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Relative to a market economy, a centrally-planned economy would be expected to be:
A) Better at neither productive efficiency nor allocative efficiency
B) Better at allocative efficiency but not productive efficiency
C) Better at productive efficiency and allocative efficiency
D) Better at productive efficiency and allocative efficiency

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Beverley Smith
Beverley SmithLv2
13 May 2020
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Related questions

The Production Possibilities Model is one of the first Economic Models students learn about.

a. Please explain what the mode teaches us.

b. Please explain each of the 4 assumptions of the model.

c. Please explain Productive Efficiency and how it relates to the PPC.

i. Define it and explain how it relates to the PPC.

d. Please explain Allocative Efficiency and how the point of AE is found.

i. Define it, ii. Discuss the significance of allocative efficiency relative to the model iii. Explain the 2 step process for finding the point of allocative efficiency on the PPC.

e. On the topic of Economic growth: i. What does it mean? ii. How can it be graphically represented? iii. What are the prerequisites to Economic growth? iv. Why is Economic growth important? v. What factors tend to limit growth?

f. The Presentville  Futureville case:

1. Explain what motivates each group to make decisions.

2. Explain the impact of those decisions on the future of each group.

3. Explain the relevance of this case for the U.S. Economy. 4. What does this case teach you? g. Law of increasing opportunity cost: 1. What does it tell us? 2. How could it be explained graphically? h. Explain how you could use the Production Possibility Model to represent the US Economy during 2008 - 2010.

Identify a particular industry (non-government) that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and equity. You may post to both categories, but are required to only select one. Keep in mind there are four market structures and we study Monopolistic Competition and Oligopoly next week. Read the Discussion Instructions for Week 4 and identify the market characteristics, productive efficiency, allocative efficiency, and equity in the particular industry that you selected.

Note: Do not duplicate an example in the text, lead post. *Please work cite your answer!*

In an economy in which decisions are guided by prices and individual self-interest, there is: 
 
(i) the potential to achieve efficiency in production.
(ii) a strong need for government intervention in the market.
(iii) less efficiency than would be observed in a centrally-planned economy.
(iv) more need for a strong legal system to control individual greed than would be needed in a centrally-planned economy.

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