Economics: Private and Public Choice (MindTap Course List)
15th Edition
ISBN: 9781285453538
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter ST11, 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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- In which kind of market, the consumer gets benefitted and whyarrow_forwardFood is essential for life but why are many people in agriculture in countries like Taiwan seeking to get out of this industry?arrow_forwardWhat is a way to determine the value of a forest that remains intact? A. The number of people who visit this forest. B. How much money people would pay to protect this forest. C. The amount of money that people spend to purchase gear for camping in this forest. D. How long it takes for people to reach the forest by different modes of transportation. E. A and B. F. All of the above.arrow_forward
- Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.? Why or why not? Do you feel that choices about a good help to offset the inefficiencies?arrow_forwardDiscuss what markets are?arrow_forwardInstructions There is often a temptation to take a dim view of profits. Some people seem to believe profits come at the expense of buyers. It is easy to reason that if profits were lower, prices could be lower thus benefiting consumers. a. What are economic profits? Explain in detail. b. Do economic profits harm the interests of consumers? Explain in detail. c. Can there be a socially useful outcome when economic profits exist? Explain in detail. d. Do lower prices always benefit consumers? Explain in detail.arrow_forward
- After reading an article about the importance of protecting trees and wild animals Farid joined a Green Peace and became an active member. The value showed by Farid is O a. Economic Value b. Psychological Value O c. Ecological Value d. Aesthetic Valuearrow_forwardHow do Adam Smith’s principles of the free market play out in our economy today?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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