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 5, Problem 7CQ
To determine
Explain the statement.
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Economics: Private and Public Choice (MindTap Course List)
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- In the capitalist economic system, the individuals through the forces of demand and supply interact to determine the allocation of resources as well as prices without external interference. Why then is the government sometimes justified to intervene in the economy to allocate resources?arrow_forwardWhich of the following best demonstrates the influence of economic factors on consumer decision-making? a. A consumer buys a Lexus after her neighbors and garden club pals each buy one. b. A married couple with three young children purchase a minivan. c. A blue collar worker holds off on buying a new truck, pending potential layoffs at work. d. A young professional buys a utility vehicle for off-road exploring.arrow_forwardAccording to standard economic theory which is true? a. Choices people make, including the choice to eat French fries or smoke, should be respected as long as these choices do not affect others. b. Taxes on sugary sodas force consumers to make decisions that are privately confusing. c. Public intervention is always justified as long as the prevalence of the problem is large d. Obesity is a public problem, not a private problem, because it is associated with reduced life expectancy.arrow_forward
- A well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social Welfarearrow_forwardTrue/False A Well tested or widely accepted economic theory is often called an economic principlearrow_forwardWhat are the Indicators of market potential according to Economic factors?arrow_forward
- Why mainstream economics has intentionally misinterpreted the pioneers of economic theory?arrow_forwardStudying has both cost and benefits. If you continue to study as long as the marginal benefits of studying are greater than the marginal costs and stop studying when the two re equal, will your action be consistent with having maximized the net benefits of studying? Explain your answer.arrow_forwardHow does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.arrow_forward
- Microsoft looked to restructure in part as a response to external pressure from increasing competition from Google, Apple, and others. This response is descriptive of which of the following perspectives? 1 .Open System 2 .Natural System 3 . Macroeconomic System 4 . Rational Systemarrow_forwardWhich of the following economic concepts can be defined as the next best alternative given up when individuals, business, and governments conform scarcity by making choicesarrow_forward
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