Efficient economic system for allocating resources

Assignment Help International Economics

Reference no: EM1375188

Question1. Why do many economists believe that the market system is the most efficient economic system for allocating resources?
Question2. What are the four main categories of resources? Describe each of them.
Question3. (a) Describe what happens in the simple circular flow diagram? (b) What effect do price controls have on the market system?

Question4. (a) Describe what can we learn from a country's production possibilities curve? (b) How can a nation's production possibilities curve shift inward? (c) Why the production possibilities cure is bowed-out in shape?

Question5. Will a nation tend to export or import goods for which it has comparative advantage? Describe.

Question6. Imagine a professor who is writing a book. The professor can both write the chapters and gather the data faster than anyone else in the university. Still he pays a student to collect the data at the library. Is this sensible? Describe.

Reference no: EM1375188

Questions Cloud

Determine number of families with children under age : Red Carpet Baby!, a children's accessory and toy store, uses U.S. Census information to determine number of families with children under age 5 in its market area.

Comparative advantage in producing cars and trucks : Given an hour of production, Norway can manufacture ten cars and twenty trucks and Costa Rica can manufacture five cars and fifteen trucks.

Determine upper control line quality control purposes : You need to determine upper control line for a "p" chart for quality control purposes. You take several samples of a size of 100 items in your production process. From samples you determine.

When should each be used : Osakwe, an enterprising student, has set up an internship clearinghouse for business students. when should each be used.

Efficient economic system for allocating resources : Discuss why do many economists believe that the market system is the most efficient economic system for allocating resources?

Illustrate what criteria did you use : When comparisons are made among all eight warehouses which 1 do you think does best job for Brant Business. Illustrate what criteria did you use. Why.

Illustrate what changes in work situation account : Illustrate what changes in work situation account for increase in productivity and decrease in controlled rejects.

Explain how many slots should wzmu sell in advance : Now suppose that if a slot is not sold in advance and is not sold at last minute, it may be used for a promotional message worth $2500. Now explain how many slots should WZMU sell in advance.

Discuss role and importance of information system management : Illustrate what term best expresses placement of workers and machines in a single location to make a product. Discuss role and importance of Information Systems Management (ISM) in a named organization.

User Account

All Pages