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Bizhelp, CPA
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14.Consumer sovereignty refers to the Answer fact that

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14.Consumer sovereignty refers to the:
Answer

fact that resource prices are higher than product prices in capitalistic economies.

idea that the pursuit of self-interest is in the public interest.

idea that the decisions of producers and resource suppliers with respect to the kinds and amounts of goods produced must be appropriate to consumer demands.

fact that a Federal agency exists to protect consumers from harmful and defective products.


15.The coordination problem in the centrally planned economies refers to the idea that:
Answer

planners had to direct required inputs to each enterprise.

the price level and the level of employment were inversely related.

the immediate effect of more investment was less consumption.

exports had to be equal to imports for a central plan to work.

16.The incentive problem under communist central planning refers to the idea that:
Answer

planners had to direct required inputs to each enterprise.

workers, managers, and entrepreneurs could not personally gain by responding to shortages or surpluses or by introducing new and improved products.

the immediate effect of more investment was less consumption.

exports had to be equal to imports for a central plan to work.
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.
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