Whenever the government tries to increase equality, efficiency almost always decreases.
When the government attempts to cut the economic pie into more equal slices what happens?
When government policies are designed, these two goals often conflict… In other words, when the government tries to cut the economic pie into more equal slices, the pie gets smaller.
What do we know about college age athletes who drop out of college to play professional sports?
What do we know about college-age athletes who drop out of college to play professional sports? They are well aware that their opportunity cost of attending college is very high.
What are the two ways in which government has tried to implement the equality?
The two ways in which the government has tried to implement the equality that is guaranteed in the Constitution is first through laws and second through government programmes or schemes to help disadvantaged communities.
Why does the government play a larger role in the economy?
• c. each person spends more time producing that product in which he or she has a comparative advantage. • d. government necessarily plays a larger role in the economy due to specialization. • e. each person spends more time producing that product in which he or she has an absolute advantage.
What does the production possibilities frontier mean in economics?
The production possibilities frontier illustrates • a. the combinations of output that an economy should produce. • b. the combinations of output that an economy should consume. • c. the combinations of output that an economy can produce. • d. the combinations of output that an economy will produce.
Why does each country have a different economy?
• b. a wider variety of products will be produced within each country due to specialization. • c. each person spends more time producing that product in which he or she has a comparative advantage. • d. government necessarily plays a larger role in the economy due to specialization.
Which is the best definition of an Econ flashcard?
• a. goods consumed domestically and produced abroad. • b. goods in which a country has an absolute advantage. • c. people who work in foreign countries. • d. limits placed on the quantity of goods brought into a country. • e. goods produced domestically and sold abroad.
