Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 16, Problem 2SQ
To determine
The basic economic questions under command economy.
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An economic system:
a. must choose pure capitalism to adequately answer the three economic questions.
b. must answer the three economic questions to the satisfaction of everyone in society.
c. is a set of social institutions and mechanisms organized to answer society's three primary economic questions.
d. can address problems of scarcity only by embracing the social institution of private property.
e. must not allow some members of society to gain an unfair advantage when answering the three economic questions.
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 by
Most economies in the world are built in a way that both the government and the private sector make economic decisions together. What type of economy is being described here?
a.
Capitalist economy
b.
Socialist economy
c.
Mixed economy
d.
Communist economy
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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