Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.

Q: With which of the problems faced by every society is microeconomics primarily concerned

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: a) Briefly explain how is the ‘Islamic man’ different from the ‘economic man’? b) Describe whether…

A: Resources are scarce in all types of economies. Thus, every economic system seeks to utilize these…

Q: Economic analysis is limited in its ability to forecast precise choices of a given individual…

A: Economic analysis refers to the observation and understanding of the given data to get relevant…

Q: The economic term equality describes a situation in which -society is getting the maximum benefits…

A: Income equality: Income equality is a situation of equal income distribution for households and…

Q: What are the circular flows in the capitalist economy? Please draw it and explain at least in four…

A: Capitalist economy: It is alluded to as the monetary framework where the variables of creation, for…

Q: Marx says ““it is not the consciousness of men that determines their being, but, on the contrary,…

A: Marx says ““it is not the consciousness of men that determines their being, but, on the contrary,…

Q: Normative and positive statements

A: Positive and normative analysis are two branches of economics. Positive analysis focuses  on “what…

Q: Richard Thaler provides three criticisms of the homo economicus model in his book “Missbehaving”.…

A: With the first salvo of wit that will characterise the entire book, Richard Thaler claims that…

Q: Distinguish between a positive statement and a normative statement and provide 2 examples of each

A: Positive statements and negative statements are the two different way of thinking about economic…

Q: Do you think that the pure market economy in these circumstance of COVID 19 play an effective role…

A: The Covid-19 is a new type of pandemic disease which was originated in the province of Wuhan in the…

Q: Suppose country A has 5000 units of capital and 2000 units of labor while country B has 6000 units…

A: Hi there! Thank you for the question. As per our Honor code, we can attempt only first 3 sub parts.

Q: Factors of production are normative are studied primarily in represent the classification of…

A: Factors of production are the economic resources that are used to produce goods and services in an…

Q: According to Polonyi,need for economy arises a)because scarcity of resources needs efficient…

A: According to Polonyi, formal economics is related to the scarcity of goods, and that too when the…

Q: An economic system is an ongoing process whereby people exchange material goods and personal…

A: In an economy, an economic system refers to the ideology or an approach to run the market in an…

Q: In Capital Marx begins his analysis by pointing out that the wealth of societies in which the…

A: Karl Marx was a German philosopher, economist, historian and revolutionary. He is known for his…

Q: Determine if the following statement is normative or positive: Households that participate in SNAP…

A: SNAP: SNAP advances long-haul wellbeing and prosperity, particularly for kids. Research shows that…

Q: Determine if the following statement is normative or positive: Households that participate in SNAP…

A: Positive Economic: The positive economic deals with the issues or things as they exist. It studies…

Q: 10 principles of economics and expound two microeconomics situations per principle

A: Principles of economics is mostly referred to Mankiw’s “Ten Principles of Economics.” These…

Q: What is the difference between an economu based on individualism and an economy based on…

A: Economy based on individualism :-  The basic feature of the economy is that it provides freedom to…

Q: What is the difference between positive and normative analysis? Which of the following statements…

A: The positive analysis is an analysis that can be tested and developed. These statements are…

Q: Fisher claims that the counterparts of particle and energy in mechanics are individual and utility…

A: In the last decade, the study of economics has evolved to incorporate several concepts of advanced…

Q: PPFs are usually bowed out because:    a) all resources are not equally adaptable in the production…

A: Production possibility frontier refers to a curve that shows the combinations of two goods located…

Q: Given that most people like to get ‘free stuff,’ it follows that goods that are available free of…

A: The following problem has been solved as follows:

Q: How does Homo Economicus influence economic models? Describe an argument against using Homo…

A: In simple terms Homo Economicus refers to the assumption that "human beings are rational" . Most…

Q: In a market economy, decisions are guided by individual self-interest. What impact does this have?…

A: A market economy is an economic system in which supply and demand determine how goods and services…

Q: In Hayek's The Use of Knowledge in Society, he asserts that the fundamental problem of society is:…

A: As a distinct key resource, knowledge represents a variety of economic and social development.…

Q: How does economic freedom (people have choices on how to spend their money), private property (you…

A: Capitalist economy is a type of free market where every party consumer, producer acts freely in…

Q: How Bergson-Samuelson Social Welfare Function used in a model that considers a society's desire for…

A: let we have show that as per,According to Samuelson theory, the public good is given to the consumer…

Q: Determine whether each of the following topics would more likely to be studied in microeconomics or…

A: Definitions: Microeconomics: Microeconomics is a branch of economics that deals with consumer…

Q: Using the appropriate diagram(s), explain briefly why the third general equilibrium efficiency…

A: (Q) Using the appropriate diagram(s), explain briefly why the third general equilibrium efficiency…

Q: Macroeconomics  Group of answer choices is the efficient allocation of societies scarce resources is…

A: Scarce resources are those resources which are present in limited quantities.

Q: Polanyi criticised formal definition of economics, a)because it only takes into account capitalist…

A: Polanyi believes in historical economics.

Q: 19. One research is being conducted about how gold prices change due to the changing preferences of…

A: Economics is a branch of social science that studies how different agents in a social construct…

Q: Question 3 The difference between positive and normative economics is best summarized as saying that…

A: Economics is a social science that describes human behavior in terms of their unlimited wants that…

Q: What is the methodology of microeconomic analysis and how is it  applied to economic policy analysis

A: Microeconomics is the branch of economics that studies the economy at a micro level like individual…

Q: Classify the following as microeconomics or macroeconomics and choose a justification for your…

A: In an economy, microeconomics defines economic activities related to one sector, firm, or an…

Q: Tim Geithner, a former U. S. Treasury Secretary, has said, "The recession that began in late 2007…

A: The following are the main economic interaction principles:-1) One consumer's expenditures are…

Q: Pareto optimality refers to the maximum efficient allocation of economic resources such that there…

A: Pareto optimality:- The state of Pareto optimality occurs when inputs in a organization are…

Q: An economy will achieve productive efficiency when it ___ and will achieve allocative efficiency…

A: Productive efficiency implies that, given the accessible data sources and innovation, it's difficult…

Q: This study seeks to understand and explain the behavior of individuals, as such, consumers,…

A: (Q) This study seeks to understand and explain the behavior of individuals, as such, consumers,…

Q: The branch of economics that is concerned with the study of individual economic unit is known as

A: According to its definition, economics is a social science that examines the issue of product…

Q: Suppose country A has 5000 units of capital and 2000 units of labor while country B has 6000 units…

A: The capital or labor abundancy of a country is based on the endowments of one factor related to the…

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.