According to Christopher Stone in "Why the Market Can't Do It", the market: Group of answer choices cannot allocate resources adequately to meet all social needs is a remedy for all the problems a society may face with its commercial actors can restrain giant modern corporations can allocate resources adequately to meet all social needs
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According to Christopher Stone in "Why the Market Can't Do It", the market: Group of answer choices
cannot allocate resources adequately to meet all social needs
is a remedy for all the problems a society may face with its commercial actors
can restrain giant modern corporations
can allocate resources adequately to meet all social needs
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- Define social benefit.A well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social WelfareIn a market economy, what is the central coordinating mechanism? How does a market economy solve the what, how, and for whom to produce problems? Why does an economy’s strength ultimately reside in its people?
- Explain the relationship between a market equilibrium and a social optimum.Explain Economic and Social DisorderThe chapter 1 (Power of Markets) of the Naked Economics textbook goes into some length to explain the strengths and weaknesses of a market economy. Some of these are written following dark, italics headings. Of the statements below only ONE is not a characteristic of a market economy (as stated in the textbook). Which of the below is NOT TRUE for a market economy? Group of answer choices A market economy allocates goods and services based on the needs of the people. The market economy uses prices to allocate scarce resources. The market economy is a powerful force for making our lives better.
- Local government bans on plastic grocery bags due to environmental concerns have led to increased emergency room visits and deaths related to harmful bacteria such as E. coli, as many people do not wash their bags after each use. Which of the following best characterizes the statement? The statement demonstrates that even when government policies are enacted with good intentions, they do not always guarantee good outcomes due to unintended consequences and secondary effects. The statement demonstrates that normative economics is often confused with positive economics. The statement is an example of the fallacy of composition because all foods do not contain harmful bacteria. The statement shows that all environmental regulations have benefits that exceed the costs.An externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is beneficial, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to reflect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. (?) PRICE (Dollars per unit) QUANTITY (Units) Supply Demand ¦ þ Demand SupplyAn externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is adverse, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to refiect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. -O- Supply Demand Supply Demand QUANTITY (Unts) With this type of externality, in the absence of government intervention, the market…
- The World Health Organization says that it is too costly to try to fully eradicate malaria. By using nets, medicine, and DDT it is possible to eliminate 90 percent of malaria cases. But to eliminate 100 percent of cases would be extremely costly. Describe how the opportunity cost of controlling malaria changes as more resources are used to reduce the number of malaria cases.Two men, Robinson Crusoe and Friday, have been marooned separately on the same deserted island. There are two activities each man can undertake to obtain food: fishing and gathering coconuts. Robinson Crusoe can catch 40 fish per hour or gather 10 coconuts per hour. Friday can catch 10 fish per hour or gather 8 coconuts per hour. Answer the following questions: A. Who is more efficient in each activity? Could either or both of them benefit from meeting and deciding to form a trading relationship? Explain intuitively. B. Robinson and Friday have not yet met. Robinson is working 2 hours a day and producing (and consuming) 48 fish and 8 coconuts (note: the fish are very small). Friday is also working 2 hours a day, but he is producing and consuming 15 fish and 4 coconuts. Now assume that Robinson and Friday meet and develop a trading relationship. Come up with a production and trading scheme such that they can each work the same amount per day as before, but each is better off…Immediately after an ice storm brought down power lines throughout the region, hardware stores were sold out of batteries and flashlights. However, within a couple of days, special deliveries brought in extra batteries and flashlights, and everyone who wanted to buy a flashlight or batteries was able to do so. Which of the following principles of economic interaction best describes this scenario? 1. When markets do not achieve efficiency, government intervention can improve overall welfare. 2. Markets allocate goods effectively. 3. All costs are opportunity costs. 4. There are gains from trade.