Question : 41) Consider the following economic agents: a.the government b. consumers c.producers Who, in : 1387264

 

 

41) Consider the following economic agents:

a.the government

b. consumers

c.producers

 

Who, in a market economy, decides what goods and services will be produced with the scarce resources available in that economy?

A) the government

B) producers

C) consumers

D) consumers and producers

E) the government, consumers and producers

 

42) In a modern mixed economy, who decides what goods and services will be produced?

A) only the producers

B) only consumers

C) only the government

D) all of the above

 

 

43) How are the fundamental economic decisions determined in China?

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 China is a centrally planned economy.

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

 

 

44) When every good or service is produced up to the point where the last unit provides ________, allocative efficiency occurs.

A) a marginal benefit to society equal to the marginal cost of producing it

B) a marginal benefit to society greater than the marginal cost of producing it

C) a marginal benefit to society less than the marginal cost of producing it

D) a marginal benefit to society equal to zero

 

45) Voluntary exchange ________ economic efficiency because neither the buyer nor the seller would agree to a trade unless ________.

A) increases; they both benefit

B) increases; only one party benefits

C) decreases; neither benefit

D) decreases; they both benefit

 

 

46) All centrally planned economies

A) have been political dictatorships.

B) started out as market economies.

C) began as mixed economies.

D) have become mixed economies.

 

 

47) Mr. Peabody chooses to invest in companies that produce goods and services at the lowest possible cost. Mr. Peabody is investing in companies that are

A) allocatively efficient.

B) productively efficient.

C) guaranteed to make a profit.

D) all of the above

 

48) Mr. Peabody chooses to invest in companies that produce goods and services based on consumer preferences. Mr. Peabody is investing in companies that are attempting to be

A) allocatively efficient.

B) productively efficient.

C) guaranteed to make a profit.

D) all of the above

 

 

49) The town of Harmonia gives away all 500 tickets to its annual Founder’s Day Free Concert-in-the-Park to local residents. Each year, more than 500 people wish to attend the concert, so some of the residents who receive the free tickets sell them for as much as $75 each. Is a transaction where someone pays a resident $75 for a “free ticket” economically efficient?

A) No, people should never be allowed to sell items they received for free.

B) Yes, it was a voluntary exchange that benefited both parties.

C) No, the buyer paid too much for the ticket.

D) Yes, it is efficient only from the perspective of the seller and not from the perspective of the buyer.

 

 

 

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