Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 17, Problem 9CQ
To determine
Explain the importance of the majority rule to protect civil liberties and economic rights.
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Why is it necessary to have a freely elected government for democratic capitalism to create a prosperous and fair economy?
How does the United States compare to other nations on a per capita scale as far as government production and taxation?
Answer the questions at the top of the table for each of the Economic Systems. For your
answers you will need to write in complete sentences. Make sure to use the words: private
ownership, consumer sovereignty, profit motive, competition, and government regulation.
Who controls the
resources?
How do we decide who
gets the
resource/product?
Who decides what is
How do we
produced?
decide how to
produce?
Command
Market
Mixed
Chapter 17 Solutions
Economics: Private and Public Choice (MindTap Course List)
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- What is the role of government in an economy. Is the government necessary in a nation?arrow_forwardHow does political economy explain the culture, social structure/segmentation, and level of literacy in a country?arrow_forwardHow did the framers of the Constitution balance the competing claims of local self-government, sectional interests, and national authorityarrow_forward
- What will happen to the country or world if there is no economic system?arrow_forwardwhat are the three institution of government that protect individuals right in a market economy, explain their functionsarrow_forwardCapitalism is defined as an economic system in which a country's trade, industry and profits are controlled by private owners or companies, rather than by the state. Do you agree Capitalism is the best economic system which will ensure justice and fairness for citizens? Provide your explanation.arrow_forward
- Explain why people would prefer to live in a socialist or a capitalist country?arrow_forwarda. The nation of Alphaville has been hunting their deer population to extinction. The government decrees strict limits on the number of hunters, and on the number of rounds of ammunition that each hunter can take into the hunt. Hunters, like fishermen, are a creative lot: What will “capital stuffing” look like in this case? b. What would an individual transferable quotas (ITQ) system look like in this case? c. Do real governments use quotas like this to control deer populations? If you don’t know the answer, just ask your classmates: There’s probably a hunter or two in your course.arrow_forwardAnalyze three ways that societies can organize themselves economically. Justify reasons most modern countries’ economies are a mix of command and market types.arrow_forward
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