Q: Which of the following is an advantage of capitalist economy? a. Maximization of welfare b. Absence…
A: In a capitalist economy, the property and goods are owned and contolled by private individuals. The…
Q: Command economies are most likely to encourage an underground economy? true or false
A: The government determines in a command economy what goods and services will be generated, and what…
Q: Justify the claim that the economic basis of the Sumerian civilization laid in highly productive…
A: Sumeria civilization developed when Mesopotamia received almost no rainfall,but then Mesopotamian…
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A: Economist argue that the free market allocates the goods efficiently so the government should not…
Q: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of…
A: The self-interest varies according to various groups of individuals. The group of producers, who are…
Q: What are the characteristics of a good economic model?
A: Characteristics of a good economic model: 1) The acquisition cost is low compared to the cash flow…
Q: Capitalism is defined as an economic system in which a country's trade, industry and profits are…
A: Capitalism or in other words it is market market economy where the economic decision what to produce…
Q: Which of the following is not a typical characteristic of a market system? freedom of choice…
A: Option 3 Government production planning the standard market system everything is closely-held…
Q: Is capitalism associated more with a market or command economy? Why would capitalism be able to do…
A: Capitalism is associated with market economy.
Q: Which one of the following models emphasizes on liberty and free choice? The American model…
A: There are different models to be used to explain the specfiic situation of the economy in terms of…
Q: Islam gives complete freedom to economic enterprise with ________ a. None of the options b.…
A: Answer Option 'C' is correct. Islam gives complete freedom to economic enterprise with some…
Q: Capitalist economies have these features, except __________. a. Profit motive b. Consumer's freedom…
A: Economic system majorly categorized as market economy and command economy. Market economy is belief…
Q: Friedrich Hayek advocated for an economic system based on
A: In 1899, in Vienna, Austria, a famous economist was born. Friedrich Hayek is well-known in the…
Q: true or false free market economies are generally considered to be efficient and fair
A: # Free market economies are totally driven by the market forces of demand and supply.
Q: According to Juan Bosch, what percentage of the Dominican population depended upon Rafael Trujillo…
A: Haitians and Dominica-Haitians those born within the DR form an oversized minority within the DR.…
Q: India is a mixed economy where private and public sectors go side by side. Economic decisions are…
A: In a free market economy, the forces of market demand and supply determine the equilibrium level of…
Q: The political application of economic principles typically falls somewhere between two extremes:…
A: Here answer is “communism and Socialism”
Q: What attribute of capitalism will eventually lead to its collapse as claimed by Marx? How did this…
A: Marx believed that the capitalist system held the seeds of its own demise from the start.
Q: Rationing of most scarce goods and services in a capitalist economy is done by: Group of answer…
A: Rationing is described as the artificial restriction of demand or the control over the allocation of…
Q: A Command Economy is characterized by which of the following? Lower individual taxes than in a…
A: The government which runs a command economy in turn operates businesses or entities of monopoly…
Q: What might have happened if the federal government had refused to provide relief for the millions of…
A: The Federal government takes several measures to ensure that economic activities happen smoothly,…
Q: Karl Marx envisioned a perfect society that would be based on a smoothly running capitalist system…
A: Communist society is a type of societal structure postulated in the Marxist thought that…
Q: Do you think a free market or a command economy is more likely to encourage productive and…
A: Command economy and free market are two opposite firms of an economy because command economy is the…
Q: Which of the following is true regarding this economic model?
A: In this diagram of circular flow there are two flows depicted. The monetary flow is depicted in…
Q: Define economics and describe the two types of economic systems: capitalism and command economy.
A: Economics refers to social science dealing with the generation, distribution, and the consumption of…
Q: How does the welfare state help stabilise the capitalist system?
A: How does the welfare state help stabilize the capitalist system? Capitalism(private ownership)…
Q: What are the major tenets of neoliberal economic policy?
A: Neoliberal school of thought has evolved post 1980s after Keynesian economics era had gone.…
Q: Why is private property and competition are the most important to a capitalist economy? Support your…
A: Capitalist economy is the economy in which majority of resources are owned by the private party. In…
Q: Through economic reasoning, explain the interrelationship with markets and government.
A: There is a general law that determines the market's allocation of resources which reduces the…
Q: Which of the following is an advantage of socialist economy? a. Economic stability b. Bureaucratic…
A: In the socialist economy, goods and services are solely produced for the consumption purpose. All…
Q: The economy of South Korea would best be classified as: A. pure capitalism. B. a market system. C. a…
A: South Korea's economy is a highly developed mixed economy. Its economy ranks 10th globally and…
Q: Present and evaluate the claim that capitalism creates waste and false needs. If the claim is…
A: What is capitalism? Capitalism is a system of economic governance that has arisen in many contexts…
Q: In a command economy, the government has no role in the economy and makes no economic decisions.…
A: There are four types of economic systems: 1) Command Economies 2) Market Economies 3) Traditional…
Q: Why are no economies truly free, in the sense of having no controls or restrictions?
A: Economies cannot be set totally free because of negative economic experience that has been observed…
Q: The economic theory that states that the economy works best when it is left alone free from…
A: According to the given question Economic theories as stated as that theories which are very useful…
Q: In planned economic systems, government agencies control both supply and price of the products.…
A: In planned economic systems, government agencies control both supply and price of the products. This…
Q: Describe three different kinds of economic systems.
A: Different kinds of economic systems include; 1. A command economy 2. A market economy 3. A…
Q: Within a laissez faire system, the government should only perform those activities that the private…
A: An economic that works on the concept of the free market mechanism is essentially a capitalist…
Q: An economic system is an ongoing process whereby people exchange material goods and personal…
A: Economic System: The economic system is defined as a system used by the government and societies to…
Q: A large, hardworking population was important for Mercantilism. Why?
A: Mercantilism was a practice of trade practiced in in the 16th till 18th century. This practiced in…
Q: This question is based on the following definitions below. Pure Capitalism Government does not…
A: Economic systems in the world are grouped into traditional, command, market, and mixed systems.
Q: An economic system is a mechanism that is used to organise an economy and to determine how the three…
A: An economic system is any system of dispensing scant resources. Economic frameworks answer three…
Q: True/False A Well tested or widely accepted economic theory is often called an economic principle
A: According to the given question Simply we can say that economic principles are those principles…
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- Capitalism is defined as an economic system in which a country's trade, industry and profits are controlled by private owners or companies, rather than by the state. Do you agree Capitalism is the best economic system which will ensure justice and fairness for citizens? Provide your explanation.The people of China now enjoy a socialist market economy rather than pure communism. What must the people of China accept in return for greater individual economic freedom?In planned economic systems, government agencies control both supply and price of the products. True or False?
- Define economics and describe the two types of economic systems: capitalism and command economy.Karl Marx envisioned a perfect society that would be based on a smoothly running capitalist system true or false?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?
- In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this system, is there a greater gap between the rich and the poor?What kind of economic system does the following statement describe? Select the best answer. A country where people are able to sell what they want Answer This is an example of a traditional economy. This is an example of a market economy. This is an example of a command economy.Who invented capitalism?
- How does the welfare state help stabilise the capitalist system?Both Private Property and Limited Government are integral to a purely Capitalistic economic system. The USA is not a purely Capitalistic economic system. WhyWhat attribute of capitalism will eventually lead to its collapse as claimed by Marx? How did this attribute lead to the downfall of this economic system?