Which of the following statements are false? Group of answer choices People respond to incentives Markets are efficient, but not perfect Negative Externalities and Market Power is an example of a market failure Trade is a zero sum game Productivity gains increases living standards When the government increases the money supply we will get inflation All of the above are true statements

Which of the following statements are false? Group of answer choices People respond to incentives Markets are efficient, but not perfect Negative Externalities and Market Power is an example of a market failure Trade is a zero sum game Productivity gains increases living standards When the government increases the money supply we will get inflation All of the above are true statements

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 12SQ

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If there is a high rate of inflation (as well as an ample money supply), this finding is associated with principle # Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs Principle #2: The Cost of Something is What You Give Up to Get It Principle #3: Rational People Think at the Margin Principle #4: People Respond to Incentives Principle #5: Trade Can Make Everyone Better Off Principle #6: Markets Are Usually A Good Way to Organize Economic Activity Principle #7: Governments Can Sometimes Improve Market Outcomes Principle #8: A country's standard of living depends on its ability to produce goods and services. Principle #9: Prices rise when the government prints too much money. Principle #10: Society faces a short-run tradeoff between inflation and unemployment.
In a market economy, decisions are guided by individual self-interest. What impact does this have? Question 6 options: There is more need for a strong legal system to control individual greed. There is a strong need for government intervention in the market. There is less efficiency in market economies than in command economies. There is still the ability to achieve desirable economic well-being for society as a whole.
In a market economy Group of answer choices All the other answers are true for the market economy. consumers buy what makes them better off. those goods and services that people will buy, will be produced. producers and sellers produce/sell goods and services that are profitable to produce/sell.
Which of the following statements describes Principle 6: Markets are usually a good way to organize economic activity? A buyer of tomatoes asking 5 pcs of tomatoes for 20 pesos and the seller bargaining to give the tomatoes for 20 pesos if the buyer will buy 10 pieces. Thousands or millions of Filipino people applying and being hired in BPO companies of their choice. Russia allowing the Philippines to purchase new military equipment from their country. Several milktea shops are opening due to the increase in demand of milktea. Which of the following might increase the equilibrium price of bread but decrease in the equilibrium quantity of bread sold? O an increase in the price of flour an increase in the price of rice O an increase in price of coffee an increase in the consumers' income
Which of the below statements DOES NOT capture Economics? Group of answer choices Economics tells us that there is no theoretical limit to how well we can live or how widely our wealth can spread. The economic prosperity of an economy requires that every person in that economy have a Ph.D. degree. Wheelan argues that the free market system does not make poverty inevitable. Economic development is not a zero-sum game. Even the most prosperous economy will contiue to require certain manual tasks that do not require advanced college degrees. These tasks cannot be replaced with automation. Expecting Ph.D.s or people with professional education to do such tasks will have a high opportunity cost.
The world population will double in the next 10 years, but you personally are unlikely to eat only half as much. To explain this phenomenon, anthropologists have come up with this kind of explanation of world hunger: a. Inequality b. Division of labor c. Resource expansion d. Scarcity.
In a market economy, what mechanism determines the price and quantity of goods. sold? A) Government Regulations B) Supply and Demand C) Corporate Decision-Making D) International Trade Agreements
Smith points out the possibility of producers contriving to raise prices. Are there other problems with the free-market system that he did not point out?
Which of the following is NOT studied in microeconomics? The effects of government regulations on automobile demand. The relationship between household income and household savings. A family’s decision on how much income should save in a year. The relationship between the inflation rate and changes in the quantity of money
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What does the research and experimentation tax credit do? Group of answer choices A)Generates significant tax revenue for the federal government. B)It offers a tax benefit to individuals who work in research and development. C)It offers firms a tax reduction depending on hiring of scientific and technical personnel. D)It offers firms a tax reduction depending on how much research and development they do.