”One of the failings of a market system is the damage to the environment. Pollution would not exist with a centrally planned economy.” Evaluate this statement.
What will be an ideal response?
Market systems fail to include external costs, resulting in pollution. But pollution in centrally planned economies has been even higher. China, Eastern Europe, and the former Soviet Union all have grave environmental problems.
Economics
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The combined effect of changes in government purchases and net taxes can be determined by adding their individual effects
a. True b. False Indicate whether the statement is true or false
Economics
If a firm in a perfectly competitive industry lowers its price below the market price, its
A. sales will drop to zero. B. profit will decrease. C. total revenue will increase. D. demand curve will become downward sloping.
Economics