Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 13CQ
To determine
The government operated firms.
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Microeconomics: Private and Public Choice (MindTap Course List)
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- An economic system that relies upon some central authority to make economic decisions would be O a. A mixed system O b. A traditional system O c. A market system O d. A command systemarrow_forwardRefute this statement To ensure that we always have an efficient economy and every firm has a chance at some profits, the government should force firms lucky enough to have stumbled onto important emerging technologies to immediately share these technologies with other firms.arrow_forwardJohn Kenneth Galbraith saw modern capitalism as A.dominated by large enterprises and characterized by an abundance of contrived wants B.a relentless series of oppressive dead-ends for the working class C.the successful result of a laissez faire government D.controlled by the output of goods by large enterprises based on basic human needs.arrow_forward
- Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.arrow_forward_______ Where does social responsibility of business haveto begin?a. Governmentb. Managementc. Consumersd. Consumer protection groupse. Societyarrow_forwardAccording to economic theorists, which system should have the greatest degree of control by the state?a. capitalismb. socialismc. democratic socialismd. welfare capitalismarrow_forward
- 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_forwardExplain why small farm enterprises have received few of the benefits of government intervention?arrow_forwardCorn is by far the dominant crop in the United States. In what ways is this a good thing for Americans? How is it a problem? Who are the main beneficiaries of this system?arrow_forward
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