Ecom Essay Questions Mid

1. Explain the difference between a command economy and a market economy by defining each of the two concepts. Provide an example of one country that uses each of the two types of economy

2.The equilibrium price in the renting market is $1,500. The government puts a price ceiling of $1,200. Is there a shortage, a surplus or neither? how is this determined. In the event it is a shortage or a surplus, is it binding? Explain if the government is trying to help the consumers or the producers and why you believe that is the case.

3.When comparing the GDP of Mali (a country in Africa) to that of the United States. Consider the concept of goods produced in the household. Which of the two countries is likely to understate their GDP? explain your reasoning

4.Compare the concepts of GDP deflator and Consumer Price Index (CPI) by outlining two distinct Differences. Provide a definition of the two concepts in your comparison

5.Explain the concept of comparative advantage. Outline an example of the concept of comparative advantage that specifically has to do withtwo individuals where each of the individuaawzls benefit from their interactions