EBK MACROECONOMICS FOR TODAY
9th Edition
ISBN: 8220101425966
Author: Tucker
Publisher: CENGAGE L
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Question
Chapter 19, Problem 11SQ
To determine
The determinant of what to produce under market economy.
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Students have asked these similar questions
A free market is described by which of the following statements?
a. Decisions are centralized
b. The government does not set or influence market prices in any way.
c. Inputs are free to sellers.
d. The price of outputs is controlled by the government.
The three economic questions that every society must answer are
OA. What are the prices of goods, how are they determined, and who will pay for them?
OB. What economic system will be used, how will it be implemented, and who will make market decisions?
OC. What goods will be produced, how will they be produced, and who will receive the goods?
OD. What kind of government will the society have, how will it be run, and who will run it?
Centrally planned economies allocate resources based on decisions by
while market economies answer these questions through decisions made by
What mechanism guides the invisible hand?
A. Price Mechanism
B. Trust
C. External Costs
D. Market Failure
What forces business firms to be as efficient as possible so they can charge the lowest price?
A. Property Rights
B. Externalities
C. Competition
D. Capitalism
Capitalism is based on:A. Command-and control Regulations
B. Trust
C. Market Failure
D. Government Intervention
Chapter 19 Solutions
EBK MACROECONOMICS FOR TODAY
Ch. 19.3 - Prob. 1GECh. 19.3 - Prob. 2GECh. 19 - Prob. 1SQPCh. 19 - Prob. 2SQPCh. 19 - Prob. 3SQPCh. 19 - Prob. 4SQPCh. 19 - Prob. 5SQPCh. 19 - Prob. 6SQPCh. 19 - Prob. 7SQPCh. 19 - Prob. 8SQP
Ch. 19 - Prob. 1SQCh. 19 - Prob. 2SQCh. 19 - Prob. 3SQCh. 19 - Prob. 4SQCh. 19 - Prob. 5SQCh. 19 - Prob. 6SQCh. 19 - Prob. 7SQCh. 19 - Prob. 8SQCh. 19 - Prob. 9SQCh. 19 - Prob. 10SQCh. 19 - Prob. 11SQCh. 19 - Prob. 12SQCh. 19 - Prob. 13SQCh. 19 - Prob. 14SQCh. 19 - Prob. 15SQCh. 19 - Prob. 16SQCh. 19 - Prob. 17SQCh. 19 - Prob. 18SQCh. 19 - Prob. 19SQCh. 19 - Prob. 20SQ
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Similar questions
- Which of these statements does not apply to market economies? Select one: a. Prices influence how much of a good buyers choose to purchase and how much sellers choose to produce. b.Prices guide economic decisions and thereby allocate scarce resources. c.Prices ensure that quantity supplied and quantity demanded are in balance. d.Prices ensure that anyone who wants a product can get it.arrow_forwardThis study seeks to understand and explain the behavior of individuals, as such, consumers, producers, labor, investors, business firms, etc. as they respond to changes in their economic environment. Select one: a. Positive economics b. microeconomics c. macroeconomics d. normative economicsarrow_forwardEvaluate and explain the following statements: a. The market system is a profit-and-loss system.b. Competition is the disciplinarian of the market economy.arrow_forward
- i need the answer quicklyarrow_forward50. Which of the following is true of a free market system? a. In a free market system, all economic decisions are made without government intervention b. In a free market system, central government planning determines what goods and services satisfy citizens' needs c. It is also called modified capitalism d. In a free market, a government regulates businessarrow_forwardAdam Smith's invisible hand refers toa.the subtle and often hidden methods that businesses used to profit at consumers' expenseb.the ability of free markets to reach desireable outcomes,despite the self interest of market participants.c.the ability of government regulation to benefit consumers,even if the consumers are unaware of the regulations.d.the way in which producers or con sumers in unregulated markets impose cost on innocent bystanders.arrow_forward
- 34. If the resources in an economy is fully owned by the government, such economies are called_____. a. Mixed economy b. Economic system c. Command economy d. Capitalist economyarrow_forwardQUESTION 30 According to Adam Smith, the success of market economies is primarily due to: A. The basic benevolence of society. B. Partnerships that are forged between business and government. C. Individuals' pursuit of self-interest. OD. Society's legal system.arrow_forwardWhich of these statements does not apply to market economies? a. Prices influence how much of a good buyers choose to purchase and how much sellers choose to produce. b. Prices ensure that anyone who wants a product can get it. c.Prices ensure that quantity supplied and quantity demanded are in balance. d. Prices guide economic decisions and thereby allocate scarce resources.arrow_forward
- Economic theory indicates that as any economic agent tries to extend any productive activity further, it becomes increasing more difficult to do so. What is this particular theory called? Select one: a. Law of Comparative Advantage b. Law of Demand c. Law of Ceteris Paribus d. Law of Diminishing Returnsarrow_forwardEconomist Adam Smith referred to "the invisible hand" of the market, but that invisible hand is really just the workings of Group of answer choices A altruism B prices C comparative advantage D productivityarrow_forwardChoose the correct answer:arrow_forward
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