10. Strengths and weaknesses of the three basic types of economies Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Directavia, a nation with a pure command economy. Which of the following would you include in your report as weaknesses of Directavia's economy? Check all that apply. ☐ Workers' earnings are unequal, relative to a market economy. The economy cannot quickly change the type of goods being produced to meet new priorities. Many goods are available only through a black market. The economy experiences persistent shortages and surpluses.

10. Strengths and weaknesses of the three basic types of economies Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Directavia, a nation with a pure command economy. Which of the following would you include in your report as weaknesses of Directavia's economy? Check all that apply. ☐ Workers' earnings are unequal, relative to a market economy. The economy cannot quickly change the type of goods being produced to meet new priorities. Many goods are available only through a black market. The economy experiences persistent shortages and surpluses.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: List of the Six Macroenvironment Forces. Explain how you, as a business owner, adapt to each of the…

A: Microenvironment The environment that directly affects your business is known as the…

Q: Who first developed the theory that the size of the market would encourage specialization and lead…

A: Specialisation and higher productivity principle was introduced by classical economists.

Q: True or false. As a capitalist economy, the vast majority of U.S. national income flows to the…

A: Capitalist economy defined as the type of the economy which incorporates the free market, it means…

Q: Suppose that there are drastic technological improvements in shoe production at Home such that shoe…

A: Given the below data: For computers Payments to labor = WLC = 50 Payments to capital = RKC = 50…

Q: Business analysts use the model of supply and demand to discover key elements about their industries…

A: Disclaimer: - Since You asked multipart question, we are solving the first 3 subparts as per…

Q: 157.In an economy with flexible prices, competitive factor markets, and fixed supplies of the…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Hi please

A: NOTE: Hi! Thank you for the question as per the honour code, we’ll answer the first question since…

Q: Key Social and Economic Data Unemployment (% in 2014) Life Expectancy Annual Growth Country (%…

A: In the 1980s the Eastern European countries have adopted economic reforms that changed the economic…

Q: Using a production possibilities frontier (PPF) diagram, determine how does the PPF change in…

A: The curve that depicts various amounts of products that could be produced while making use of the…

Q: Consider a simple economy whose only industry is fishing. In this industry, productivity-the amount…

A: Here is the solution,

Q: 2. The determinants of productivity Consider a simple economy whose only industry is fishing. In…

A: An important factor that contributes to economic growth is the productivity level. Productivity…

Q: In reality, the economies of most countries are mixed rather than being pure market or command…

A: Pure market uses private ownership as the means of production but in the command economy, there is…

Q: 9. A) What is globalization? How do we know it is occurring? B) What are the benefits/costs of…

A: Answer - Part A Answer - Globalization :- It is over all inter connection and inter dependence of…

Q: (6) List and describe the 4 types of economic systems. I your description, be sure to define what an…

A: 6)4 types of economic system a)Planned economic system b)Unplanned economic system c)Mixed economic…

Q: 22. The United Kingdom is made up of several smaller countries that used to be independent. The…

A: A production possibilities frontier is a graphical illustration showing various points or amounts of…

Q: real wage larger

A: MPL = ∂Y/∂L MPK = ∂Y/∂K (I) North: Y = 100L0.3K0.7 MPL = 100 x 0.3 x (K/L)0.7 MPK = 100 x 0.7 x…

Q: the following statements is TRU a market economy, decisions are based on central government a…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first three subpart question…

Q: The Czech Republic joined the European Union (EU) in the early 2000s and began to face intense…

A: Absolute advantage refers to a situation where a country can produce a good or service using fewer…

Q: SCOPE: The experiences of the former republics of the now-defunct Soviet Union provide a good lesson…

A: The issue raised by the question pertains to economics, more especially to Russia and the former…

Q: In the following table, match each example to the productivity determinant it represents. Human…

A: Human capital is the economic value of skill set, knowledge and the training that is possessed by an…

Question

10. Strengths and weaknesses of the three basic types of economies
Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Directavia, a nation with a pure command economy.
Which of the following would you include in your report as weaknesses of Directavia's economy? Check all that apply.
Workers' earnings are unequal, relative to a market economy.
The economy cannot quickly change the type of goods being produced to meet new priorities.
O Many goods are available only through a black market.
The economy experiences persistent shortages and surpluses.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce the concept of Command Economy.

