**Question: The market system results in**- ○ efficiency- ○ an increased standard of living- ○ All of these result from the market system.- ○ economic growth*Explanation: This question asks about the outcomes of a market system. The options suggest that a market system can lead to efficiency, an increased standard of living, and economic growth, or potentially all these outcomes.*

Answered: The market system results in O…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following examples explains how the United States is a Mixed Economy? O A. Most corporations are run by executive agencies and prices are set by Congress. B While most economic decisions are made by market forces, our government has some aspects of government control, such as minimum wage and free education C. There is absolutely no government interference in the economy in the US. D. Although our government controls most of the factors of production and usually answers the 3 economic questions, there is some individual economic freedom such as the ability to choose your own job MP3 US 9: hp esc 个 -> ! 23 2$ & ( ) 1 2 3. 4 5 7 8. 9-
What is the opportunity cost of economic growth? A. Land. B. Both capital goods and land. C. Capital goods. D. Consumption goods. O E. Both consumption and capital goods.
Which of the following statements about the opportunity cost of economic growth is correct? The opportunity cost of economic growth O A. is human capital O B. is capital consumption O C. is greater the faster we make our production grow O D. is zero
Consider the production functions represented in Fig 7a. When an economy moves from Point S to Point V, what change could have caused this move? Technology 3 Technology 2 Technology 1 Output per Capita O G₂ " 5 Fig. 7a ---- R S U V W C₁ C₂ C₂ Capital (physical and human) a. an increase in the quantity of output b. capital deepening c. diminishing marginal product d. technological progress
When the natural economic growth process begins in a capitalist economy A. the prices of capital goods fall relative to prices of consumer goods B. the demand for saving increases ( i.e. - the demand curve for saving shifts to the right on the market diagram) C. the consumption/savings ratio rises D. the quantity of consumer goods produced temporarily decreases
Natural resources are: more important determinants of productivity today than ever before. the reason behind the fast development of countries like Japan. the reason behind the slow development of countries like Nigeria. O less reliable indicators of productivity today than they were a century ago. ME
The Rule of 70 is used to Select one: A. calculate the standard of living. B. estimate how much of an economy's growth rate is attributable to increases in capital per hour of labour. C. estimate how much of an economy's growth rate is attributable to technological advance. D. estimate how long it will take the level of any variable to double. O E. calculate the economy's growth rate.
1. What is the opportunity cost of a particular product? The price paid for that product. b. The value put on that product by the person who bought it. c. The value of the next-best alternative that is given up as a result of buying that particular product. d. The combined value of all the other alternatives that are given up as a result of buying that particular product. a. 2. Which of the following is a capital good? An oven in a bakery. b. A home computer. a. c. The first application of CD ROM technology to an economics textbook. d. An investment in IBM stock.
O For whom are goods and services to be produced? Who answers the three key economic questions in a traditional economic system? O custom & tradition O individual producers and consumers O a central authority O government and individuals Who answers the three key economic questions in a Market economic system?
QUESTION 16 Infrastructure, such as public works and public services, is also referred to as O social capital. human capital. intangible capital. O tangible capital.
7. Which of the above figures represents economic growth caused by an improvement in the technology of producing product of both X and Y? a) FIG A b) FIG B c) FIG C d) FIG D
Which government action would be taken ina command economy to address the problem of economic scarcity? O A. offering subsidies on agricultural commodities to decrease surpluses O B. rationing limited resources in order to meet the needs of the state O C. encouraging private investment in technology to increase production D. providing temporary unemployment benefits to encourage job training hp

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The market system results in O efficiency O an increased standard of living O All of these result from the market system. economic growth