Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 16, Problem 8CQ
To determine
Evaluate the given statement.
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Economics: Private and Public Choice (MindTap Course List)
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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 thisarrow_forwardGiven that most entrepreneurial start-ups fail, why do entrepreneurs start so many new firms? Why are (most) governments interested in promoting more start-ups?arrow_forwardIt is more complex than simply producers lose and workers gain.Who are the winners and who are the losers, and what exactly do they win and lose?To what extent does the policy change achieve its goals?arrow_forward
- Which of the following are examples of capital goods? A) Buildings B) Intellectual Property C) Raw materials D) Patents Can have more than one answerarrow_forwardUsing the country Nauru, discuss to what extent an institutional economics based analysis helps us to understand the relationship between political institutions and long run economic performance. In particular, you need to consider the following in your analysis: a commentary on the evolution of political institutions. Argue the impact of development of political institutions on economic and social outcomes.arrow_forwardWhat does this mean? “Capitalism is the supreme expression of human creativity and freedom, an economy of mind overcoming the constraints of material power. It is dynamic, a force that pushes human enterprise down spirals of declining costs and greater abundance. The cost of capturing technology is mastery of the underlying science. The means of production of entrepreneurs are not land, labor, or capital but minds and hearts.”arrow_forward
- Does Ireland's government have regulations to hire a certain percentage of local staff to support the local economy?arrow_forwardMany economists now advocate retaining the market systemand private property while modifying their workings through governmentregulation. This is known as a: Pure capitalist economyEvolutionary economyMixed economyFree market economyarrow_forwardI do not fully agree that companies exist entirely in their own right or are unequivocally the most important organizations in the world. While companies are legally distinct entities that can own assets, make decisions and be held accountable, they are still comprised of and directed by individuals. At their core, companies only exist as a means to coordinate economic activity among people. There are reasonable arguments that companies play a hugely influential economic and social role globally. However, I would hesitate to say they are unambiguously more important than organizations like governments, non-profits or international institutions that are focused on issues like human rights, health, education and environmental protection. Companies operate to generate profit and shareholder value, which does not always align with the broader interests of society. Therefore, other organizations are still needed to regulate markets and address challenges that private industry may not…arrow_forward
- Consider the “dot-com” companies of the 1990s. There were thousands of these “dot-com” companies that emerged to take advantage of the Internet and new information technologies. Some thrived and remained as household names such as Amazon and Google, while many others struggled and failed. How does the market determine which companies succeed and which ones fail? More specifically, how does the market determine what goods and services will be produced?arrow_forwardWhy don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?arrow_forwardWhy do Urban populations are capital accumulating whereas rural populations are capital consuming?arrow_forward
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