1. Indicate whether each of the following decisions is more characteristic of a primarily market-oriented economy...

1. Indicate whether each of the following decisions is more characteristic of a primarily market-oriented economy or of a primarily command-oriented economy:

a. a family decides to start a restaurant;

b. a business decides to lay off workers;

c. the government announces a plan for the national economy to focus on producing high technology goods;

d. the government imposes an steep tax increase

Solutions

Expert Solution

In a market oriented economy most of the economic decisions are made by the market, that is, the buyers and the sellers (firms and individuals). This type of economy is characterized by less government control.

Whereas, in a command oriented economy, the decisions are made by the government. This type of economy is characterized by high government control and less less economic freedom.

A family decides to start a restaurant - here the government control is less and the economic decisions is upto the individuals centered around the restaurant. So, this exhibits the characteristics of market-oriented economy.
The business decides to lay off workers - the decision to lay off workers is Upton the business, so this also exhibits the characteristics is market oriented economy.
The government announces a plan for the national economy to focus on producing high technology goods - here, the government is vocal about the economic decisions and therefore this is an example of command oriented economy.
The government imposes an steep tax increase - in this economy, the government intervention is high so it is a command oriented economy.

Rahul Sunny answered 1 year ago

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