Governments may intervene in a market economy in order toa. protect property rights.b. correct a market failure due to externalities.c. achieve a more equal distribution of income.d. All of the above.

Q: In what way is appoed economics important in tackling economic issues or problems of the country?

A: Applied economics is the appliance of financial assumption to conclude the expected outcome allied…

Q: Is opportunity cost a lost income? A. Yes  B. Not

A: Economics is the study related to production, consumption, and transfer of money

Q: In capitalist system, they are many fraud and illegal things happened. Why it happen?

A: There are various schools of economic thought, each with its own beliefs and principles. In a…

Q: Is there a need for the government to talk about Economics in layman's term? Justify and explain.

A: Government. in general, is known as the authority that is meant to make major decisions regarding…

Q: In a market economy, economic activity is guided by Select one: O a. the government O b. central…

A: A market economy is that economy in which economic activities are not regulated by anybody. Instead,…

Q: Identify from the situation positive and normative economics and give your reasons.

A: Positive and normative economics are the two disciplines of modern economics.Positive economics…

Q: How is the father of economics

A: Economics is a study of social science which allocates the limited resources to the unlimited wants…

Q: How might the quality of life ultimately be determined and measured?

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: What are the two major economic problems in economics

A: Economics is the study of allocation of limited resources. The fundamental economic problem is about…

Q: What is the issue about  Economics (Domestic Resources)? Give a narrative

A: Economics as a study is considered to be a very vast area of study. This involves the decision…

Q: Production Alternative Types of Production A B C D E Sandals 10 12 14 16 Boots 50 40 30 20 What is…

A: Opportunity cost refers to the Cost of having the next best possibility/alternative. It is the loss…

Q: Can you think of any examples of free goods, thatis, goods or services that are not scarce?

A: Goods and services are produced in the economy. These goods are manufactured and sold to public as…

Q: What are disadvantages of free market economy ?

A: Free Market Economy is the one in which buyers and sellers act in self-interest. It is open for…

Q: Ben considers going to the Kings of Leon concert in Philadelphia. A ticket costs $100. If Ben does…

A: The opportunity cost denotes the amount of potential gains (or benefits) that an individual or firm…

Q: One can argue for free markets in two ways. One is to say that free markets are efficient. What is…

A: Free market: It is where the economic variables, eg. price(P*), quantity(Q*), wage(w*) etc. are…

Q: How the government controls the market for a fair economic system in Islamic Economics scope?

A: Islamic economic system is the one that uses Islamic believes in running a business according to…

Q: Which would be a normative economic statement? C The poverty rate hit a new high last year C Prices…

A: Answer -  Normative Economic Statement : - It is statement that indicates opnion of an individual .…

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: The Production Possibility curve also known as Production Possibility Frontier the graphical…

Q: Is there a change in the resources available to society? explain why.

A: Economics is the study of allocation of scarce resources among alternative uses to satisfy human…

Q: What is meant by economizing of resources?

A: In our economy, we are not having unlimited resources. The resources are limited in nature and thus…

Q: The statement "government should provide affordable health care coverage for every member of…

A: In economics, we can undertake statements in two manners. One in which they are based on facts and…

Q: You win Rs 10,000 in a horse race. You have a choice between spending the money now and putting it…

A: Economics is a branch of social science that deals with the production, distribution, and…

Q: ACTIVITY TO DO: ESSAY: Explain the question in five (5) sentences 1. Identify which of the following…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: What does a normative statement describe?    A. how the world will be in the future  B. how the…

A: A normative statement is an ideological, prescriptive, and judgmental statement. It sets a standard…

Q: Normative economic statements? a. contain value judgements b. are usually irrational c. are…

A: In economics, we study how various economic agents like households, firms, and the state make…

Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies.…

A: PPF (production possibility frontier) shows the different combinations of two goods which can be…

Q: What drives a free market economy?

A: In a  free-market economy, market forces will run the economy, demand and supply are the market…

Q: give 10 economic issues

A: Economic issues refer to those problems which are faced by the entire economy due to some economic…

Q: Analyze the positive versus normative argument sin the following case. What statement of positive…

A: Positive arguments are unbiased statements that can be tested, changed, or rejected by referring to…

Q: explain what socio-economic theory assumes about people’s behavior. What are some of the social…

A: The study of the connection or interaction between social behaviour and economics is known as social…

Q: Why is “how to produce” a problem in every economy?

A: The central problems all the economies around the world face are "What to produce, how to produce,…

Q: What should we produce? How should we produce it? For whom should we produce it?

A: Answer: Introduction: "What should we produce", "How should we produce it", and "For whom should we…

Q: Name a way that your family interacts in the marketsfor the factors of production and a way that…

A: The factor of production are bought and sold under the factor market, and the final goods or…

Q: hat are examples of free-market economies?

A: Below are the three types of economies:1. Free market economy2. Command economy3. Mixed economy In…

Q: Which of the following questions is not answered by the decisions that every society must make? a.…

A: Three questions to be answered What goods and services are to be produced? How should these be made…

Q: Why socio-economic issues the people’s top concern in an economy are?

A: socio-economic issues The socio-economic issues are the problems the economy is facing. They have…

Q: What role of government do you thỉnk is the most important from an economic perspective and why?

A: The economics as a study is associated with the use of resources, where the resources with the…

Q: How relevant is economics in our everyday lives?

A: Economics is very important and useful to study to make it applicable in our daily lives. There are…

Q: Discuss the nature and importance of economics.

A: The interaction amoung people is considered as social activity and these activities are further…

Q: societies make decisions about who gets the goods they produce by:

A: In a society, producers generate different types of products and services to offer I remarks that…