The United States can be considered to be a good example of a(n):O agrarian economymixed economysocialist economybarter economy

Answered: The United States can be considered to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

The United States and Canada have the production possibilities curves shown above. It is determined that the United States has the comparative advantage in peanuts. Will both nations gain from trade if the terms of trade that are offered are 1 Peanut= 3 Corn? Why or why not? Show your work.
Suppose we consider the outcome in an exchange economy to be unfair, consumers of type A get a lot more X and Y than consumers of type B because of initial endowments. According to equilibrium-in-exchange theory, what should society do?
Describe what mercantilism is.
I've already read the answer provided on this site, but it is not giving me the information I need. I understand the math for finding the opportunity costs for each item in each country. However, where are they getting the answer that 2.5 tons of chemicals is what the US will give up, and 1 ton of apparel is what China will give up? From videos I've seen on youtube, they basically state that as long as the cost is less than what the original opportunity cost is, then nations will trade. So, it costs China 4 apparel for every 1 ton of chemicals, and in the US it costs 1 apparel for every 3 tons of chemicals. Am I right to assume that as long as China can trade less than 4 apparel it will benefit, and as long as the US can trade less than 3 tons of chemicals it will benefit? If so, then what is the math being used to arrive at exactly 1 ton of Chemicals for 1 ton of Apparel for China, and 1 apparel for 2.5 tons of Chemicals for the US? I need to understand the math that is used to…
Why do most economies in the world today operate somewhere in between a market economy and a command economy?
Adam Smith argued that the division of labor and specialization give rise to a need for which in turn requires exchange; medium of exchange economic data; money money; medium of exchange markets; regulation
I'm having trouble finding the answer.
What are the main differences between a capitalist (market-based) and socialist (command) economic system?
Consider the following dialogue between two economics students, Janet and Larry, after a recent economics lecture. JANET: Hi Larry. Today the professor said that money is helpful because systems of exchange work better when everyone agrees to use a single common item to buy and sell things. But I don’t see how money is useful. As long as I specialize in something I have a comparative advantage in, like making cookies, I should be able to trade my cookies for whatever I need! I wouldn't need money! LARRY: Okay, I see where you are confused. Let’s run through it one more time. Suppose there is no money and you continue your job making cookies. With no money, you will actually have to be paid in cookies. Now, you still need water to survive, right? Well, in order to get water, you'll need to pay the water company your _______ (options: cookies, water, cash) in exchange for the water company's _________ (options: cash, cookies, water). JANET: Yes. So what’s wrong with that?…
In a pure exchange economy if the price of good x goes up, all consumers are worse off. True False
100% right answer given me
How do countries deal with the problem of wanting neither a pure market nor a pure command economy?

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The United States can be considered to be a good example of a(n): O agrarian economy mixed economy socialist economy barter economy