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Chapter 5 Questions for homework
Chapter 6 Questions for homework 
Chapter 7 Questions for homework
Chapter  8 & 9

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A. What to produce: those goods that earn a profit as determined 
by dollar vote How many: level of demand and efficiency of supply 
as determined by society's attitude toward work

B. How to produce: competitively using innovation and technology

C. Who will receive production: those willing and able to pay based 
upon income, wealth, and government efforts to redistribute income 
D. Adapting to a changing environment: creative destruction allows  
market forces to account for change

2. What are the advantages and disadvantages of a market system? (see page 11)

II. Market system evaluated
    A. Advantages
       1. Resources allocated efficiently
       2. Economic freedoms abound (freedom of enterprise and economic B. Disadvantages 1. Too dependent upon competition  which is often eroded by monopoly power.    Waste and inefficiency result because of monopoly power exercised by business, unions, governments,  nd interest groups. ; 2. Inequitable distribution of income (economic survival of the fittest) 3. Market failure occurs a. Not all costs (pollution) and benefits (public health) are properly accounted for. b. Why? because measuring their cost and benefits in dollars is difficult and subjective. 4. Political process sometimes interferes with creative destruction.

Chapter 6 Questions for homework 

1. Is the federal government doing a good job accomplishing its economic functions?

Class discussion will center upon government failures and whether the government 
should regulate economic activity. Class discussion of government successes 
(winning the cold war, a successful social security system) may prove interesting.

2. Is the benefit received by citizens from government economic activity linear 
in relation to income? That is, does a person earning $100,000 annually receive 
approximately twice the benefit received by someone earning $50,000? If not, 
what does a graph of the relationship look like?

People tend to think the primary beneficiaries of government spending are the 
poor, but government activity is responsible for much the wealthy possess. 
President Eisenhower began building an elaborate highway system in the early 
1950's for reasons of national security. This activity changed our country 
dramatically and made many people wealthy. How much of Ted Turner's wealth 
is the result of government-sponsored space exploration? The answer may not 
be linear with a negative slope. It may be a traditional S-curve.

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