« previous next »

Author Question: Which of the following are weaknesses of a command-based economic system? a. It is not possible for ... (Read 158 times)

codyclark

  • Hero Member
  • *****
  • Posts: 538
on: Jun 30, 2018
Which of the following are weaknesses of a command-based economic system?
 a. It is not possible for goods to be allocated based on need rather than based on willingness and ability to pay.
  b. Producers have incentives to innovate because successful innovators are not rewarded with higher profit.
  c. Since price is set by central planners, price cannot freely adjust to resolve shortages or surpluses based on current supply and demand conditions.
  d. Answers b. and c. above are correct.

Question 2

At the equilibrium level of real GDP, total production equals total:
 a. saving.
  b. investment.
  c. net exports.
  d. spending.


mbcrismon

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

A journey through the digestive system A journey through the digestive system
TEN RULES OF PERFORMANCE IN A REDESIGNED HEALTH CARE SYSTEM TEN RULES OF PERFORMANCE IN A REDESIGNED HEALTH CARE SYSTEM
The Rise of the Second American Party System, 1828 The Rise of the Second American Party System, 1828
Economic activity as viewed by environment and ecological economists Economic activity as viewed by environment and ecological economists
Organ System Organ System
economic question economic question
Video: Types of Shock (Part 2 of 2)

For a complete list of videos, visit our video library