Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (2nd Edition)
2nd Edition
ISBN: 9780134641904
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
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Question
Chapter 7, Problem 7Q
To determine
The market economy is more efficient than the planned economy.
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Chapter 7 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (2nd Edition)
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Similar questions
- Which of the following refers to an economy which most economic decisions are made by the government and not by buyers and sellers who may be individuals or firms? Financial Capital markets Free markets Command economies Market-Oriented economiesarrow_forwardwhy market economies usually do a better job than command economies at efficiently transforming economic resources into desirable output.arrow_forwardWhat are some examples of a command economy? Market Economy?arrow_forward
- 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_forwardwhy many argue the use of “market” prices will NOT necessarily enable the economy to operate at its production frontierarrow_forwardWhich of the below statements DOES NOT capture Economics? Group of answer choices Economics tells us that there is no theoretical limit to how well we can live or how widely our wealth can spread. The economic prosperity of an economy requires that every person in that economy have a Ph.D. degree. Wheelan argues that the free market system does not make poverty inevitable. Economic development is not a zero-sum game. Even the most prosperous economy will contiue to require certain manual tasks that do not require advanced college degrees. These tasks cannot be replaced with automation. Expecting Ph.D.s or people with professional education to do such tasks will have a high opportunity cost.arrow_forward
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