Advantages of market economies over command economies is that market economies O are more efficient, have greater productivity, and citizens enjoy a higher standard of living. establish a significant role for government in the allocation of scarce resources. O provide an equal distribution of goods and services to households increasing prosperity. O solve the problem of scarcity.

Advantages of market economies over command economies is that market economies O are more efficient, have greater productivity, and citizens enjoy a higher standard of living. establish a significant role for government in the allocation of scarce resources. O provide an equal distribution of goods and services to households increasing prosperity. O solve the problem of scarcity.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 1QP

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Similar questions

True or false? Part A.Millionaires do not face the problem of scarcity. Part B.The factors of production include all goods and services produced in an economy. Part C.The United States is one of the least “marketized” economies in the world.
What is Economic System? And what system is the best system your community will use and implement to address scarcity, as an Economic Manager?
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The fundamental economic problem is one of scarcity. The basic questions of economics become: What to produce? How to produce? For whom to produce?
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The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of A. a trade-off. B. equity. C. optimization. D. efficiency.
The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology is called ________.
Imagine a society that produces Capital goods and consumer goods. Draw a production possibilities frontier for capital and consumer goods. Explain why it most likely has a bowed-out shape. Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. Imagine that the society has two political parties, party A (who wants capital goods) and the party B (who want a consumer goods). Show a point on your production possibilities frontier that the part A might choose and a point the party B might choose. Imagine that our progressive neighboring country reduces the size of its consumer goods. As a result, both the Party A and B reduce their desired production of consumer goods by the same amount. Which party would get the bigger “technology dividend,” measured by the increase in capital production? Explain.
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Adam Smith did not considered ________ as one of the component of production
The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology is called ________. production possibilities frontier invention prospects boundary creativity production border manufacturing options perimeter
In a market economy, economic activity is guided by Select one: a. the government O b. prices O c. corporations d. central planners