In a market system, provide an example for when government can enhance or harm any of the processes involved in terms of what should be produced, how it should be produced, and for whom.

Q: Is capitalism humane?

A: Capitalism can be defined as a system which is owned and controlled by the private sector or owners…

Q: Traditional economy is the social and institutional process through which certain groups of economic…

A: The given statement is true.

Q: Which of the political tools for controlling economic systems is the best?

A: Answer- Need to find- Which of the political tools for controlling economic systems is the best…

Q: Does the economic model or socioeconomic model of social responsibility make more profits? And why?

A: ANS The economic model assumes that society will receive the most benefit when producers are left…

Q: hich one of the following is not part of the necessary conditions for efficient markets? a.…

A: Efficient market  refers to the market which  is allocatively and productively efficient. It does…

Q: Modifying Locke’s views on free markets, Adam Smith’s arguments rest on __________ arguments that…

A: Adam Smith trusted in the ‘natural law’ doctrine. He believed that every individual works for his…

Q: What does it mean that ideally government should act in such a manner as to “bring about the outcome…

A: Yes government should at in that manner which increases the overall social welfare and produce…

Q: To what extent should government influence the economy of a democracy such as the United States?

A: In every economy, the government takes decisions to achieve the desired growth rate. The government…

Q: Watching movies with particular kinds of content (e.g. violence, coarse language, crime, sexual…

A: Watching movies that have a negative effect on audiences is a typical case of negative externality,…

Q: Would it be more profitable for a business to follow the economic model or the socioeconomic model…

A: An economic model is a condensed representation of the truth that helps one to analyze economic…

Q: The role of government in a market economy would include all of the following except making and…

A: A market economy is a form of economic system where demand (DD) and supply (SS), rather than…

Q: Is “fairness” the economic basis for government laws and regulations designed to remedy market…

A: Market Failure: The market failure is a situation when the price mechanism leads to an inefficient…

Q: What are the differences in the way a market process vs. a command process attempt to deal with the…

A: Basic problem of scarcity means availability of limited resources against unlimited wants of human…

Q: Social Darwinists had a different take on the utilitarian justification for free markets. They…

A: Economic competition refers to the situation where the firms are seeking for obtaining shares of…

Q: What is market failure, and what kinds of things can lead to market failure?  What is government…

A: Market equilibrium is a situation where the market forces balance and there is efficient allocation…

Q: Why do you think that most modern countries’ economies are a mix of command and market types?

A: If economic decisions are taken by the government, it is known as the command economy. In such a…

Q: the government owns the factors of production and distribution?

A: A economic framework is a method by which social orders or states arrange and disperse accessible…

Q: According to the invisible hand concept, the best way for a society to encourage the creation of…

A: As wants and desires of the individuals in the economy are unlimited but resources available to…

Q: Do you think a free market or a command economy is more likely to encourage productive and…

A: Command economy and free market are two opposite firms of an economy because command economy is the…

Q: What is social responsibility? Can the government compel businesses in our country to abide by this…

A: In an economy, when an individual makes decision, his decision will influence the market when people…

Q: According to Adam Smith, the “invisible hand”refers to which of the following?a. The “best interests…

A: To explain the market hypothesis, Adam Smith introduced the concept of the “invisible hand”, and it…

Q: Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a…

A: As we know that Economy is that system in society where people earn their livelihood. And engage in…

Q: . _______ What term implies that there shall be no government interference in the economy?a. market…

A: The term Laissez-Faire was originated in France by a group of Physician, who called themselves as…

Q: Capitalism

A: ‘Socialism’ and ‘capitalism’ are the two most important types of economy prevailing in our world…

Q: why many argue the use of “market” prices will NOT necessarily enable the economy to operate at its…

A: Production frontier: PPF is a bend that delineates or shows the varieties in the sums that can be…

Q: What role of government do you think is the most important from an economic perspective and why?

A: In a market economy, there exists an economic role for government where the benefits of the policy…

Q: two economists went to the same university disagree on policies such as minimum wages or higher…

A: Minimum wages:- Favorable opinion:- The minimum wage rate policy gives incentive to labour thus…

Q: What is meant by varieties of capitalism?

A: In general, capitalism refers to the ideology that beleives in free-market system with providing…

Q: Which of the following statements accurately represent ideas proposed by Adam Smith?     a) the…

A: Adam Smith was an economist who is known as the Father of Economics. He wrote a book on Economics-…

Q: Which economic system is characterized by having all public or government owned resources? O…

A: Not each economy has a similar economic and social environment, and these changes occur due to…

Q: nf the government determines whether you get an apartment, you are most likely living in a In a…

A: There are different kind of the economies  where their distributive and allocating functions are…

Q: Present and evaluate the claim that capitalism creates waste and false needs. If the claim is…

A: What is capitalism? Capitalism is a system of economic governance that has arisen in many contexts…

Q: policies government can have in place  to increase perfect competition in the market

A: Perfect competition is a market system in which all producers and consumers have complete and…

Q: In planned economic systems, government agencies control both supply and price of the products.…

A: In planned economic systems, government agencies control both supply and price of the products. This…

Q: Why the governments should prioritized the end of poverty and hunger?

A: answer is given below

Q: What are examples of society's widely accepted economic goals?

A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…

Q: In the real world it is governments the case that all the conditions for markets to be efficient…

A: Since all three are different questions, we will answer the first one only. Please resubmit the…

Q: Describe three different kinds of economic systems.

A: Different kinds of economic systems include;    1. A command economy    2. A market economy   3. A…

Q: What are the types of market failures? And give one specific example and describe it.

A: In economics, market failure is a condition in which products and services are distributed…

Q: How does personal gain affect choices by individuals and government?  Resources are finite.  What…

A: Scarcity refers to the difference between limited resources and theoretically limitless needs, which…

Q: Judy allows her friend Tim to use her car whenever he’s in town on business. Which economic practice…

A: Economic practices include all activities associated with the production, utilisation and…