In the sense of cause and effect, which of the following logically fit together from the first leading to the second item listed? O A. 20th century socialism; inefficient economy. OB. Markets; Chinese economic growth. OC. Mercantilism; American Revolution. OD. All of the above are correct.
Added by Luis Miguel S.
Close
Step 1
Step 1: 20th century socialism is often associated with inefficient economies. Show more…
Show all steps
Your feedback will help us improve your experience
Kevin Corkran-Itagaki and 53 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Which of the below statements is INCORRECT about a specific market economy such as the U.S. (America); or market economies in general? In market economies, government bureaucrats direct everything from the number of bars of soap a factory can produce to the number of students who may study electrical engineering. In the twentieth century, in one market economy, diseases such as polio, tuberculosis, typhoid, and whooping cough had been brought well under control and eradicated. Complex economies involve billions of transactions every day, the vast majority of which happen without any direct government involvement. In the twentieth century, in one market economy, life expectancy increased from forty years. Golden and infant mortality plunged by 93.96%.
Kevin C.
1. Which of the following makes trade-offs necessary? A. Diminishing marginal returns. B. Diminishing marginal utility. C. Limited resources and unlimited wants and needs. D. Different opportunity costs. E. An excess of supply. 2. Which of the following is an example of a non-rival good? A. Fireworks for everyone in their sight line. B. A toll road. C. A glass of water. D. Seats at a movie theater. E. An unclaimed spot on a beach. 3. The government of country X owns the means of production, determines incomes and investment, and decides what goods should be produced and how they should be traded. What economic system does country X have? A. Command. B. Capitalist. C. Entrepreneurial. D. Free enterprise. E. Mixed.
Andrew D.
Match each term with the correct definition. private property, freedom of enterprise, mutually agreeable, freedom of choice, self-interest, competition market. a. An institution that brings buyers and sellers together. b. The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property. c. The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit. d. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice. e. What each individual or firm believes is best for itself and seeks to obtain. f. Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off. g. The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualificd; and of consumers to spend their incomes in whatever way they feel is most appropriate.
Jennifer S.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD