Economic Decision Making) Write a 100 to 150 - word response to one of the following questions : (1 ) Explain how market, command, and mixed economies differ in how decisions are made about what goods and services to produce, how to produce them, and for whom to produce them. State which type of economy exists in Canada and justify your statement. (2 ) Describe a number of

Economic Decision Making) Write a 100 to 150 - word response to one of the following questions : (1 ) Explain how market, command, and mixed economies differ in how decisions are made about what goods and services to produce, how to produce them, and for whom to produce them. State which type of economy exists in Canada and justify your statement. (2 ) Describe a number of

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 5PA

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riants/950245/take/20/ MULTIPLE CHOICE Question 19 Many countries around the world have started making the move from a command economy to a free market economy in recent years. One of the biggest challenges for these countries is the transition from state-owned enterprises to those owned by individuals or organiza- tions other than the state. What is this transition called? A B C D sole proprietorship business structure public enterprise privatization ó ó ó o ó ó ó ó o o ó ó ó ó ó ŏ čŏ ● ¤ 9 Sanges Saved of 21 Total Questions Answered < ☆ Continue
Problem 01-03 (algo, with video solution) To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.15 per pound. By adding compost to your garden, you can increase your yield as shown in the accompanying table. Instructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of compost. Then compute the additional revenue for marginal benefit) from each additional pound of compost. Enter your responses in the table below, rounding the marginal benefit of each pound of compost to the nearest penny (two decimal places). Pounds of compost 0 1 2 3 4 5 Pounds of tomatoes 100 6 120 125 128 130 131 131.5 Additional pounds of tomatoes 20 5 3 2 Additional revenue (or marginal benefit) $ $ $ $ $ $ 0.5 If compost costs $0.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add? Instructions: Enter your answer as a whole number You should add]…
QUESTION 40 40. Which of the following statements about Adam Smith are FALSE? He argued that a competitive market leads people to serve the public good regardless their motives Smith argued against the Mercantilist policies of import restriction and monopolization. Smith argued for free trade and competition. Smith argued for a weak government and the morality of selfish interest. Smith argued for the empowerment of the individual to engage in economic enterprise
part A, B, C (see graph pic) A)what is the dollar value of the total surplus producer surplus plus consumer surplus when the efficient output level Q1 when is being produced? how large is the dollar value of the consumer surplus at Q1? B) What is the dollar value of the deadweight loss when level Q2 is being produced?what is the total surplus one output level Q2 is being produced? C) what is the dollar value of the deadweight loss went output level Q3 is produced? what is the dollar value of the total surplus when output level Q3 is produced?
QUESTION 1 Choose the most correct answer to the following questions/phrases. Only write down the question number and the letter of your answer. 1.1 economy. (1) 1.1.1 Communism and Socialism are both examples of a A Planned Market C Mixed Open 1.1.2 In a economy various aspects of production are determined by supply and demand. (1) Planned Market Mixed Оpen 1.1.3 An unfair and unethical phenomenon that does not occur in planned economies. (1) Social grants Over-development B. Monopolies Unemployment benefits 1.1.4 In a economy consumer demand is predictable and controllable. (1) A Planned B. Market Mixed Open 1.1.5 The flow of goods, services and knowledge over international borders. (1) Expansion B. Globalisation Free flow D. Customs [5]
How do government regulations attempt to increase efficiency? (Pick the best answer) Federal policy works to increase competition in the marketplace, thus, firms who produce similar goods and services have to increase quality and innovate to reduce costs in order to stay in business. O State governments regulate intrastate commerce, and states like Texas have created an economic environment that is favorable to business to entice them to relocate to the state, and to bring with them higher paying jobs, which is better for the overall economy. O The federal government, through the interstate commerce clause, has the authority to pressure companies to merge, and to offer public funding if the merger causes the venture to lose capital in the process, which hurts investors.
When is it necessary to provide a citation? (Select all that apply) When you quote exact material from a source When you summarize someone else's ideas When you comment on information provided from a source When you paraphrase someone else's ideas
part B Q4) a. Imagine that you own your business. You are producing a product (it could be a service). Think about your production process. Please explain the technology that you use in the production process. b. How do you think the technology that you use, affects the market structure and/or the demand of your product? Note that this question is NOT about how technology affects your production process, therefore, NOT about productivity, NOT about the cost structure
17- There is freedom of choice for the consumers in United States of America. Identify which type of economic system this country has. a. Command economy b. None of these c. Capitalist economy d. Mixed economy
22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep England Wales For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern…
22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat England Wales 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern…
6. Study Questions and Problems #6 Which of the following accurately explain why Karl Marx believed the market system was doomed to collapse? Check all that apply. Capitalism would collapse due to its principle "from each according to his ability, to each according to his need." Wealthy owners would go too far and exploit workers because unrelenting greed for profits would lead the owners to pay starvation wages. A spontaneous revolution by oppressed workers would destroy a system benefiting only the owners of capital. Communism is the ideal system, which would evolve in stages from capitalism through socialism.