Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A) In this country, the state owns most of the means of production, and private property is illegal. The government controls wages and prices, as

image text in transcribed
A) In this country, the state owns most of the means of production, and private property is illegal. The government controls wages and prices, as well as provides all basic goods including food, housing, and clothes. Healthcare and all education (including higher education) are free. This country has a strong "second economy" where small, private businesses make up for government shortages. Technically these markets are not legal, but the government turns a blind eye. B) This country has nationalized banks, though some private banks exist. There is heavy government involvement in investment and development and the government manages most major goods and industries. Private property and companies do exist. Some prices are set by the market, others are controlled by government. Overall, about 50% of the economy is centrally planned by the government. There is a compulsory national social security system; primary, secondary, and higher education is free or very low cost; low-cost healthcare subsidized by the government; and services for the poor and needy. C) This country has universal K-12 education and a pension plan for most people, though it is expected that private retirement plans will supplement the government pensions. It has no universal healthcare, childcare, or higher education system. The government owns very few industries, and the economy is largely privately owned. The government rarely gets involved in labor/management negotiations. There are services for the unemployed, poor, and disabled. 1. Which country has safety nets and why? 2. Which country has the most economic rights and why? 3. Which country has the least economic rights and why? 4. What type of economy (leaning regulated capitalism, leaning mixed, leaning command) should we categorize a? b? c? and why

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Principles And Applications

Authors: Sheridan Titman, Arthur Keown, John Martin

13th Global Edition

1292222182, 978-1292222189

More Books

Students also viewed these Finance questions