Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a different economic system, and hire an economist from a rich, market economy nation to advise them. The economist recommends a switch to a market economy. What will the economist suggest the leaders order their citizens to do?

Q: While serving as Chief Economist for the World Bank, the Neoclassical Economist, Lawrence Summers,…

A: Lawrence Summers' argument is based on the economic principle of cost-benefit analysis. He suggests…

Q: As we look at contemporary real-world economic systems, it is evident that market socialism is an…

A: Answer-

Q: market. North Korea, Cuba- United States- Germany, Franc

A: Different economic systems prevail in different countries. Two main types of economic systems…

Q: what theory is biased on the idea that two economic systems capitalism and socialism will eventually…

A: In economics, there are different approaches to see the world and there are different ways to deal…

Q: Which of the following is an example of a topic studied in microeconomics? The balance of trade of…

A: Microeconomics is a branch of economic behavior where micro-units or individual economic behavior is…

Q: In common parlance, we say that economics is everywhere. Comment

A: Economics is that the investigation of how people choose choices notwithstanding shortage. These are…

Q: Fill in the blanks: Indicate whether the following statement is a positive or normative statement:…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: How did capitalism change lives for the better? How did it impact lives negatively? In what ways has…

A: Capitalism: It is defined as the economic system in which factors of production, trade, and industry…

Q: Capitalism has accomplished many different things. While in the past, if you were a member of a…

A: It is obvious that you find the historical development of capitalism, with a view to offering…

Q: The people of China now enjoy a socialist market economy rather than pure communism. What must the…

A: Economic Freedom Every person has the fundamental right to govern their own employment and property,…

Q: Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a…

A:

Q: If economic laws are applicable in real world?

A: Economics is based on the activities of real life. It analyses the economic activities and then…

Q: Name four things about our current economic system that would like to change, and briefly explain…

A: Economic system: It refers to the system under which government will try to provide resources to all…

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: Name two things about our current economic system you would like to change, and briefly explain why.

A: I believe that changing the tax code to benefit specific groups, such as small businesses,…

Q: Explain the difference between capitalism and socialism.

A: The different laws and ordinances that comprise the economy are referred to as its economic system.…

Q: Which of the following free-market philosophers believed that Capitalism would end because its image…

A: A free market is an economic system characterized by voluntary exchanges and transactions between…

Q: What are the flaws in each of the framework model's political or social mechanisms?

A: Political mechanisms: This article situates mechanism- and process-based explanations within the…

Q: The YouTube video "Why Capitalism Works" seems to provide a compelling case for why capitalism is…

A: Capitalism is an economic and social system characterized by private ownership of the means of…

Q: Which of the following refers to an economy which most economic decisions are made by the government…

A: While in laissez-faire free markets (market-oriented) economies, demand and supply are determined by…

Q: What is the importance of learning Economics to our present Political and Economical Conditions…

A: The importance of learning Economics to our present Political and Economical Conditions right now…

Q: The United States as well as most of the world’s economic systems fall in to which category?

A: There are mainly three type of economic system prevail in the real world. They are A, Socialist…

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: What does marxist economy means? What sectors of economies are being controlled? Why are they being…

A: Economics: Economics refers to the making of choice at the time of scarcity. So, it can be said that…

Q: Identify and define the two branches of economics

A: Economics:- Economics can be defined as the subject that studies the production, consumption and…

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: Analyze three ways that societies can organize themselves economically. Justify reasons most modern…

A: The three ways in which societies organize themselves economically are discussed below:

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: Who invented capitalism?

A: Economies are classified into different forms based on the characteristics of their market. Some…

Q: How is the success of economic policy measured?

A: There are various measures adopted by an economy to monitor its success or growth. Some examples…

Q: Which of these economic systems have the most in common? A Free-enterprise economy and market…

A: This can be described as a form of market in which no single producer or consumer has the power to…

Q: Thanks to worldwide urbanization, preindustrial cities no longer exist. T or F?

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Share your views on the idea that economists make assumptions in order to make the world easier to…

A: Economist use assumption to make complex things into simple. Economics is a social science and…

Q: Who did Milton Friedman advise with his economic theory?

A: Milton Friedman was an American economist and statistician who believed strongly in free market…

Q: Capitalism

A: ‘Socialism’ and ‘capitalism’ are the two most important types of economy prevailing in our world…

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: your own point of view, what is Totalization?

A: Answer (Point of view depends upon the which type of totalization.)   Totalization refer to the…

Q: Why is it that not all the economic system in the world are same?

A: When talking about economic systems, it can be said that not all the countries have same economic…

Q: ​Which of the following is a normative statement?   Group of answer choices   ​An increase in…

A: Economic frameworks as a sort of friendly framework should defy and tackle the three central…