-Any government intervention in the market. -Individiuals in free markets pursue their own interest. -If all economic agents are free,the market can allocate the resources efficiently in an automatical way. Is that a command economy or free market economy? a)free market b)command
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-Any government intervention in the market.
-Individiuals in free markets pursue their own interest.
-If all economic agents are free,the market can allocate the resources efficiently in an automatical way.
Is that a command economy or free market economy?
a)free market
b)command
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- Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. a) State whether 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies) b) Person 2, can produce3 units of Good B or 4 units of Good A per hour who has the absolute advantage in the production of Good B? c) who has the absolute advantage in the production of Good A? d) Calculate the opportunity cost for Good B for Person 2 e) Calculate the opportunity cost for Good A for person 1 f) who has the comparative advantage in the production of Good B? g) who has the comparative advantage in the production of Good A?Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient /State all that applies] Select one or more attainable unattainable efficient inefficient II8. JExplain what is meant by the term “market failure" by giving two major types of such failures. A (Market failure is a situation where the competitive market system on its own would either (1) produce the "wrong" amount of certain goods and services as is the case where there are external costs or benefits (i.e., e services referred to as " (p ), or (2) fail to allocate any resources to the production of certain goods and )".
- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?Covid's economic impact in the UK has been very strong and the government is trying to support the economy there. In the UK, governments have sought to support the economy in various ways. Last summer, the government subsidized hotels and restaurants with travel vouchers that they sent to consumers to protect / use domestically. A travel check can be regarded as a kind of subsidy ($). per pc. for consumers' purchases of hotel and restaurant services. a. Demonstrate the impact of these subsidies on the supply and demand model. At the same time, explain the effect of the subsidy on prices in this industry. Who receives the subsidy and what affects it? Show a picture that explains where the concentration flows and its influences. When do consumers get all the subsidy and when do producers get all the subsidy? b. Does it matter here whether the government subsidy was in the form of a travel check to the consumer or that the producers had been sent the payment?
- When a command economy is utilized to resolve economic questions regarding the allocation of resources, which of the following consequences results? a. Everyone will receive an equal share of the output produced. b. The preferences of individuals are of no importance. O c. Economic efficiency will be assured. Od. The role of markets will be replaced by political decision making.Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: O attainable unattainable O efficient O inefficientAccording to the invisible hand principle, competitive markets generally O bring the self-interest of individuals into harmony with the efficient allocation of resources when the behavior of individuals is directed by democratic centralized planning. O require central direction; otherwise, the actions of self-interested individuals will conflict with the general interests of society. O promote the economic welfare of self-interested producers at the expense of unorganized groups such as consumers and taxpayers. O bring the self-interest of individuals into harmony with the efficient allocation of resources, even though centralized planning of economic activities is absent.
- All of the following basic economic questions deal with microeconomics EXCEPT: a. How is the supply of goods allocated among the members of the society? O b. Is the economy's capacity to produce goods growing over time? What goods and services are being produced and ion what quantities? O d. By what methods are goods and services being produeed? C. All of the following economic questions deal with microeconomics EXCEPT: a. Are the country's resources being fully utilized or are some lying idle? O b. How is the supply of goods allocated among members of the society? c. Is purchasing power being eroded because of inflation? Od. Is the economy's capacity to produce goods growing over time?Which of the following is not a strength of a market economy? OA. It can adjust to change over time O B. it gives producers and consumers a great deal of freedom O C. it has decentralized decision making OD. there is equitable distribution of resourcesThe law referenced in the previous question is based on the fact that: Economic resources are not completely adaptable to alternative uses. O Economic resources are perfectly and completely adaptable to alternative uses. Economic resources are finite. Economic resources are sometimes misallocated.