Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 1, Problem 4CQQ
To determine
The definition of Adam smith’s “invisible hand”.
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Which of the following is not a way to the us government intervenes in the economy
a. Minimum wage
b. Social security
c. Unemployment insurance
d. telling businesses how much quantity to make
e. the affordable care act(aka Obama care)
f. Not allowing companies to merge or buy another company
Adam Smith's invisible hand refers toa.the subtle and often hidden methods that businesses used to profit at consumers' expenseb.the ability of free markets to reach desireable outcomes,despite the self interest of market participants.c.the ability of government regulation to benefit consumers,even if the consumers are unaware of the regulations.d.the way in which producers or con sumers in unregulated markets impose cost on innocent bystanders.
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
Chapter 1 Solutions
Essentials of Economics (MindTap Course List)
Ch. 1.1 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.3 - Prob. 3QQCh. 1 - Prob. 1CQQCh. 1 - Prob. 2CQQCh. 1 - Prob. 3CQQCh. 1 - Prob. 4CQQCh. 1 - Prob. 5CQQCh. 1 - Prob. 6CQQCh. 1 - Prob. 1QR
Ch. 1 - Prob. 2QRCh. 1 - Prob. 3QRCh. 1 - Prob. 4QRCh. 1 - Prob. 5QRCh. 1 - Prob. 6QRCh. 1 - Prob. 7QRCh. 1 - Prob. 8QRCh. 1 - Prob. 9QRCh. 1 - Prob. 10QRCh. 1 - Prob. 1PACh. 1 - Prob. 2PACh. 1 - Prob. 3PACh. 1 - Prob. 4PACh. 1 - Prob. 5PACh. 1 - Prob. 6PACh. 1 - Prob. 7PACh. 1 - Prob. 8PACh. 1 - Prob. 9PACh. 1 - Prob. 10PACh. 1 - Prob. 11PA
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Similar questions
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
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“For most of the last 15 years, capital has been cheap. Since 2009, the after-tax cost of borrowing for some large companies has been below the rate of inflation,
making their debt in real terms cost-free. All that changed in March 2022, when the world’s central banks began raising rates to curb rising inflation.”
The paragraph above is an example of:
a. factors of production
b. opportunity cost
c. market failure
d. externalities
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Connect In a free market system, how are incentives related to the principle of consumer sovereignty?
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Give your opinion, which type of market is best to exist and why?
In which kind of market, the consumer gets benefitted and why
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Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost.
Graph 4: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis Butter. Put two points, A and B, on the curve. Using the two points, explain the concept of government (or market) failure.
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1. It regulates the engagement between the producer and the consumer.
A. Chamber of commerce
B. Local community
C. Government
2. Economic development is measured by looking at
A.Wealth of the community
B.Quality of life
C.Type of businesses present
3.It is regarded as the engine of the economy. *
A.Entrepreneurship
B.MSME's
C.Education
4.The future belongs to those who can think like a;
A. Positive person
B.Scientist
C.Entrepreneur
5.Which of the following is an entrepreneurial mindset? *
A.Vulnerable Mind
B.Resilient Mind
C.Rigid Mind
6. is more interested in being unique.
A.Independent Mind
B.Risk Managing Mind
C.Designing Mind
7.It is determined to achieve stretch goals. *
A.Resilient Mind
B.Independent Mind
C.Goal oriented and effectuating mind
8. It has the propensity to take calculated risks. *
A. A positive mind
B.Risk managing mind
C. Calculated risk mind
9.It…
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Which one of the following is not part of the necessary conditions for efficient markets?
a. (Perfect) competition and information
b. Absence of externalities and public goods characteristics
c. Macroeconomic stability
d. Democracy
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A Day in the Life:The Johnson's are you average American family living in the average community in suburban Los Angeles.The family consists of mom and dad, Martha and HowardTwo children, Sally and Bobby, & A dog, Franklin.
From "A Day in the Life," categorize each of the following examples (A-C) that best fits the description: Public Good, Common Resource, Private Good, or Club Good.
1.The day begins with Howard going off to work at the ad agency on the (A) crowded freeway heading toward the city of Pasadena for an 18-mile commute.
2.Sally dresses up for school to attend (B) classes at West Covina High School (a public school).
3.Bobby heads off to his (C) middle school (Jubilee Christian School), which is a church-based private school.
1) (Example A)- State the one that best fits the description: Public Good, Common Resource, Private Good or Club Good
2) (Example B)- State the one that best fits the description: Public Good, Common Resource, Private Good or Club Good
3)…
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Q. Even though everyone values clean air and wishes to breathe clean air, environmentalists and a large number of city dwellers would say that Canadian cities have excessive air pollution.
Explain why, if left to the free-market system, the problem of excessive air pollution would not be solved?
Name another problem that would not be solved, if left to the free-market system
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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?
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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
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Which one of the following is a microeconomic issue?
(a) The rate of economic growth in South Africa.
(b) The price of maize in South Africa.
(c) The unemployment rate in Zimbabwe.
(d) The South African inflation rate.
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