Please help 171-173 ions 171-173 are based on the following definitions.Pure CapitalismGovernment does notचि्वकानregulate production• Each individual works forhis own successPure Communism• Government does notregulate productionEach individual worksfor the good of allDemocratic Socialism• Government owns basicindustry• System permits some privateenterprise• Private enterprise has freedom• Consumer has greaterfreedomWorldEconomicAmerican Capitalism• Individuals determine ownmeans of productionIndividuals and consumersdetermine productionSystemMarxism Socialism• Government owns allmeans of productionGovernment controls allaspects of citizenseconomic lives173. An economic system is designed to71. Using the diagram above, under whicheconomic system would decisions aboutthe production and distribution of goodsbe determined by a central authority?ale lo 1admunai el meet the needs of the people bySqsmestablishing production priorities andallocating the limited resources. In whichone of the following economic systemswould there be the most coordinated useproduction facilitiesA. pure communismwhilestill26 ofpermitting individual consumer choice?ort niB. Marxian socialismC. democratic socialismA. pure communismD. American capitalismB. Marxian socialismE. pure capitalismC. democratic socialismise172. Biologist Charles Darwin believed thatthe species that was best able to adaptwould continue to exist-survival of thefittest. Under which of the followingsituations would his theory apply?D. American capitalismbni E. pure capitalism2evilsinrela maleeVy.aA. Franklin Roosevelt's New Deal andgovernment-funded work programsB. Teddy Roosevelt's progressivism andregulation of big business activitiesC. Herbert Hoover's conservatism andnoninterference in the affairs ofbusinessD.Dwight Eisenhower's policies ofmoderation in defense spendingC. Lyndon Johnson's Great Society andgenerous spending for social programs

A centrally planned economy, often known as a command economy, is an economic system in which…

regulate production · Each individual works for his own success Pure Communism • Government does not regulate production • Each individual works for the good of all Democratic Socialism Government owns basic ndustry System permits some private enterprise Private enterprise has freedom Consumer has greater freedom World American Capitalism • Individuals determine own means of production • Individuals and consumers determine production Economic System Marxism Socialism • Government owns all means of production Government controls all aspects of citizens economic lives undor which 173. An economic system

regulate production · Each individual works for his own success Pure Communism • Government does not regulate production • Each individual works for the good of all Democratic Socialism Government owns basic ndustry System permits some private enterprise Private enterprise has freedom Consumer has greater freedom World American Capitalism • Individuals determine own means of production • Individuals and consumers determine production Economic System Marxism Socialism • Government owns all means of production Government controls all aspects of citizens economic lives undor which 173. An economic system

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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