This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Explain why economists consider it to be one of the economic functions of government to provide a ... (Read 115 times)

imowrer

  • Hero Member
  • *****
  • Posts: 514
on: Jun 29, 2018
Explain why economists consider it to be one of the economic functions of government to provide a legal system.
 
  What will be an ideal response?

Question 2

A black market may occur when
 
  A) the government imposes a price floor below the market clearing price.
  B) the government imposes a price ceiling below the market clearing price.
  C) the government imposes a price ceiling above the market clearing price.
  D) the government does not impose either a price ceiling or a price floor.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tmlewis4706

  • Sr. Member
  • ****
  • Posts: 295
Reply #1 on: Jun 29, 2018
Answer to Question 1

A market economy relies heavily on contracts and property rights. Property rights must be defined and protected if people are going to make investments in resources, and if people are going to exchange assets. Contracts must also be enforced. By providing a legal system, the government can ensure that a market system will function better.

Answer to Question 2

B


imowrer

  • Member
  • Posts: 514
Reply 2 on: Jun 29, 2018
Wow, this really help

mochi09

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

The Krapina remains may provide evidence of cannibalism by some Neadertals. The Krapina remains may provide evidence of cannibalism by some Neadertals.
This chart shows the various lines of responsibility and how they differ in presidential and parliam This chart shows the various lines of responsibility and how they differ in presidential and parliam
Economic and Social Development Economic and Social Development
How to integrate trigonometric functions containing both tangent and secant (Question 2) How to integrate trigonometric functions containing both tangent and secant (Question 2)
Functions of Vitamin D Vitamin D Helps Bone Health by Regulating Calcium and Phosphorus Functions of Vitamin D Vitamin D Helps Bone Health by Regulating Calcium and Phosphorus
economic question economic question
Video: Introduction to Autism

For a complete list of videos, visit our video library