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Answer the following problems.

problem 1) Name and describe nine significant characteristics of American market system.

problem 2) Define the Four Fundamental problems faced by any economic system.

problem 3) describe how the market system answers each of these four fundamental problems.

problem 4) State normal profits and economic profits and describe the difference between them.

problem 5) describe the relationship between profits and expanding industries; losses and declining industries.

problem 6) Describe how consumer influences the “What goods and services will be produced?” problem.

problem 7) Describe how a market system achieves economic efficiency.

problem 8) Describe the role of income distribution on the “Who will get the goods and services?” problem.

problem 9) describe the guiding function of prices.

problem 10) describe how market system promotes technological improvements and capital accumulation.

problem 11) Describe the role of competition and “invisible hand” in promoting economic efficiency.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M97877

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