Jim says, "I think it's a little like when you have a cold or the flu. You don't need to see a doctor. In time, your body heals itself. That's sort of the way the economy works too. We don't really need government coming to our rescue every time the economy gets a cold." According to Jim, how does the economy work?

Q: What would be one way to make sure the Great Depression or any recession does not happen again?

A: The Great Depression was the world's worst and longest economic downturn in modern history.The Great…

Q: Which economic policies did Ronald Reagan pursue as president?

A: Ronald Reagan was the 40th President of the United States who has a major contribution in the…

Q: Why do you think it is important that prices are flexible in our economy? Do you think they reflect…

A: The Price flexibility maintaining the law of demand and supply in an economy. Thus, price…

Q: Why should the government try to help the economy and support it? Give at least two reasons.

A: A government plays a significant role in influencing the market outcome and to make changes in the…

Q: What can government do to stimulate the economy?

A: To stimulate the economy, the government will implement expansionary fiscal policy.

Q: Most of the government's mandatory spending is used on which of the following?

A: Most of the government's mandatory spending is used on social security schemes. Social Security…

Q: In 60 words or less what is the major economic thought of John Maynard Keynes?

A: Keynesian economics theory was developed by the British economist John Maynard Keynes in the 1930s.…

Q: But is it really the case that if the government gave everyonein the economy an extra $1,000,…

A: There are two effects which are short run effect and another is long run effect. But in this…

Q: Imagine you are an economics professor in a world without money. Explain why it would be tricky to…

A: Money has important functions which are described as below: Money acts as a medium of exchange. The…

Q: Every citizen should take basic economics is an example of a positive statement true or false

A: Positive Statements are those which can be tested and proved.  Normative statements are those which…

Q: economist at the Ministry of Labour argues that the policy change will ultimately hurt consumers.…

A:

Q: what did adam  proposed that government should do to help the economy

A: Government is a very important economic unit. It controls an economy and provides various resources…

Q: What is neoliberalism, why does it matter, and what are some differences in terms of how different…

A: Neoliberalism is a policy model that combines politics and economics, with the goal of transferring…

Q: What are some of the steps economies take to recover the market after the crash?

A: Following a recession, economic recovery is defined as a period of persistent improvement in…

Q: In January 2021, the Government cut the JobKeeper subsidy to pandemic-hit businesses for employing…

A: Economic recovery is the period when the GDP and business activity improves after recession.

Q: The economic crash that led the dark path into the great depression included overspending and what…

A: A depression is a prolonged period of economic downturn. Depression is characterized by a sharp…

Q: in economics the central problem is??

A: In economics the central problem or basic problem is scarcity. In other words, economy’s resources…

Q: In the country of Mordor, the government spent $100 million on swords. Prices do not rise at all,…

A: Marginal propensity to consume (MPC) is the ratio of the change in consumption (∆C) to the change in…

Q: principles that describe how the economy as a whole works

A: Economy Economy is described as the area in which various amounts of consumption, production, and…

Q: who is Peter Brennan and what does he does?

A: Some of the people inthe world are known for their work and their contribution in the society in…

Q: If a government agency doesn’t collect enough money in taxes to pay for the programs it created.…

A: In an economy, government makes expenditure on social activities like developing infrastructure,…

Q: Suppose that Jacques, an economist from a university in Arizona, and Kyoko, an economist from a…

A: These views of economists are based on normative statement.

Q: In the circular flow model, how does government affect the economy? What about the rest of the…

A: The circular flow model depicts how money circulates in society. Money moves from producers to…

Q: mic

A: The science which studies how people tend to interact with each other along with the prospects of…

Q: Although it can sound complicated, nearly everything we do is related to the economy in some way.…

A: Economy  A complex system of linked trading, consumption, and production activities make up an…

Q: The following parts of government regularly rely onthe advice of economists:a. Department of…

A: Economists are those experts who study the association between the resources of a society and its…

Q: If the spending in the economy are too high, how will they compete to support their spending?

A: The high spending implies that economy has too high aggregate demand. The aggregate demand might…

Q: WHAT is an example of the government (laws) shaping the economy or vice versa

A: A government can attempt to shape the pace of economic development through supply-side and…

Q: Based on what you have learned so far, what is the biggest problem an economy faces and how can we…

A: In the short run, all resources are fixed but labor is a variable input and in the long run, all…

Q: What was “Reaganomics”?

A: Various economic policies were implemented under the presidentship of Ronald Reagan in order to…

Q: Who wrote the book The World is Flat Select one: O a. Thomas Friedman

A: For the given question, the author of the book the world is flat need to be answered.

Q: What are the fundamental problems and issues facing an economy in general?

A:

Q: What happens to the weight attached to food over time in most countries?

A: The CPI is the consumer price index. It measures the weighted average price of a basket of consumer…

Q: Which of the following questions would an economist NOT answer? a. How do taxes affect consumers and…

A: An economist is an expert who studies the relationship between a society's wealth and its input or…

Q:  Should the Government be more or less involved in the economy

A: Modern day economy is hybrid in nature  throughout the world where private sector and government…

Q: Briefly discuss the relationship between The Great Depression, Regulated Capitalism, and Keynesian…

A: The Great Crisis was a significant worldwide economic depression that began in the United States in…

Q: In your own words, explain what is meant by the "invisible hand" in economics. Use a specific…

A: This idea lines up with free enterprise financial aspects, which comes from the French expression…

Q: How does Matthew effect affect the principles of economics.

A: The term "economic principle" refers to a broad range of economic rules and ideas that describe or…

Q: What were the economic views of John Maynard Keynes?

A: The economy is the set of activities related to the production, consumption, and trading of goods…

Q: 0. Who is the 'father of economics'? Мax Muller

A: To find : Who is father of economics

Q: Could you say that the consumers are a significant aspect of an economy? If so, why?

A: Consumers are those who pays for the consumption of services and goods that are produced within an…

Q: How big is a billion?

A: The money supply in an economy is controlled by the central bank. The central bank used various…

Q: How might a theory of the economy differ from a description of that economy.

A: The theory of the economy and the description of that economy affect each other. The theory of the…

Q: What are the central problems of an economy

A: Human wants are unlimited whereas the resources that are required to satisfy the human wants are…

Q: "Whether it's a husband and wife at their dinner table, whether it's a small or large business, or a…

A: The consumers spend a fraction of income and save a fraction of income earned by them. If the people…