Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280601
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Chapter 3, Problem 4DQ
To determine
Whether market guidance or the decisions taken by the central planning agency would be an effective tool in determining the effective decision making in the process of raising chickens.
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What is economics?
A social science that teaches one how to cope with scarcity.
A discipline that quantifies the values of assets.
A quantitative science to analyze business cycles.
A science that teaches firms and individuals how to maximize profits.
Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics.
Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.
The effects of technology on the economy.
Chapter 3 Solutions
Macroeconomics: Principles and Policy (MindTap Course List)
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- Select the statement that accurately describes traditional economies. Traditional economies determine what goods are produced through customs, traditions, and beliefs. Traditional economies are based strictly on agriculture. In a traditional economy, the government controls what goods and services are produced. There are no longer any societies that use a traditional economy.arrow_forwardWhy study economics to be an informed citizenarrow_forwardIdentify the steps in a typical scientific study and compare with that involved in economic studies.arrow_forward
- Enumerate economic resources in the country considered as scarce, and suggest measures to resolve the problem of scarcity.arrow_forwardobjectives of decision making units of economicsarrow_forwardWho are the forerunners and father of Economics. Explain and discuss their contribution in the field of economics.arrow_forward
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