MindTap Economics, 1 term (6 months) Printed Access Card for Gwartney/Stroup/Sobel/Macpherson's Macroeconomics: Private and Public Choice, 16th (MindTap Course List)
16th Edition
ISBN: 9781305648104
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 13CQ
To determine
The government operated firms.
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Because government-operated firms do not have to make a profit, they can usually produce at a lower cost and charge a lower price than privately owned enterprises." Evaluate this view
An economic system that relies upon some central authority to make economic decisions
would be
O a. A mixed system
O b. A traditional system
O c. A market system
O d. A command system
explain in two paragraphs, why industrial rvolution didnt happen in Afghanistan?
Chapter 6 Solutions
MindTap Economics, 1 term (6 months) Printed Access Card for Gwartney/Stroup/Sobel/Macpherson's Macroeconomics: Private and Public Choice, 16th (MindTap Course List)
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- What is the relation between the government and the production process?arrow_forwardOverall, would it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility. Should therre be less?arrow_forward*“Because government-operated firms do not have to make aprofit, they can usually produce at a lower cost and charge alower price than privately owned enterprises.” Evaluate thisview.arrow_forward
- Public policy refers to the outputs of governmental institutions. O True O Falsearrow_forwardDecide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.arrow_forwardRefute this statement To ensure that we always have an efficient economy and every firm has a chance at some profits, the government should force firms lucky enough to have stumbled onto important emerging technologies to immediately share these technologies with other firms.arrow_forward
- John Kenneth Galbraith saw modern capitalism as A.dominated by large enterprises and characterized by an abundance of contrived wants B.a relentless series of oppressive dead-ends for the working class C.the successful result of a laissez faire government D.controlled by the output of goods by large enterprises based on basic human needs.arrow_forwardHow does a lack of competition affect prices and output? Describe what the role of government is in markets vis-a-vis firms in the market.arrow_forwardWhy is it that small business is more effective than big business in small or isolated markets?arrow_forward
- How do taxes influence the four sector model?arrow_forwardAccording to economic theorists, which system should have the greatest degree of control by the state?a. capitalismb. socialismc. democratic socialismd. welfare capitalismarrow_forwardQUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.arrow_forward
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