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Questions:
1. Explain how a traditional economy is structured based on who answers the three Economic questions. Which Economic goals are largely enhanced with this system? How do you know? Which Economic goals are diminished with this system? How do you know? Feel free to use specific examples to support your answers.
2. Explain how a command economy/centrally planned economy (Socialism) is structured based on who answers the three Economic questions. Which Economic goals are largely enhanced with this system? How do you know? Which Economic goals are diminished with this system? How do you know? Feel free to use specific examples to support your answers.
3. Explain how a free market economy (Capitalism) is structured based on who answers the three Economic questions. Which Economic goals are largely enhanced with this system? How do you know? Which Economic goals are diminished with this system? How do you know? Feel free to use specific examples to support your answers.
4. Most modern economies use a mixed economy system to maximize the positive impacts on the economic goals while minimizing the negative impacts on those goals. Describe at least three ways that these economies can use a limited amount of government control in order to achieve this. Make sure you explain how these examples demonstrate some government control and some economic freedom.
Classify each of the following industries or organizations as an oligopoly, a monopoly, or being monopolistically or perfectly competitive: a. Athletic shoes b. Restaurants c. Watches d. Aircraft e.Department of Motor Vehicles f.Aircraft g.Ice cream ..
The estimated salvage value of the equipment at the end of its 6-year useful life is $600. Identify the resulting depreciation schedules
Bart wishes to tour the country with his friends. To do this, he is saving money for a bus. How much money must Bart deposit in a savings account paying 8% nominal annual interest, compounded continuously, in order to have $8,000 in 4.5 years?
This study is an example of what type of sampling technique?
A monopoly can sell its product in two different cities, A and B. The monopolist believes that the two cities are far enough from each other that resale is impo
Illustrate with the use of AD/AS diagram an inflationary gap. Explain and illustrate on the diagram how the inflationary gap can be eliminated.
Illustrate with the help of a diagram the effects of a tariff imposed on an imported good. On your diagram, illustrate the deadweight loss resulting from the tariff.
Draw the budget line for the following situation. You have an income of $30 to spend on pumpkin scones and triple vent sugar free, non fat, no foam, extra caramel, with whip, caramel The are $5 each and each scone is $3, but the store is running a pr..
Q1.) What is history? (own words) Q2.) Why do we study history? (own words)
In 2020, Ahmed decides to invest in a wind turbine that would produce and sell electricity to the local electric utility. He decides to buy a smaller, used turbine.
Describe the financial impact of WWII on the federal government's budget. Was the budget balanced during these years? How was the war paid for?
If anti-sweatshop movements are successful in raising pay and improving working conditions for apparel workers in foreign countries, how will these changes abroad affect labor market outcomes for workers in the apparel and retailing industries in the..
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