Which type of economy would consumers have the most choices of products to buy?

Which type of economy would consumers have the most choices of products to buy?

A free and competitive market economy is the ideal type of market economy, because what is supplied is exactly what consumers demand. Price controls are an example of a market that is not free.

Which is the most likely effect of the Interstate Commerce Act on small farmers?

Which is the most likely effect of the Interstate Commerce Act on small farmers? It helped them be more profitable.

Which of the following is a reason why two parties would agree to an exchange of goods in a market economy?

Despite the fact that a person may value a good, they are often willing to exchange it. Which of the following is a reason why two parties would agree to an exchange of goods in a market economy? They both believe their utility will decrease after the trade. They both place a greater value on what the other has.

In which type of economy would prices be set by the government?

command economy
Sometimes called a planned economy, in a command economy, the government decides which goods and services to produce, the production and distribution method, and the prices of goods and services.

What are the main causes of economic problem?

Causes of Economic Problem

• Scarcity of resources: Resources like labour, land, and capital are insufficient as compared to the demand.
• Unlimited Human Wants: Human beings’ demands and wants are unlimited which means they will never be satisfied.

What was the significance of the Interstate Commerce Act that was passed by Congress in 1887?

With this act, the railroads became the first industry subject to Federal regulation. In 1887 Congress passed the Interstate Commerce Act, making the railroads the first industry subject to Federal regulation. Congress passed the law largely in response to public demand that railroad operations be regulated.

When two parties voluntarily enter into a trade one party will gain from the trade and the other will lose?

The basic economic problem is that there is not enough money for everyone to buy that they want. When two parties voluntarily enter into a trade, the one party will gain from the trade and the other party will loose. A nation’s goal for unemployment’s to achieve an unemployment rate of zero.

Why is the South less developed?

Southern states are generally poorer developing countries with younger, more fragile democracies heavily dependent on primary sector exports, and they frequently share a history of past colonialism by Northern states.

Why is economics deeply rooted in the concept of scarcity?

Applied economics is deeply rooted in scarcity because, economics is the study of price. The things which are abundant are free of cost or has zero price, example- air. If everything existed abundantly, than nobody would lack it, and then there was no need for any price of the commodity.