Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 16, Problem 8CQ
To determine
Evaluate the given statement.
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Economics: Private and Public Choice
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- True or false in most short, run production processes, producers, have an economic incentiveto substitute, less productive inputs in place of more productive inputs, in order to increaseefficiency.arrow_forwardI do not fully agree that companies exist entirely in their own right or are unequivocally the most important organizations in the world. While companies are legally distinct entities that can own assets, make decisions and be held accountable, they are still comprised of and directed by individuals. At their core, companies only exist as a means to coordinate economic activity among people. There are reasonable arguments that companies play a hugely influential economic and social role globally. However, I would hesitate to say they are unambiguously more important than organizations like governments, non-profits or international institutions that are focused on issues like human rights, health, education and environmental protection. Companies operate to generate profit and shareholder value, which does not always align with the broader interests of society. Therefore, other organizations are still needed to regulate markets and address challenges that private industry may not…arrow_forwardExplain the difference between market capitalism, centrally planned capitalism, centrallyplanned socialism, and market socialism. Give an example of a country that illustrates eachtype of system. Marks-25arrow_forward
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- True or false. As a capitalist economy, the vast majority of U.S. national income flows to the owners of capital.arrow_forwardSuppose the government undertakes a large spending program to build community colleges and to make higher education free for many low-income families. How would you expect the program to affect output in the short run? Assuming that the program succeeds in increasing the skills of some workers, how would you expect it to output in the long run?arrow_forwardPLEASE ANSWER IT CORRECTLY. SUBJECT: ENTREPRENEURSHHIP answer it in 1hr.arrow_forward
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