21) is the market situation in which there are many sellers in a market and no 2

Question

21) is the market situation in which there are many sellers in a market and no 21) seller is large enough to dictate the price of a product. A) Monopolistic competition C) Perfect competition B) Oligopoly D) Microeconomic competition 22) A major benefit of socialism is the: 22) A) emphasis on private enterprise instead of public ownership. B) ability to stimulate rapid economic growth. C) ability to keep taxes low D) emphasis on social equality 29 23) Under the system there is very little incentive to work hard or to produce quality goods or services. A) socialist C) mixed economy B) communist D) capitalist 24) 24) Brain drain has occurred in many socialistic nations because: A) tax rates on well-respected professionals such as doctors tend to be very high. B) socialism encourages an unequal distribution of income, leaving many without medical and social services. C) workers tend to have to work longer hours and receive fewer benefits under D) the government does little to protect the natural environment. 25) 25)is buying products from another country A) Retailing B) Importing C) Outsourcing D 26) 26) is the selling of products to another country A) Exporting B) Dumping C) In-trading D) Importing 27) A nation has ain the production of a good or service if it can produce that 2) good or service more effectively or efficiently than it can produce other goods. B) A) primary efficiency C) qualified advantage D) supreme advantage 28) 28) The concept of free trade means A) goods and services can be traded freely across borders without political and/or economic barriers. B) there is no exchange of currency, but the trading partners determine the value of the product and perform a bartering process to exchange goods. C) buyers and sellers contract with each other and offer some goods at no cost. D) there is no exchange of currency for these products

Explanation / Answer

21: C) Perfect competition

As per the definition of perfect competition condition, it states that in the market there are n number of equal sized or relatively medium or small sized players against each other and not even 1 player is large enough to dictate the price of the product in the market.

22: D) Emphasis on social equality

The whole concept of socialism is built upon the fact that the government owns everything, and they determine the prices, control industries, make best use of land and provide equal opportunities to everyone. That is, there is no divide among the population and as always everyone is equal for the government and therefore the social equality. Everyone equally owns production, allocation and contribution as it is the government on behalf of the public that owns industries and functions.

23: A) Socialist

In a socialist system, as everyone is getting equal opportunities and an equal share of contribution from the state irrespective of the work that they have done, there is no incentive to work in the socialist system.

24: A) Tax rates on well-respected professionals such as doctors tend to be very high

If we look at the taxation, infact the whole point is about equality, and when it boils down to individual level, it is nothing but distributing the income from high earners and distributing it among the 0 income or low income earners to remove that divide. And the disadvantage of this system is that the well respected professionals such as doctors who earn a lot, are taxed significantly high and therefore it creates an incentive for them to escape such taxes and the only way to escape is leave the country, therefore brain drain.

PS: Answering 4 questions as per Chegg policy

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