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Macroeconomics

David Colander

Chapter 3

Economic Institutions - all with Video Answers

Educators

Chapter Questions

Problem 1

In a market economy, what is the central coordinating mechanism? LO1, LO2

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Problem 2

In a centrally planned socialist economy, what is the central coordinating mechanism? LO2

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05:20

Problem 3

How does a market economy solve the what, how, and for whom to produce problems? LO2

Noor Almesad
Noor Almesad
Numerade Educator

Problem 4

How does a centrally planned socialist economy solve the what, how, and for whom to produce problems? LO2

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Problem 5

Is capitalism or socialism the better economic system? Why? LO2

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01:38

Problem 6

True or false? As economic systems have evolved, there has been less need for planning. $\mathrm{LO} 2$

Oluwadamilola Ameobi
Oluwadamilola Ameobi
Numerade Educator
01:37

Problem 7

Why does an economy's strength ultimately reside in its people? LO3

Kaylee Mcclellan
Kaylee Mcclellan
Numerade Educator

Problem 8

What are the qualities of the Internet that have put competitive pressures on businesses? LO4

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02:56

Problem 9

Why is entrepreneurship a central part of any business? LO4

Lindsay Bur
Lindsay Bur
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Problem 10

You're starting a software company in which you plan to sell software to your fellow students. What form of business organization would you choose? Why? LO4

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03:15

Problem 11

What are the two largest categories of federal government expenditures? LO6

Md.Daniyal Arshad
Md.Daniyal Arshad
Numerade Educator
03:04

Problem 12

A good measure of a country's importance to the world economy is its area and population. True or false? Why? LO7

Pavitr Ahuja
Pavitr Ahuja
Numerade Educator

Problem 13

What are the six roles of government listed in the text? LO6

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Problem 14

You've set up the rules for a game and started the game but now realize that the rules are unfair. Should you change the rules? LO6

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Problem 15

Say the government establishes rights to pollute so that without a pollution permit you aren't allowed to emit
pollutants into the air, water, or soil. Firms are allowed to buy and sell these rights. In what way will this correct for an externality? LO6

Yingjie Wang
Yingjie Wang
Numerade Educator
02:12

Problem 16

Give an example of a merit good, a demerit good, a public good, and a good that involves an externality. LO6

Daniel Cisneros
Daniel Cisneros
Numerade Educator

Problem 17

What are two organizations that countries can use to coordinate economic relations and reduce trade barriers? LO7

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Problem 18

Why are international organizations limited in their effectiveness? LO7

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