Explain Gresham's Law

Q: Why would you rather use real variables in an economic analysis

A: Real variables are those where the impacts of costs or potentially expansion have been taken out.…

Q: In Neoclassical Economics, markets lead to maximum social welfare, if particular conditions are…

A: Neoclassical economics is that branch of economics that emerged in the 20th Century. It differs from…

Q: By using the concept of the Heckscher-Ohlin model, and information assumptions below this i. Two…

A: a) There is no need to prove that cloth is labour intensive and food is land intensive since these…

Q: What is okun's law ?

A: The law shows the relationship between the unemployment rata and the GDP.

Q: All economic models are wrong. Yet, we study models in order to answer economic questions. Explain.

A: In economics, economic agents have to make rational choices so that the limited resources in the…

Q: Explain the difference between Microeconomics and Macroeconomics. Justify your answer by giving…

A: Economics is a discipline that analyses the behavior of different economic entities like households,…

Q: how can CYCLING be considered as a competitive SPORT AND a LEISURE activity by referring to the…

A: Genuine leisure' cycling has created as a reevaluation of the conventional type of the game. This…

Q: Write short-notes on the following: Stopler-samuelson model Rybczynski Theorem(RT) H-O theorem

A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…

Q: Under which of the following conditions does Say's law apply more accurately?

A: Say's law- By this law, it is stated that supply creates its own demand.

Q: Explain why it is important for an economic modelto be an abstraction from the real world.

A: Because the real world is far too complex to comprehend in detail, it is critical for an economic…

Q: What is the building block of all the mathematical models we considered and list its key properties.…

A: Building blocks of mathematics The Building Blocks in mathematics is a model based on algebra. It…

Q: Discuss Okun's law and Philip's Curve

A: Okun law in a economics states that there exist a statistical relationship between unemployment rate…

Q: What is Engel's law?

A: Engel's law shows relationship between family income and expenditure.

Q: This multiple choice question from MACROECONOMICS course. just write for me the final answer

A: The relation between real GDP, nominal GDP, and the price level is given by; Price level =Nominal…

Q: What is Leontief’s Theorem all about?? Explain!

A: International trade provided many theories to explain which country should export what and which…

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

A: Microeconomics deals with an individual(personal, industrial or organizational) economic problem and…

Q: State and explain Walras Law. What are the implications of Walras’s Law? Illustrate Walras Law in an…

A: The Edgeworth box, named after Francis Ysidro Edgeworth, refers to the two dimensional illustration…

Q: 36. Which of the following statements is FALSE?     a) positive economics focuses on the way the…

A: Positive economics(PE) deals with economic problems that are actually solved. It can be proved with…

Q: 32. The Fisher effect creates a link between and

A: Relationship between inflation rates and unemployment is depicted by the Phillips curve.

Q: Identify and define the two branches of economics

A: Economics:- Economics can be defined as the subject that studies the production, consumption and…

Q: Differentiate Microeconomics from Macroeconomics

A: There are two main branches of economics: Microeconomics and Macroeconomics. Microeconomics is the…

Q: What does the Heckscher-Ohlin theorem say? Does the theorem make intuitive sense? Why / why not?

A: Heckscher-Ohlin theory in international economics states that an economy tends to produce and export…

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: An example of a topic outside the scope of macroeconomics is

A: Macroeconomics is the study of economic issues related with aggregate level. Such as unemployment…

Q: Which of the following is the best description of the study of economics? Economics is the…

A: please find the answer below.

Q: Name and explain at least five macroeconomics objectives

A: Macroeconomics is the study of whole or aggregate things. For example, Macroeconomics studies the…

Q: This semester, you have read about many topics in Macro-Economics. Choose two (2) specific but,…

A: Inflation When general price level increases,it is known as inflation. Inflation can be controlled…

Q: How do economists address the 3 central questions that economists ask to better understand decision…

A: While addressing the three central questions, the economist assumes that decision markers seek to…

Q: Econometric models are generally rigid and explains specific phenomenon that may be ineffective or…

A: Econometrics is used to explain economic phenomena using inferences from statistics, economic…

Q: Economic models that assume that wages and prices adjust freely to changes in demand and supply are…

A: Economic models that assume that wages and prices adjust freely to changes in demand and supply are…

Q: hat can be done lower errors in econometrics models

A: The term econometrics refers to the study of economic data. It's a type of social science in which…

Q: What is Baxter's law?

A: Monopoly happens once there's only one trafficker within the market. The monopoly case is taken into…

Q: How modern macroeconomics is different from traditional macroeconomics?

A: The modern study and analysis of macroeconomics starts with how microeconomics units, consumers and…

Q: Choose one of the major theories associated with consequentialism: what objections might be made to…

A: Concept Consequentialism is a moral concept that uses the effects of an action to determine whether…

Q: Explain the difference(s) between an economic and an econometric model . Write down examples for…

A: Economic models are used by the economist to explain consistently recurring relationships. This…

Q: Explain, using the concept of the elements of model, the statement-“A model is a theoretical…

A: The study of economics deals with how resources are allocated in a manner that most of the human…

Q: Einstein was quoted saying "Everything should be made as simple as possible, but not simpler." When…

A: Introduction: Einstein was implying that while it is preferable to make even complicated things as…

Q: . A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you…

A: Economics deals with the allocation of scarce resources among humans with unlimited wants.…

Q: What is the water diamond paradox in our modern economics?

A: Total Utility is the total satisfaction obtained by consuming a particular amount of good or…

Q: What are some examples of macroeconomics queation?

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

Q: A theory is a simplified representation of how two or more variables interact with each other…

A: In economics, theories helps to solve complex real world issues by simplifying it into very basics.

Q: What are the two basic principles of aggregates in microeconomics

A: Microeconomics studies and analyses the economic relationships, economic issues or economic problem…