Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 16, Problem 5SQ
To determine
The argument of Adam Smith.
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A video on YouTube is a ?
A. private good
B. club good
C. common pool resource
D. public good
50. Which of the following is true of a free market
system?
a. In a free market system, all economic decisions
are made without government intervention
b. In a free market system, central government
planning determines what goods and services
satisfy citizens' needs
c. It is also called modified capitalism
d. In a free market, a government regulates
business
In this type of economy, economic decisions are made by private individuals and businesses.
a.
agriculture
b.
industry
c.
capitalist
d.
command
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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- Adam Smith's invisible hand refers toa.the subtle and often hidden methods that businesses used to profit at consumers' expenseb.the ability of free markets to reach desireable outcomes,despite the self interest of market participants.c.the ability of government regulation to benefit consumers,even if the consumers are unaware of the regulations.d.the way in which producers or con sumers in unregulated markets impose cost on innocent bystanders.arrow_forwardIt is to provide certain public goods and services, undertake public investments, and regulate operations of private markets. a. distributive role b. role playing c. microeconomic role d. macroeconomics rolearrow_forwardImagine a society that produces Capital goods and consumer goods. a. Draw a production possibilities frontier for capital and consumer goods. Explain why it most likely has a bowed-out shape. b. Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. c. Imagine that the society has two political parties, party A (who wants capital goods) and the party B (who want a consumer goods). Show a point on your production possibilities frontier that the part A might choose and a point the party B might choose. d. Imagine that our progressive neighboring country reduces the size of its consumer goods. As a result, both the Party A and B reduce their desired production of consumer goods by the same amount. Which party would get the bigger “technology dividend,” measured by the increase in capital production? Explain.arrow_forward
- A library's collection of e-books is a ? A. Private Good B. Club good C. Common good resource good D. Public goodarrow_forwardIII. Write True on the space if the statement is correct. If it is false, explain why it is so. 9. Nonprofit organizations are considered part of civil society organizations that work together with the government in delivering social services to the people and communities10. The three types of economic systems are communism socialism, and free enterprise.arrow_forwardWhich one of the following is not part of the necessary conditions for efficient markets? a. (Perfect) competition and information b. Absence of externalities and public goods characteristics c. Macroeconomic stability d. Democracyarrow_forward
- Unlike a market economy, a command economy: a. Consumer sovereignty to make production decisions b. More centralized planning in economic decision-making c. Price signals in economic decision making d. Uses it resources more efficientlyarrow_forwardIn Denmark, the resources of the country are utilized efficiently to produce socially useful goods without considering the profit margin into account. This is because of the economic system of the country. What do you think about the economic system of Denmark? a. Denmark have market economic system b. Denmark have capitalist economic system c. Denmark have socialist economic system d. Denmark have mixed economic systemarrow_forwardWhy government doesn't intervene in a free marketarrow_forward
- 4. Which of the following is a more attractive place to do business? a. A nation that lacks democratic institutions b. A nation where economic activity is regulated by the state c. A nation with a market-based economic system d. A nation where the rule of law does not take precedence over businessarrow_forwardWho is more responsible for economic system? Government, households or firms and why?arrow_forwardMost 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 economyarrow_forward
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