Advantages of a market economy over command economies like socialism and Marxism, include O Market economies establish a significant role for government in production decisions and reallocation of scarce resources for the greater good and social justice. O Market economies are more productive because they replace efficiency with diversity quotas, inclusivity policies, social justice protocols, gender studies, and critical race theory education. O Market economies are more efficient with larger middle class, more self-reliance, innovation, personal freedom, individual liberty, private property rights, less dependence on government. O All of the answers are correct. Market economies can overcome the problem of scarcity since businesses make the production decisions based on market signals, and consumers are free to choose what they want to buy. O Market economies have more equity and provide greater redistribution of income for more entitlement programs to promote greater access to goods and services for all.

Advantages of a market economy over command economies like socialism and Marxism, include O Market economies establish a significant role for government in production decisions and reallocation of scarce resources for the greater good and social justice. O Market economies are more productive because they replace efficiency with diversity quotas, inclusivity policies, social justice protocols, gender studies, and critical race theory education. O Market economies are more efficient with larger middle class, more self-reliance, innovation, personal freedom, individual liberty, private property rights, less dependence on government. O All of the answers are correct. Market economies can overcome the problem of scarcity since businesses make the production decisions based on market signals, and consumers are free to choose what they want to buy. O Market economies have more equity and provide greater redistribution of income for more entitlement programs to promote greater access to goods and services for all.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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