What is the difference between a command economy and a laissez-faire economy?
What will be an ideal response?
The major difference lies in how the two types of economies answer the three basic questions. In a command economy, a central government either directly or indirectly sets output targets, incomes, and prices. In a laissez-faire economy, individual people and firms pursue their own self-interests without any central direction or regulation.
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One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.
The major difference between the for-profit and the not-for-profit organizational form is:
a. patients receive higher quality of care in not-for-profit hospitals. b. shareholders receive higher return on their investment in a not-for-profit environment. c. primarily the ability to transfer assets. d. for-profit hospitals do not provide charity care. e. the absence of a profit motive in the not-for-profit environment.