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- Which economic system is characterized by having all public or government owned resources? O Capitalism Socialism Market Economy O CommunismProperty rights are a crucial part of a functioning market economy and economic growth. Consider the difference between cows and endangered species of animals. How do property rights prevent cows from becoming extinct? If it were legal to buy and sell endangered species, would it help them recover? Why or why not? How do property rights help to allocate resources to their best uses?Question 1 In what economic system does tradition dictate how economic activity is organized? O market-oriented economy O socialist economy O communist system Otraditional economy
- 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?The following table and production possibilities frontier provide information about the production possibilities of Apple, a manufacturer of electronics. Use it to answer questions 15-19. Point HEUREK iPhone 600 500 400 iPhone iPod Touch 0 100 200 300 400 500 420 400 360 300 200 0 300 200 100 0 Apple's Production Possibilities 100 200 B 300 400 500 600 iPod TouchWhat is the production possibilities frontier? A. a map that shows areas of the world in which capitalist production is highest B. a map that shows the frontier beyond which technological innovation is unprofitable C. a graph that shows the various combinations of resources that can be used to produce a given level of output D. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technology
- Table 2 Production possibilities for one week for Simran and Preet Simran Preet Good X Good Y Good X Good Y 40 160 30 10 120 20 20 20 80 40 10 30 40 60 0. 40 80 Refer to Table 2. What is true about this economy? Check all options that you think are correct. More than one option may be correct. O A. Both Simran and Preet will gain from trade if Simran sells 20 units of Y and Preet sells 80 units of X. O B. Both Simran and Preet will gain from trade if Simran sells 20 units of X and Preet sells 80 units of Y. OC. Preet has an absolute advantage in production of both goods, therefore, Preet cannot gain from trade with Simran. O D. This economy does not have a trade combination that would benefit both Simran and Preet. O E Both Simran and Preet will gain from trade if Simran sells 30 units of Y and Preet sells 60 units of X. O F. Both Simran and Preet will gain from trade if they trade a half of the quantity of the good each of them makes when they specialize according to their comparative…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 hpgo.view.usg.edu/ Question If the production of wheat increases from point B to point A, what is the opportunity cost? Reflect in ePortfolio Tons of Wheat 100 90 75 45 25 A 20 B 75 80 F 90 D 100
- O Efficiency Which of these economic goals is most important in a command economy? Growth Equit Freedom Efficiency Which of these economic goals is most important in a TraditionalWhat happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. O B. The country is maximizing its opportunity cost. A 80- c. The country is operating on its production possibilities frontier. B G O D. All of the above occur if a country uses all available resources. 60- Refer to the graph to the right. What is the opportunity cost of moving from point B to point C? 40- O A. 40 sedans 30 F **... O B. 40 SUVS D 20- O C. 20 sedans O D. 20 SUVS 10 50 E 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per dayCheck My Work The Widespread Reach of Economies. Explain why the science of economies is concermed with the activity of households and individuale at one emd of the scale and that of multinational corporations and governments at the other.