VIEW

Step 2: Weaknesses of Command Economy

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

NEWS WIRE NORTH KOREA'S ROCKETS DEEPEN FOOD CRISIS North Korea's Rocket Launches Cost $1.3 Billion North Korea's rocket program is costly. In December 2012 North Korea successfully launched a long-range rocket carrying a satellite into space. That feat cost $300 million. The entire cost of the rocket program last year - including the failed launch in April - totaled about $1.3 billion according to estimates by South Korea experts. With that much money North Korea could have purchased 4.6 million tons of corn - enough to feed its population for 4-5 years. North Korea's ambitious nuclear program costs nearly triple that amount. The burden of North Korea's military program is evident in widespread poverty and periodic starvation. Source: News accounts of December 2012 - January 2013. According to the News Wire, what is the opportunity cost of North Korea's rocket program in terms of corn for North Korea's 25 million people? million tons of corn
● The concern of people for one another. Which of the following is characteristic of a traditional economy? * O Communities tend to be fast-growing. They are usually based on light industrial production. They have a high standard of living. O Children tend to have the same jobs as their parents did. Which of the following is NOT a characteristic of a command economy
QUESTION 22 Refer to the information provided in Figure 2.1 below for the economy of Macroland to answer the question(s) that follow. Capital goods Consumer goods Figure 2.1 Refer to Figure 2.1. Macroland is currently operating at Point A. The best explanation for this is that the economy operates as an efficient market. the economy has very poor technology. the economy's resources are being used inefficiently. the economy has very few resources.
28 24 point A point E point F 20 point B 16 12 • point C point D 8 4. 4 12 16 20 24 product X product Y
2) Explain the Global Economic Systems
1. Distinguish between a command economy and a market economy. Give examples. 2. Discuss the characteristics of a market system. 3. Analyze a circular flow model showing the interaction among households, business firms, government, and the foreign sector.
The input-output matrix for a simplified economy with just three sectors (natural resources, manufacturing, and trade and services) is given below. Natural Resources Manufacturing Trade and Services 0.1045 0.0428 0.0028 0.0825 0.1086 0.0584 0.0868 0.1019 0.2031 Natural Resources Manufacturing Trade and Services Suppose the demand (in millions of dollars) matrix is the matrix D, shown below. Find the amount each sector should produce. 450 D= 301 126 Production levels of units from natural resources, services are needed. (Round to the nearest whole number as needed.) units from manufacturing, and units from trade and
Now that you have developed an understanding of the policy tools that are available to address economic challenges, your task is to prepare material that will go towards a Policy Brief analysing Australia’s economic recovery from the COVID pandemic and building an equitable and resilient economy in the future. Imagine you are now employed as a Graduate Economist working for the Australian Treasury. Your team is responsible for putting together a Policy Brief for the department that summarises some key aspects of the government’s policy responses to the COVID-19 recession and provides policy analysis to strengthen Australia’s economy in the future. You have a very important job! Your task is to provide clear answers to the following queries that have been requested from your department manager, using the knowledge and skills that you have gained from your macroeconomics course. 1) Fiscal policy and managing government budgets Your Policy Brief needs to provide some background…
Part 1: A Closed-Economy One-Period Macroeconomic Model 1- Given that: U(C,L)= CL% And the Production function is: Y=z*N where, z=1 h=1 G=0 a) Show that (C,L)=(2, is a Competitive equilibrium (CE) b) What about the allocation (C,L)= (1/2, 1/2)? is it a CE? 2- Solve the numerical example (see Slide 48) I