If a society’s scarce resources are allocated by the governm

Custom Essays Economics If a society’s scarce resources are allocated by the governm

Economics

If a society’s scarce resources are allocated by the governm

If a society’s scarce resources are allocated by the government, which of the following is most lik… Show more If a society’s scarce resources are allocated by the government, which of the following is most likely to result? A)Only those who circumvent the government’s rules will prosper. B)Under a government allocation, no one will have to do without. C)It provides an incentive to be a member of government and thus help determine the allocation rules. D)Under a government allocation, some will have to do without, but the government guarantees that resource allocations are fair. E)Government allocation provides incentives to increase production and efficiency and to create value. Which of the following statements is not true about a market system? The market system. . . A)provides an incentive to consumers to acquire purchasing ability. B)magnifies the problem of scarcity of goods and services. C)provides an incentive for allocating resources. D)provides an incentive to improve the quality of goods produced. E)provides everything everyone wants to consume. _______ ensure that resources are allocated to where they are most highly valued. A)Communist governments B)Consumers C)Suppliers D)Non-governmental organizations E)Markets Margaret can use her quarterly savings to buy a teakwood study table for her room or spend it on a small Christmas party with her family. The _____ cost of her enjoyment at the Christmas party would then equal the forgone utility of the study table. A)transaction B)exchange C)opportunity D)direct E)sunk Money exchanges are more efficient than barter because: A)money exchanges do not require a double coincidence of wants. B)the government guarantees the value of money. C)money usually has an intrinsic value. D)money is backed by a physical commodity. E)opportunity costs are higher with barter trades. Most markets involve the use of money for transactions because: A)the value of money remains same across countries over time. B)the transaction costs of using money are very high. C)using money requires a double coincidence of wants. D)goods and services cannot be exchanged without money. E)goods and services can be exchanged more easily with money than without it. Barter can best be defined as: A)the direct exchange of one good for money. B)the direct exchange of money for a good. C)the direct exchange of goods and services without the use of money. D)the direct exchange of labor services for wages. E)the payment of interest on a savings account. The term barter refers to exchanges made: A)only with the use of money. B)without the use of money. C)outside the U.S. economy. D)only in underdeveloped countries. E)within countries in a monetary union. Barter requires a double coincidence of wants. This means that: A)at least two traders must demand a commodity. B)any two traders involved in a transaction must have money. C)each trader must demand at least two commodities. D)when two traders are involved in a transaction each trader must want what the other has to offer. E)either of the two trades involved in a transaction must have money. The exchange of goods and services directly without money is called: A)the double coincidence of wants. B)barter. C)arbitration. D)currency trade. E)illegal trade. PLEASE SHOW ME YOUR WORK FOR THE ANSWERS THAT YOU SELECTED AND I WILL RATE YOU. SHOW ME THAT YOU’RE CONFIDENT OF YOUR ANSWERS AND I WILL RATE YOU. I APPRECIATE ALL OF YOUR EXPERT ADVICE. • Show less

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