Question : 61) Consider the following economic agents: a.the government b. consumers c.producers A) the : 1244570

 

61) Consider the following economic agents:

a.the government

b. consumers

c.producers

A) the government

B) producers

C) consumers

D) consumers and producers

E) the government, consumers and producers

62) In a market economy, who decides what goods and services will be produced?

A) only the producers

B) only consumers

C) consumers and producers

D) the government

63) Which of the following is correct about the economic decisions consumers, firms, and the government have to make?

A) Governments may face the problem of shortages but not scarcity in making economic decisions.

B) Only individuals face scarcity; firms and the government do not.

C) Firms and the government face scarcity, individuals only face shortages.

D) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.

64) It is necessary for all economic systems to provide people with goods and services and also restrict them from getting as much of these goods and services as they wish, because failure to do this could ________ the efficiency of the system by producing some goods and services that are ________.

A) reduce; not as highly valued as others

B) increase; not as highly valued as others

C) reduce; valued more than others

D) increase; valued more than others

65) How does a market system prevent people from getting as many goods and services as they wish?

A) Governments interfere with the market mechanism to influence the allocation of goods and services.

B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish.

C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor.

D) The government imposes taxes on those who earn beyond a certain amount of income.

66) In a market economy, those who are willing and able to buy what is produced

A) receives what the government allows them to receive.

B) receive the most of what is produced.

C) receive no more than everyone else in the market.

D) solely determine what is produced.

67) How are the fundamental economic decisions determined in Cuba?

A) Individuals, firms, and the government interact in a market to make these economic decisions.

B) These decisions are made by the country’s elders who have had much experience in answering these questions.

C) The government decides because Cuba is a centrally planned economy.

D) The United Nations decides because Cuba is a developing economy.

68) In a market economy, ________ interact in markets to decide the answers to the fundamental economic questions.

A) state and local governments

B) large corporations

C) households and firms

D) the judicial and legislative branches of the federal government

69) Which of the following is a problem inherent in centrally planned economies?

A) There are no problems and everyone, including consumers, is satisfied.

B) There is too much production of low-cost, high-quality goods and services.

C) Production managers are more concerned with satisfying government’s orders than with satisfying consumer wants.

D) Unemployment is too high.

70) Which of the following contributed to the downfall of the Soviet Union in 1991?

A) public dissatisfaction with low living standards and political repression

B) producing higher-quality goods than were desired by consumers

C) the rapidly increasing standard of living

D) the lack of a strong dictator who can coordinate economic activities

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more