In a republic, elected officials create
laws
to regulate the economy.
What best describes the role of government in a market economy?
The government (1)
provides the legal and social framework within which the economy operates
, (2) maintains competition in the marketplace, (3) provides public goods and services, (4) redistributes income, (5) cor- rects for externalities, and (6) takes certain actions to stabilize the economy.
Do elected officials create laws to regulate the economy?
In a republic, elected officials
create Fiscal Policies
to regulate the economy. Further explanation: Fiscal policies: Any change in government spending and taxation policy will have an impact on the aggregate demand, investments, employment and price level in the economy.
What role do government agencies play in a mixed economy?
What role do government agencies play in a mixed market economy?
They regulate some aspects of production and distribution
. … What might happen if an economy is unable to produce wanted goods and services? People will look elsewhere for them.
How does the economy of Cuba differ from the economy of North Korea?
How does the economy of Cuba differ from the economy of North Korea? In Cuba,
the government’s control of the economy has begun to loosen
. In North Korea, the government maintains a tight hold over the economy. … In this economy, community members typically use simple tools to plant and harvest crops.
What is a pure market economy also called?
A pure market economy is sometimes called pure.
capitalism
.
Is it true or false that in a republic elected officials create laws to regulate the economy?
The given statement
is true
.
In what kind of an economy does the government make all the decisions?
A centrally planned economy, also known as a command economy
, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.
What is the function of an economic system?
The four functions of an economic system is
what to produce, how much to produce, how to produce, and to whom to distribute
. What to produce is determined merely by the idea of consumer sovereignty, where in a market working economy, resources are distributed to satisfy most wants.
What is one disadvantage of a free market society?
What is one disadvantage of our free market society? …
Consumers have fewer choices than they do in other societies
.
Why is mixed economy the best?
A mixed economy
permits private participation in production
, which in return allows healthy competition that can result in profit. … The advantage of this type of market is that it allows competition between producers with regulations in place to protect society as a whole.
What is the best economic system?
Capitalism
is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.
How can the government reduce the wealth gap in a mixed market economy?
How can the government reduce the wealth gap in a mixed market economy?
The government can control income levels by placing limits on how much citizens can earn
. … The government can tax members of the wealthy class at a lower rate to address differences in income.
Which situation is the best example of regulation in an economic system?
The correct option is: “
A state agency has been created to monitor the production and distribution of sports drinks.”
What is one counter argument to the premise that the wealth gap is a serious problem?
What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed?
Investments by the upper class create lower-class jobs
. You just studied 39 terms!
What type of economy is being described a traditional economy?
Also known as a subsistence economy, a traditional economy is defined
by bartering and trading
. A little surplus is produced and if any excess goods are made, they are typically given to a ruling authority or landowner. A pure traditional economy has had no changes in how it operates (there are few of these today).
