Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 16, Problem 8CQ
To determine
Evaluate the given statement.
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Because government-operated firms do not have to make a profit, they can usually produce at a lower cost and charge a lower price than privately owned enterprises." Evaluate this view
What does this mean?
“Capitalism is the supreme expression of human creativity and freedom, an economy of mind overcoming the constraints of material power. It is dynamic, a force that pushes human enterprise down spirals of declining costs and greater abundance. The cost of capturing technology is mastery of the underlying science. The means of production of entrepreneurs are not land, labor, or capital but minds and hearts.”
You own a company in a country in which the state has total control over your company’s resources. The country follows the principles and practices of the _________.
A) capitalism
B) synthetic economy
C) mixed economy
D) command economy
E) market economy
Chapter 16 Solutions
Economics: Private and Public Choice (MindTap Course List)
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