You are watching: Which of the following statements does not apply to a market economy?
32. Alternative C price act as an invisible hand and also not an visible hand to straight economic activities in allocating scarce resources.Price device operates with demand and supply prices. At higher prices, consumers need less so demand curve slope…View the complete answer
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Transcribed picture text: 32. I beg your pardon of the adhering to statements does NOT use to a industry economy? a. Firms decide whom to hire and also what to produce b. Family members decide i m sorry firms to work-related for and what to buy through their incomes. C. Price act as a "visible hand" to direct economic activities in allocation scarce resources. D. Price act together an "invisible hand"' to direct economic activities in allocating scarce resources.. 33. In economics, the cost of miscellaneous is what you give up to gain it. For instance, the adage, is provided to highlight the rule that human being face tradeoffs and associated with chance costs. Together you hav university is not a totally free lunch, what is the opportunity expense of going to college? a. The cost that the parental pay because that their youngsters to attend the college. B. The value of the finest opportunity that a student gives up to attend college such together working. C. The full spent top top food, clothing, books, transportation, tuition, lodging, and also other exp d. Zero, because a college education and learning will permit a student to knife a larger income after graduation. There is no such point as a 34. In the simple circular-flow diagram, the entrants in the economy are households and also firms. In the circular-flow diagran i beg your pardon of the complying with items operation from that company to family members through the markets of determinants of production? a. Determinants of production such as land, labor, or capital b. Dollars paid to land, labor, and capital. D. Goods and services. C. Dollars spent on goods and services. 35. The usage of theory and also observation is more complicated in business economics than in scientific researches such as physics due to the challenge in conducting a manage experiment in an financial system is not basic to conduct. Thus, come refute their theories, economists often data from historical episodes of financial change. I m sorry of these statements about economic models a. Because that economists, economic models carry out insights about the world. B. Financial models are constructed without assumptions c. Economic models are often composed of equations and also diagrams. D. All of the over are correct. When an economist evaluates a hopeful statement, that or she is primarily evaluating evidence. Thus, i beg your pardon of the followir 36. Instance of a positive, as opposed to normative, statement? a. When the quantity of money grows rapidly, inflation is a predictable c e taxes rates should not have actually been cut as they to be a few years ago. B. Incom c. The amount of money has grown too gradually in current years. D. Every one of the over are confident statements ppose the unified States has actually a comparative benefit over Mexico in creating cars. The rule of comparative advertisement 37. Su asserts the a. B. The United claims should create a moderate amount of cars and also import the remainder the what it requires from Mexico. The unified States need to refrain completely from developing cars and import every one of what it calls for from Mexico. Joined States have to produce an ext cars 보다 what it requires and also export few of it to Mexico d. Mexico has actually nothing to acquire from importing United states cars.