QUESTION 6 One advantage market economies have over centrally-planned economies is that market economies: A. are more efficient. B. solve the problem of scarcity. OC. establish a significant role for government in the allocation of resources. D. provide an equal distribution of goods and services to households.

24. Production possibility curves can be used to illustrate scarcity, trade-offs, opportunity costs, technological advances and economic growth. Group of answer choices A. True B. False

Explain the Market System. Give an in-depth example of a Market System. Explain the Planned System. Give an in-depth example of a Planned System.

Islamic economics must show its establishment as a FIELD of economics and economics. Islamic Macroeconomic Theory, including the discussion of Economics. Islam. Islamic Economic Theory is NOT included in the discussion of the Islamic economic system. However, the study and discussion of Islamic macroeconomics must intersect with the Islamic economic system. A. What is the difference between economics and an economic system? B. Show that the study of Islamic macroeconomics intersects with the Islamic economic system

3. Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of (a) Scarcity. (b) Why to produce. (c) Macroeconomics. (d) Microeconomics. (e) Social interest versus self-interest 4. Economics is the social science that studies (a) The real reasons people buy goods and services. (b) The psychology of individuals and businesses. (c) Whether a nation has enough natural resources. (d) How people make choices to cope with scarcity. (e) How choices made in the social interest could eliminate scarcity 5. Use of the least-cost production technique for a given output is characteristics of (a) Economic efficiency (b) Technical efficiency (c) Production possibility (d) The transformation curve (e) Production 6. A production possibilities frontier shows (a) the various combinations of output a nation can produce a certain time, given its available resources and technology. (b) the limits to future growth of a nation. (c) how money…

1. Distinguish between a command economy and a market economy. Give examples. 2. Discuss the characteristics of a market system. 3. Analyze a circular flow model showing the interaction among households, business firms, government, and the foreign sector.

Answer the attached question

Question 1 a. Draw a production possibilities curve for a hypothetical economy producing capital goods and consumer goods Tlhustrate economic growth and 1use (A) to represent an inefficient b. Explain the law of increasing opportunity cost. c. Explain why scarcity forces individuals and society to incur opportunity costs. Give three (3) specific examples.

QUESTION 30 According to Adam Smith, the success of market economies is primarily due to: A. The basic benevolence of society. B. Partnerships that are forged between business and government. C. Individuals' pursuit of self-interest. OD. Society's legal system.