whether government improves market outcomes. Voters are quick to blame government meddling for many economic woes. Ideally, the market mechanism will lead an economy to the optimal mix of output.
Economists like markets because, generally speaking... Question 2 options: production is organized by government organizations. efficiency can be attained in the market with no government intervention. the allocation of resources is planned by the government. efficiency is usually be achieved by majority rule. efficiency is generally obtained by using a command system.
Which of the following do economists not generally regard as a legitimate reason for the government to intervene in a market? a. To promote efficiency b. To protect an industry from foreign competition c. To enforce property rights d. To promote equality
In a pure free-market: Question 7 options: A) firms are guaranteed to survive since the government stands ready to subsidize losses. B) firms can either make a profit, break even, or suffer losses since there are no guarantees of success. C) firms seldom settle for the market price for their product since the law permits them to set their prices as they please. D) shortages and surpluses of goods are the norm since there is no way to get the cooperation of dozens of individual business people and thousands of customers since they can do as they please.
A society must decide whether to produce more military goods or more consumer goods. This choice is referred to as "guns or butter." Which of the following is not an example of "guns or butter"? The U.S. federal government cuts education funding in order to reallocate the funds to the military. Australia distributes government funds to its military and social programs equally. Denmark stays out of military conflicts in order to provide for its people rather than its army. Germany's federal government gives additional funding to health care while reducing its military spending.
Identify 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 paribus
Match the term to the definition: High tax rates on interest and profits are disincentives. People may engage in “do it yourself” projects rather than paying someone to do the work, if they have to pay taxes on the services. People may not work overtime or second jobs if pushes them into higher tax bracket A. The Work Effect B. The Savings and Investment Effect C. The Elimination of Productive Market Exchanges
Which of the below statements BEST captures the gist of chapter 8, "Power of Organized Interests," in the book, Naked Economics, and the views expressed by Charles Wheelan in this chapter? A) Subsidies to mohair farmers hurt our economy. B) The ethanol subsidies that encouraged farmers to use more of their land for corn production was a sound and well-considered economic policy. C) President Obama's stimulus bill during the financial crisis was damaging to the U.S. economy. D) Government policy and resource allocation can be influenced by politically active and well-organized special interest groups, even if the policy and the resources expended for their cause benefit only the small special interest group.
You may use curves, schedules or economic theories and principles to justify your answer. 1. Market is a medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange. The price that individuals pay during the transaction may be determined by a number of factors, but price is often determined by the forces of supply and demand. Markets do not necessarily need to be a physical meeting place. Cite at least five (5) examples of market trading that has no physical meeting and justify each example. 2. What do you mean by the concept of utility? How this related to consumer taste and preferences? 3. Discuss the four (4) types of market structures and cite at least two (2) example companies / industries in each type of market structure.

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	All the other answers are incorrect
	Local and state governments should eliminate subsidies to professional sports franchises
	The United States should eliminate agricultural subsidies
	A ceiling on rents reduces the quantity and quality of housing available