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- The basic principles of economics suggest that a. markets are seldom, if ever, a good way to organize economic activity. b. government should become involved in markets when trade between countries is involved. c. government should become involved in markets when those markets fail to produce efficient or fair outcomes. d. All of the above are correct.Imagine a society that produces Capital goods and consumer goods. a. Draw a production possibilities frontier for capital and consumer goods. Explain why it most likely has a bowed-out shape. b. Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. c. Imagine that the society has two political parties, party A (who wants capital goods) and the party B (who want a consumer goods). Show a point on your production possibilities frontier that the part A might choose and a point the party B might choose. d. Imagine that our progressive neighboring country reduces the size of its consumer goods. As a result, both the Party A and B reduce their desired production of consumer goods by the same amount. Which party would get the bigger “technology dividend,” measured by the increase in capital production? Explain.In this type of economy, economic decisions are made by private individuals and businesses. a. agriculture b. industry c. capitalist d. command
- Microeconomics is the study of Select one: a. how the economy as a whole works O b. how government make decisions Oc. how government affects the economy d. how individual households and firms make decisionsMost economies in the world are built in a way that both the government and the private sector make economic decisions together. What type of economy is being described here? a. Capitalist economy b. Socialist economy c. Mixed economy d. Communist economyAn economic system: a. must choose pure capitalism to adequately answer the three economic questions. b. must answer the three economic questions to the satisfaction of everyone in society. c. is a set of social institutions and mechanisms organized to answer society's three primary economic questions. d. can address problems of scarcity only by embracing the social institution of private property. e. must not allow some members of society to gain an unfair advantage when answering the three economic questions.
- In a market economy, economic activity is guided by Select one: a. the government O b. prices O c. corporations d. central plannersQ1. In a command economy, _____.a. owners can sell their resources to the highest bidderb. a dictator makes every economic decisionc. no individual or group coordinates the economyd. public ownership of resources is combined with free markets to direct economic activitye. in theory, individual choices are reflected in collective decisions and decisions are made by central planners.Q2. Patrick decided to go to class today instead of going to the movies. He made this decision because:a. Patrick’s additional benefit of going to class exceeds the additional cost of going to the movies.b. Patrick’s additional benefit of going to class exceeds the additional cost of going to class.c. Patrick’s additional benefit of going to the movies exceeds the additional cost of going to the movies.d. Patrick’s additional benefit of going to the movies exceeds the additional cost of going to class.e. Patrick’s additional benefit of going to class equals the additional cost of…Governments may intervene in a market economy in order toa. protect property rights.b. correct a market failure due to externalities.c. achieve a more equal distribution of income.d. All of the above.
- Economics is best defined as the study ofa. how society manages its scarce resources.b. how to run a business most profitably.c. how to predict inflation, unemployment, andstock prices.d. how the government can stop the harm fromunchecked self-interest.Which of these statements best describes what microeconomics is? a. The study of National Income a country b. The study of the global economy c. The study of decisions that businesses and individuals make in the marketplace d. The study of economic phenomena that affects an entire economyWhich of the following is not characteristic of capitalist thought?a. Private individuals have a right to pursue private gain.b. Society will benefit from attempts to make a profit.c. The state must make an active attempt to control the economy.d. Individuals pursuing a profit must be willing to risk losing money.