Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 16, Problem 7SQP
To determine
The reasons why Country U’s economy is considered as capitalist and the Country C’s economy as communist.
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In reality, the economies of most countries are mixed rather than being pure market or command economies. Explain the reason for this
Capitalism is defined as an economic system in which a country's trade, industry and profits are controlled by private owners or companies, rather than by the state. Do you agree Capitalism is the best economic system which will ensure justice and fairness for citizens? Provide your explanation.
Mixed economic system is also called
Chapter 16 Solutions
Micro Economics For Today
Ch. 16.3 - Prob. 1YTECh. 16.3 - Prob. 2YTECh. 16.3 - Prob. 1GECh. 16.3 - Prob. 2GECh. 16 - Prob. 1SQPCh. 16 - Prob. 2SQPCh. 16 - Prob. 3SQPCh. 16 - Prob. 4SQPCh. 16 - Prob. 5SQPCh. 16 - Prob. 6SQP
Ch. 16 - Prob. 7SQPCh. 16 - Prob. 8SQPCh. 16 - Prob. 1SQCh. 16 - Prob. 2SQCh. 16 - Prob. 3SQCh. 16 - Prob. 4SQCh. 16 - Prob. 5SQCh. 16 - Prob. 6SQCh. 16 - Prob. 7SQCh. 16 - Prob. 8SQCh. 16 - Prob. 9SQCh. 16 - Prob. 10SQCh. 16 - Prob. 11SQCh. 16 - Prob. 12SQCh. 16 - Prob. 13SQCh. 16 - Prob. 14SQCh. 16 - Prob. 15SQCh. 16 - Prob. 16SQCh. 16 - Prob. 17SQCh. 16 - Prob. 18SQCh. 16 - Prob. 19SQCh. 16 - Prob. 20SQ
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- Which of the following statements about David Ricardo is incorrect: David Ricardo was also a member of Parliament, businessman, financier and speculator. is credited with systematizing economics. was a defender of high tariffs and import restrictions. was one of the most influential of the classical economists, along with Adam Smith. amassed a considerable personal fortune (he was rich!)arrow_forwardWhich situation fits Marx's description of the condition of workers in capitalist economies? a. A worker updates her resume to be ready for an unexpected layoff. b. A worker benefits from a mentor's advice as he works toward a desired promotion. c. A worker with chronic illness stays in an unwanted job to receive health insurance. d. A worker receives shares of company stock in exchange for exemplary work.arrow_forwardAdam Smith is the father of communism andadvocated a classless societyarrow_forward
- What factors caused American business to develop into a mixed economic system rather than some other type of economic system?arrow_forwardCommunism: A. is the most successful economic system today B. describes the US economy today C. involves public ownership and control of almost all industry D. involves having totally free, competitive markets E. is the same as the modern mixed economyarrow_forwardSocialists are fond of saying that socialism has never failed because it has never been tried. But in truth, socialism has failed in every country in which it has been tried, from the Soviet Union beginning a century ago to three modern countries that tried but ultimately rejected socialism—Israel, India, and the United Kingdom. While there were major political differences between the totalitarian rule of the Soviets and the democratic politics of Israel, India, and the U.K., all three of the latter countries adhered to socialist principles, nationalizing their major industries and placing economic decisionmaking in the hands of the government. The Soviet failure has been well documented by historians. In 1985, General Secretary Mikhail Gorbachev took command of a bankrupt disintegrating empire. After 70 years of Marxism, Soviet farms were unable to feed the people, factories failed to meet their quotas, people lined up for blocks in Moscow and other cities to buy bread and other…arrow_forward
- Which of the following statements are positive, and which are normative? i. If interest rates increase, investment will decrease.ii. The minimum wage ought to be abolished. iii. If welfare benefits were reduced, the country would be better off. iv. If consumer income increases, other things equal, the demand for automobiles will increase. v. The Pakistan income distribution should be equitable.arrow_forwardWhat type of society did Karl Marx believe was fair to all workers? Marx believed the upper, middle, and lower classes should be defined by society. Marx believed factory owners should keep all profits rather than distributing them to the workers. Marx believed that a capitalist economy had the most benefits for workers. Marx believed a classless society was fair to all workers and could be achieved by developing a command economy.arrow_forwardThe people of China now enjoy a socialist market economy rather than pure communism. What must the people of China accept in return for greater individual economic freedom?arrow_forward
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