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 3, Problem 8CQ
To determine
Explain the statement in which industries are winners and losers.
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Economics: Private and Public Choice
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- Can you please answer this question in 2-3 very brief paragraphs? Briefly discuss two important consequences of the emergence of industrial capitalism. You must discuss how and why what you identify as a consequence is an important consequence. Don’t just identify them.arrow_forwardIn your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why is it that an entrepreneur with seemingly selfish motives can create benefits for the larger society? Why is this a benefit that arises from capitalism and not from other economic systems?arrow_forwardHow have the costs of entrepreneurship changed over the past decade? What forces are behind these changes? What does this mean for the future of entrepreneurship?arrow_forward
- Which of the following countries was among the world's 10 most competitive nations in 2018? Multiple Choice Singapore Germany Mexico Australia Answer and explain. Correct answer please. I ll rate accordingly.arrow_forwardWhat 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.”arrow_forwardHow can intellectual property rights help spur innovation?arrow_forward
- Why would multinational corporations from the U.S. be interested in emerging and developing markets (e.g. Latin America, Africa, Central and Southeast Asia)? Would MNCs be better off focusing their efforts on more industrialized markets (US, Canada, western Europe, Australia, Japan)? Explain?arrow_forwardWhile fascist movements emerged in virtually every industrial capitalist country after World War I, only in Germany and Italy did fascism actually come to power. What factors and circumstances in Germany led to the Nazi seizure of power in January 1933?arrow_forwardI feel that the strongest moral consideration in favor of capitalism would be the freedom to pursue a business for private ownership or have private ownership of your own business by building it from the ground up. If you want to start your own business, you can do that. If you are interested in a specific job, you can figure out a plan to get yourself educated in that field, prove your worth through applying and interviewing, and you can eventually find yourself in that dream position through persistence and hard work. At the end of the day, it all depends on what you want to do. All of the pressure is on you to create the future you ideally want through the choices you make in the current market. I feel the strongest objection to capitalism is oftentimes the large majority of the profits go to the higher-up executives in many large companies. With the freedom of conducting business, upper management has the ability to control wages the way they feel necessary, which means the…arrow_forward
- What do you see as the strongest moral consideration in favor of capitalism? What do you see as the strongest objection to it? How capitalist is our economic system today? What do you see as the major economic challenges facing our society today and, in particular, your generation?arrow_forwardSpecialization is deciding who can make decisions. True Falsearrow_forwardAn analysis of the Industrial Revolution paradigm shift and how it has impacted out lives today.arrow_forward
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