Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 10CQ
To determine
Explain the statement of ‘economic function turned over to the government replaces personal self – interest’.
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Economics: Private and Public Choice (MindTap Course List)
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- In planned economic systems, government agencies control both supply and price of the products. True or False?arrow_forwardDo you think a free market or a command economy is more likely to encourage productive and entrepreneurial behavior? What does opportunity have to do with these behaviors?arrow_forwardGive one merit and one demerit of a socialist economy?arrow_forward
- “Scarcity is the fundamental problem that every nation in this world faces.” What do you mean by this statement? If you were an economist how would you address this fundamental problem?arrow_forwardMost economists believe the scarcity of resources will persist. Why?arrow_forwardHow do market prices coordinate the economic activity of millions of individuals?arrow_forward
- Is capitalism associated more with a market or command economy? Why would capitalism be able to do "millions of things better" than a centrally planned economy? What things do you think a capitalist society would be more successful at than a centrally planed society?arrow_forwardFrederick Bastiat and Jean Jacques Rousseau would most likely agree on which of the following: The purpose of Law is to drive social change. Any discussion of Law and Justice must include analysis of the relationship between the individual and the group. One individual may destroy the rights of another, so long as he does so to preserve his own rights. There is never a good reason for an individual to sacrifice his / her rights.arrow_forwarda)What are the characteristics of a socialist economy? Of a capitalist economy? b)In your normative opinion, is someone acting compassionately if they tax certain individuals in order to pass along that money to others? c)How can government power lead to corruption?arrow_forward
- what theory is biased on the idea that two economic systems capitalism and socialism will eventually adopt features of the other until there is a hybrid economic system in all societies?arrow_forwardWhat are the characteristics of a good economic model?arrow_forwardCapitalism is a market-driven economy, characterized by government ownership of resources, and profits that are shared equally among the populace. True or false?arrow_forward
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