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 ST10, Problem 5CQ
To determine
Necessity of water in life.
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Economics: Private and Public Choice (MindTap Course List)
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- How do Adam Smith’s principles of the free market play out in our economy today?arrow_forwardEconomics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. How do you apply this statement in actual economic situations in our economy?arrow_forward“Given that most people like to get ‘free stuff,’ it follows that goods that are available free of charge are produced and consumed in the proper amounts in a market economy.” What is wrong with this statement? (please write a complete answer in paragraph format)arrow_forward
- What is the concept of an ecological dish and give an examplearrow_forwardWater is necessary for life. Is the marginal benefit of a glass of water large or small?arrow_forwardSeveral years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?Explain that in detail using graphs .arrow_forward
- Every person, every business, every government, and even every school participates in economic activities. Think about the goods and services that schools consume. what do the schools produce? Consider the resources that the school uses to create these goods and services. Where do these resources come from? Finally, how does the school take part in exchange and distribution activities? How would someone participate in economic activities at school?arrow_forwardIf executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?arrow_forward“Scarcity is the fundamental problem that every nation in this world faces.” What do you mean by this statement? If you were an economist how would you address this fundamental problem?arrow_forward
- what are 2 assumptions that underline the conclusion that free market are efficient?arrow_forwardWhat should we produce? How should we produce it? For whom should we produce it?arrow_forwardBeing able to make an item at a lower cost than anyone else can make it is an advantage? True or Falsearrow_forward
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