Question

#1. Two traditional economies are trying to industrialize. The leaders of the first favor a command economic system. The leaders of the second want to try more free market-based policies. Which of the following actions would likely occur in one but not the other industrializing economy? Conversion of farmland from agriculture to industry/ Export of surplus goods not consumed locally / Investment in loans to support independent start-up/ Payment of workforce based on units of production.......................................#2. The United States raises taxes on imported electronic goods. This type of trade barrier is known as a(n)
embargo/ license/ quota/ tariff..............................#3. .Which of these businesses are in monopolistic competition?

Two clothing shops, one selling women's clothing and the other selling kids' clothing/ Two agricultural producers, each selling a variety of kinds of citrus fruit/ Two pet stores, one of which sells dog products and the other of which sells bird products/ Two phone providers, each offering benefits to customers who switch to its service......................#4.Rod has a business making silver and gold jewelry charms in the shapes of molecules. He has five metalsmiths who work for him. One week, his production possibilities curve shifts inward. What could explain this shift?

A prominent actor begins displaying one of Rod's jewelry charms./ Rod hires two new metalsmiths, and they increase his production./ The price of gold decreases, allowing Rod to increase his gold supply./ Two metalsmiths catch a viral infection and take sick days.
.................#5. Which of the following statements most directly relates to the broad economic goal of freedom?

Allowing parents to choose between public and private schooling for their children, through vouchers/ Allowing the National Park Service to initiate a program of controlled forest fires to clear undergrowth/ Increasing funding for space exploration to boost high-tech employment and develop new technologies/
Increasing income taxes for the rich so that tax money can fund aid for the economically disadvantaged

Answer 1

The right answer for the question that is being asked and shown above is that: "(1) The leaders of the first favor a command economic system. (2) tariff. (3) wo pet stores, one of which sells dog products and the other of which sells bird products. (4) A prominent actor begins displaying one of Rod's jewelry charms. (5) Increasing funding for space exploration to boost high-tech employment and develop new technologies

Answer 2

Answer:

#1.Investment in loans to support independent start-up/

#2. Tariff

#3.Two agricultural producers, each selling a variety of kinds of citrus fruit

#4. A prominent actor begins displaying one of Rod's jewelry charms

#5. Increasing funding for space exploration to boost high-tech employment and develop new technologies.

Explanation:

#1. Two traditional economies are trying to industrialize. The leaders of the first favor a command economic system. The leaders of the second want to try freer market-based policies. Which of the following actions would likely occur in one but not the other industrializing economy?

The free market economy would choose a way to foster new companies. A command economy would never foster independent start-up companies.

#2. A tariff is imposed on some foreign goods or some foreign products to control or to prevent the entrance of this product.

#3. Which of these businesses are in monopolistic competition?

Monopolistic competition is defined when we have many companies within an industry, offering similar products but not perfect replacements, disputing the same costumers.

So, the answer is:

Two agricultural producers, each selling a variety of kinds of citrus fruit.

#4. Rod has a business making silver and gold jewelry charms in the shapes of molecules. He has five metalsmiths who work for him. One week, his production possibilities curve shifts inward. What could explain this shift?

The production possibilities curve is the graph of a function that describes, the number of one product  (x-axis) and other products on the y-axis.

Since the curve has decreased than one product had its production decreased to have an increase in the production of other products.

Since a prominent actor begins displaying one of Rod's jewelry charms then one of Rod's products had an increasing demand. Rod had to lower the production level of all other jewelry products but one. That explains the inward shifting.

#5. Which of the following statements most directly relates to the broad economic goal of freedom?

Increasing funding for space exploration to boost high-tech employment and develop new technologies. Because the outcome would generate new companies, new jobs, new products, new markets. This is related to the Liberal view of Economics for this results in a minor state, and a free market.