EBK MACROECONOMICS FOR TODAY
9th Edition
ISBN: 8220101425966
Author: Tucker
Publisher: CENGAGE L
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Question
Chapter 19, Problem 6SQ
To determine
The economic system in which basic decisions are taken by the government.
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Economic Systems Essay
Compare and contrast the ways in which traditional, market, and command economies answer the three major economic questions.
Your essay should be structured around the three economic questions, and explain how each system answers those questions.
Structure:
1. Introduction.
2. What to produce?
3. How to produce?
4. For whom to produce?
5. Conclusion.
In each paragraph talk about how the economic systems answer the questions. You can create exmples to make your point.
Which one of the following occurs in capitalistic economy?
a.
Means of production are owned by the government
b.
The element of a market and the command economy
c.
It functions with a focus on welfare
d.
Completely free market operation
An economic system:
a. must choose pure capitalism to adequately answer the three economic questions.
b. must answer the three economic questions to the satisfaction of everyone in society.
c. is a set of social institutions and mechanisms organized to answer society's three primary economic questions.
d. can address problems of scarcity only by embracing the social institution of private property.
e. must not allow some members of society to gain an unfair advantage when answering the three economic questions.
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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- QUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.arrow_forwardWhat 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 technologyarrow_forwardIn which of the following economic system does the government owns the factors of production and distribution? a. Capitalist Economy b. Command Economy c. Mixed Economy d. Private Economyarrow_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_forwardeconomic system where the market mechanism solves the central economic problems Oa. Market economy O b. Mixed economy C. Command economy Od. Socialist economyarrow_forwardWhich of these statements best describes what microeconomics is? a. The study of National Income a country b. The study of the global economy c. The study of decisions that businesses and individuals make in the marketplace d. The study of economic phenomena that affects an entire economyarrow_forward
- What is the purpose of an economic system? Select all that apply. Multiple answers: Multiple answers are accepted for this question Selected answers will be automatically saved. For keyboard navigation... SHOW MORE a b C To make choices about what to produce. e To make as much profit as possible. To make choices about how to produce the goods and services chosen. d To make choices about for whom to produce the goods and services. To make choices about when to produce the goods and services.arrow_forwardEconomics is best defined as the study of how a. people make decisions in a world of scarcity. b. to separate the executive from the legislature and the judiciary. C. to change the class structure of an economy. d. individuals can participate in electing their representatives to the government. e. governments can influence the social structure.arrow_forwardMicroeconomics is best described as the study of a. economy-wide phenomena. b. how households and firms make decisions and how they interact in specific markets c. the flows of dollars between households and firms. d. markets for land, labor, and capital.arrow_forward
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