Public Sector Government Role
Illustrate the Public Sector Government’s Role of providing the legal structure?
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1. Government ensures property rights, provides enforcement of contracts, acts as a referee and imposes penalties for foul play.
2. Government intervention improves the allocation of resources by supplying a medium of exchange, ensuring product quality, defining ownership rights, and enforcing contracts.
3. These interventions widen the market and foster greater specialization in the use of property and human resources.
4. The appropriate amount of regulation is at the level where the marginal benefit and marginal cost are equal.
Elucidate the use of money as a medium of exchange in Market System?
What happens in the resource markets?
Question: A country with a fixed or managed exchange rate would consider i.___________________ its currency to gain competitive advantage vis-à-vis its trade
Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.
After agonizing regarding whether to buy a hot dog or a hamburger along with his last dollar while he goes to the fair, Jeeter at last chooses the hot dog. The hamburger shows Jeeter's: (i) normative choice, because it would be more nutritious. (ii) opportunity cost o
Evaluate and explain the statements: “The market system is a profit-and-loss economy”
Economics as a science:We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, econo
In perfectly competitive market, the market demand curve is given by Qd = 10 − Pd, and the market supply curve is given by Qs = 1.5Ps. a) Prove that the market equilibrium price and
Distinguish between a change in demand and a change in the quantity demanded?
Define Dependent and independent variables?
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