Modifying Locke’s views on free markets, Adam Smith’s arguments rest on __________ arguments that unregulated markets and private property will produce greater benefits than any other system. KantianUtilitarianCommunistNone of the above

Q: _______ What term implies that there shall be no government interference in the economy?a. market…

A: Types of Economies:- 1) Market Economy:- Under market economy, all the decision related to…

Q: The government addresses market failures when it enforces property rights. True or False

A: Externalities refer to the cost or benefit of an economic transaction on a third party who is not…

Q: Analyze whether each of the following government activities is motivated by a concern about equality…

A: When the goods and services are unevenly distributed in the market due to lack of individual…

Q: Watching movies with particular kinds of content (e.g. violence, coarse language, crime, sexual…

A: Watching movies that have a negative effect on audiences is a typical case of negative externality,…

Q: Issues/problems of economy as a social institution? Explain and add a solution to that problem.

A: Issues and the problems identified in the economy as the social institution are the…

Q: Market competition ends when there is no buyer-versus-buyer competition and no seller-versus-seller…

A: Microeconomics studies the economic behavior of individual units such as a firm, a market, a…

Q: In 50 words.... Please Give one or two examples in the marketplace that describes the…

A: Free market refers to a marketplace whereby the principles of demand and supply regulate and governs…

Q: In general, what are some of the tactics the government uses to correct market failure? List 3 and…

A: Since you have asked multiple questions, we will answer only the first one for you. If you want the…

Q: The definition that sustainable development “meets the needs of the present without compromising the…

A: Sustainable development is a term that defines the approach for developing by using resources in…

Q: In free market (liassez-faire) system, the price mechanism dicates the production planning (how to…

A: The given statement “In free market (laisses-faire) system, the price mechanism dictates the…

Q: Social Darwinists had a different take on the utilitarian justification for free markets. They…

A: Economic competition refers to the situation where the firms are seeking for obtaining shares of…

Q: free rider problem?

A: The free rider problem is an economic concept of market that failure occurs when people are…

Q: According to the invisible hand concept, the best way for a society to encourage the creation of…

A: As wants and desires of the individuals in the economy are unlimited but resources available to…

Q: After Nike built a plant in a rural area, it discovered that families were taking their children out…

A: The firm starts its branch in a remote area and that starting of the new branch leads to the locals…

Q: Which of the following is not an example of a free rider problem? Select the correct answer below:…

A: Public goods are those goods which are non-rivalrous and non-excludable. Free rider refers when…

Q: (a) Identify the type of market failure, explain why it occurs and provide a solution (i) An auto…

A: Market failure is a situation characterized by the inefficient distribution of goods and services in…

Q: To encourage the creation of ideas, governments use a. patents. b. subsidies. c. internet taxes. d.…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Discuss "MARKET ECONOMY (CAPITALISM)" with definition, characteristics, examples, advantages and…

A: Economic system refers to the type of system prevailing in the economy. There are three types of…

Q: According to Adam Smith, the “invisible hand”refers to which of the following?a. The “best interests…

A: To explain the market hypothesis, Adam Smith introduced the concept of the “invisible hand”, and it…

Q: Describe the role of government and need of it, individually, in all types of such market situations

A: In terms of economics, economists identify different major functions of government in the market of…

Q: The privatization of public enterprise will lead to efficient management of resources in the…

A: Inductive reasoning is a technique for arriving at conclusions by moving from the specific to the…

Q: . _______ What term implies that there shall be no government interference in the economy?a. market…

A: The term Laissez-Faire was originated in France by a group of Physician, who called themselves as…

Q: Governments may intervene in a market economy in order toa. protect property rights.b. correct a…

A: The economic system refers to a system of a nation concerned to the allocation of resources,…

Q: Through economic reasoning, explain the interrelationship with markets and government.

A: There is a general law that determines the market's allocation of resources which reduces the…

Q: Discuss the market failure which justifies government involvement in the economy

A: Market failure can be understood as a situation where resources are not utilised efficiently or in…

Q: The 'invisible hand' of Adam Smith acts in a free market system with active competition, aligning…

A: Invisible hand is the approach introduced by Adam smith, gives the LET DO/LET GO approach to the…

Q: Present a private market or government function that could be operated more efficiently with the…

A: Efficiency in the market condition where all the resources utilized at the optimal level also…

Q: Government intervention is required in the case of a public good because everyone can use the good…

A: A public good is a product or service that is available to all members of a society, according to…

Q: In Malaysia, proposals to build hydroelectric dams to generate electricity have caused two…

A: 1. Here, it is given that two groups have opposite argument for the proposal to build hydroelectric…

Q: Discuss if state ownership is the right ownership for efficiency

A: A State Owned Enterprise (SOE) is a body framed by the public authority through legal means with the…

Q: The two main forms of economic organisations are  a the hierarchy and the market  b the…

A: Economics is a social science that deals with micro and macro economics. Microeconomics deals with…

Q: Present and evaluate the claim that capitalism creates waste and false needs. If the claim is…

A: What is capitalism? Capitalism is a system of economic governance that has arisen in many contexts…

Q: Suppose Fischer Pond is a common-property resource—anyone can fish without having to pay for access.…

A: Common property resource are the natural resources which are owned and managed by the community or…

Q: cording to the narrow view of corporate social responsibility, which of the following is the y…

A: Corporate Social Responsibility: Corporate Social Responsibility is a management concept as per…

Q: Left to its own devices, a free-market economy will not result in the level of environmental quality…

A: Definition: Environmental quality is an overall term that can allude to changed attributes, for…

Q: In the real world it is governments the case that all the conditions for markets to be efficient…

A: Since all three are different questions, we will answer the first one only. Please resubmit the…

Q: Rational Choice

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The main criticism of a market economy is a. Concentration of wealth in a small percentage of the…

A: The market economy is an economic system where resources are own and controlled by the private…

Q: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis…

A: The economic situation that is being depicted in the free market by an inefficient distribution of…

Q: Market failure, Public Goods, Role of Government  (a) What is market failure? List and discuss two…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Judy allows her friend Tim to use her car whenever he’s in town on business. Which economic practice…

A: Economic practices include all activities associated with the production, utilisation and…

Q: Identify the type of government policies promoting innovation and social benefit represented by the…

A: A. Research and Development- Green Energy Co. received a tax rebate for projects involving solar…

Q: Markets will always create more efficient outcomes without government intervention. true or false

A: Markets include demand and supply.Because of markets proper distribution of resources takes place…