If the resources in an economy is fully owned by the government, such economies are called_____. a. Mixed economy b. Economic system c. Command economy d. Capitalist economy
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- Through the attached table of one of the facilities, answer the attached questions total the profit total cost price Quantity revenue -20 20 0 30 28 28 28 12 40 52 26 2 18 54 72 24 3. 19 69 88 22 4. 12 88 100 20 5 Firm's fixed costs Select one: O a. 20 O b. 0 O C. 20- O d. 30Identify the TRUE statement that describes capitalism, command or mixed economies. a. Scarcity of resources are only found in some economies in the world O b. Economic system resolves central problems of an economy Production possibilities does not solve the problem of what to produce O d. All of theseWhich of the following are three key components of the economic problem?a. scarcity; choice; giving up valuable opportunitiesb. surplus; choice; competing opportunitiesc. scarcity; competing opportunities; incomed. surplus; income; giving up valuable opportunities
- 1. In a command system a) self-interest motivates and commands each business firm's decisions and actions. b) the head of each family decides and commands what to do with the family's resources. c) a government-appointed planning board makes production and allocation decisions. d) market traders command what outputs are produced and how they are allocated.ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus another
- What is the purpose of an economic system? Select all that apply. Multiple answers: Multiple answers are accepted for this question Selected answers will be automatically saved. For keyboard navigation... SHOW MORE a b C To make choices about what to produce. e To make as much profit as possible. To make choices about how to produce the goods and services chosen. d To make choices about for whom to produce the goods and services. To make choices about when to produce the goods and services.How are money cost and opportunity cost related to each other? a. Opportunity cost must always exceed money cost. b. They are always identical in any economic system. c. If markets function well, they are closely related. d. In a market economy, they must be equal to each other. e. Money cost is greater than or equal to opportunity cost.Economic theory indicates that as any economic agent tries to extend any productive activity further, it becomes increasing more difficult to do so. What is this particular theory called? Select one: a. Law of Comparative Advantage b. Law of Demand c. Law of Ceteris Paribus d. Law of Diminishing Returns
- Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice. The optimal choice of output for a firm that produces Choose. electric heaters. Choose. A worker's decision about how many hours to work. Micro, examining one individual The impact of new technology in the market for DVD recorders. Macro, examining one firm in economy The relationship between education and economic growth. Macro, examining entire economy The effect of government spending on the nation's Micro, examining one specific firm unemployment rate. Micro, examining one sector of economy Please answer all parts of the question. Macro, examining one sector in economyWhich of the points are feasible and which are efficient?Q1. In a command economy, _____.a. owners can sell their resources to the highest bidderb. a dictator makes every economic decisionc. no individual or group coordinates the economyd. public ownership of resources is combined with free markets to direct economic activitye. in theory, individual choices are reflected in collective decisions and decisions are made by central planners.Q2. Patrick decided to go to class today instead of going to the movies. He made this decision because:a. Patrick’s additional benefit of going to class exceeds the additional cost of going to the movies.b. Patrick’s additional benefit of going to class exceeds the additional cost of going to class.c. Patrick’s additional benefit of going to the movies exceeds the additional cost of going to the movies.d. Patrick’s additional benefit of going to the movies exceeds the additional cost of going to class.e. Patrick’s additional benefit of going to class equals the additional cost of…
