Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 10CQ
To determine
Explain the statement of ‘economic function turned over to the government replaces personal self – interest’.
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Macroeconomics: Private and Public Choice (MindTap Course List)
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- What are the main differences between a capitalist (market-based) and socialist (command) economic system?arrow_forwardWhat are the types of economic systems? How will you differentiate Command from a Market economy?arrow_forwardWhy is Private Property and Competition are the most important to a capitalist economy?arrow_forward
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- Give one merit and one demerit of a socialist economy?arrow_forwardHow does personal gain affect choices by individuals and government? Resources are finite. What about incentives as opposed to free offerings?arrow_forward“Scarcity is the fundamental problem that every nation in this world faces.” What do you mean by this statement? If you were an economist how would you address this fundamental problem?arrow_forward
- Most economists believe the scarcity of resources will persist. Why?arrow_forwardHow do market prices coordinate the economic activity of millions of individuals?arrow_forwardIs capitalism associated more with a market or command economy? Why would capitalism be able to do "millions of things better" than a centrally planned economy? What things do you think a capitalist society would be more successful at than a centrally planed society?arrow_forward
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