Advantages of a market economy over command economies like socialism and Marxism, include O Market economies establish a significant role for government in production decisions and reallocation of scarce resources for the greater good and social justice. O Market economies are more productive because they replace efficiency with diversity quotas, inclusivity policies, social justice protocols, gender studies, and critical race theory education. O Market economies are more efficient with larger middle class, more self-reliance, innovation, personal freedom, individual liberty, private property rights, less dependence on government. O All of the answers are correct. Market economies can overcome the problem of scarcity since businesses make the production decisions based on market signals, and consumers are free to choose what they want to buy. O Market economies have more equity and provide greater redistribution of income for more entitlement programs to promote greater access to goods and services for all.

Advantages of a market economy over command economies like socialism and Marxism, include O Market economies establish a significant role for government in production decisions and reallocation of scarce resources for the greater good and social justice. O Market economies are more productive because they replace efficiency with diversity quotas, inclusivity policies, social justice protocols, gender studies, and critical race theory education. O Market economies are more efficient with larger middle class, more self-reliance, innovation, personal freedom, individual liberty, private property rights, less dependence on government. O All of the answers are correct. Market economies can overcome the problem of scarcity since businesses make the production decisions based on market signals, and consumers are free to choose what they want to buy. O Market economies have more equity and provide greater redistribution of income for more entitlement programs to promote greater access to goods and services for all.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 2PA

See similar textbooks

Similar questions

According to Marx, which of the following is true? O capitalism causes one social class to conflict with the other. O economic evolution is the result of a superstructure determined by the Proletariat. rolestial O the state becomes a means through which the political class confiscate the wealth of the social class. O the forces of production will eventually block the relations of productions.
What is one necessary role of government in a market economy? ○ to tax goods and services that are most desired by consumers O to maintain subsidized housing for low-income households O to provide services such as pensions to enforce property rights
Who answers the three key economic questions in a command economic system? O custom & tradition. O individual producers and consumers O a central authority government and individuals What is the function of an economic system 4 to coordinate production and distribution of goods and services aid for their laber
O For whom are goods and services to be produced? Who answers the three key economic questions in a traditional economic system? O custom & tradition O individual producers and consumers O a central authority O government and individuals Who answers the three key economic questions in a Market economic system?
Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.
Which of the following is an accurate definition of capitalism? O capitalism is an economic system in which the means for production are owned collectively capitalism is an economic system in which the means for production are owned privately capitalism is an economic system in which the means for production are owned by the goverment capitalism is an economic system that does not have any concept of private property
In a command economy, the government decides Select all that apply: which goods and services will be produced and the prices to be charged for them nothing about the economy each person's occupation based on tradition which methods of production will be used and how much workers will be paid
How can specialization lead to a division of labor for a business? A. It guarantees that all employees work on every part of a product. B. It allows each employee to be an expert in a particular area of production. O C. It greatly increases the rate of voluntary exchange between employees. D. It ensures that all employees are capable of making a product on their own. SUBMIT E PREVIOUS DELL & 7. e
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
An economic system that relies upon some central authority to make economic decisions would be O a. A mixed system O b. A traditional system O c. A market system O d. A command system
Revenue NaS pue spoos services expenc Saved Help PRODUCT MARKET and Goods • Businesses sell • Households buy Consumption Instructions: Enter your answers as whole numbers. a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $55 billion on goods and $45 billion on services, how much in revenues do businesses receive in the product market? billion ( Prev 2 of 12 Next >
in your own words describe The three economic systems: Command, Market, and Mixed economy