Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 16, Problem 19SQ
To determine
The characteristic of a socialistic economic system.
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Which of the following is an advantage of socialist economy?
a.
Economic stability
b.
Bureaucratic expansion
c.
Presence of monopoly
d.
Maximization of profit
Which of the following is the disadvantage of the
Socialist economy?
a. Efficient use of resources
b. Bureaucratic expansion
c. Maximization of social welfare
d. Economic stability
According to Karl Marx, which was the stage of society that eventually supersedes socialism?
Select one:
a. Syndicalism
b. Utopian Socialism
c. Marxian's Socialism
d. Communism
Chapter 16 Solutions
Micro Economics For Today
Ch. 16.3 - Prob. 1YTECh. 16.3 - Prob. 2YTECh. 16.3 - Prob. 1GECh. 16.3 - Prob. 2GECh. 16 - Prob. 1SQPCh. 16 - Prob. 2SQPCh. 16 - Prob. 3SQPCh. 16 - Prob. 4SQPCh. 16 - Prob. 5SQPCh. 16 - Prob. 6SQP
Ch. 16 - Prob. 7SQPCh. 16 - Prob. 8SQPCh. 16 - Prob. 1SQCh. 16 - Prob. 2SQCh. 16 - Prob. 3SQCh. 16 - Prob. 4SQCh. 16 - Prob. 5SQCh. 16 - Prob. 6SQCh. 16 - Prob. 7SQCh. 16 - Prob. 8SQCh. 16 - Prob. 9SQCh. 16 - Prob. 10SQCh. 16 - Prob. 11SQCh. 16 - Prob. 12SQCh. 16 - Prob. 13SQCh. 16 - Prob. 14SQCh. 16 - Prob. 15SQCh. 16 - Prob. 16SQCh. 16 - Prob. 17SQCh. 16 - Prob. 18SQCh. 16 - Prob. 19SQCh. 16 - Prob. 20SQ
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- The three economic questions that every society must answer are OA. What are the prices of goods, how are they determined, and who will pay for them? OB. What economic system will be used, how will it be implemented, and who will make market decisions? OC. What goods will be produced, how will they be produced, and who will receive the goods? OD. What kind of government will the society have, how will it be run, and who will run it? Centrally planned economies allocate resources based on decisions by while market economies answer these questions through decisions made byarrow_forwardWho answers the three key economic questions in a Market economic system? custom & tradition O individual producers and consumers a central authority government and individuals Who answers the three key economic questions in a command economiarrow_forwardQuestion 1. What makes Islamic economic system different from socialism and capitalism?arrow_forward
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