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- Could an economy function without government intervention and what difference does government intervention make? Use 3 evidenceWhether a certain criterion is determinant or not is independent of the situation in which a product is consumed. True False In the context of disposing of consumer refuse, recycling cuts down on garbage while providing raw materials for other new products. True False Which of the following is a fundamental emotion evoked by positive, anticipatory appraisals that signal uncertainty about a positive outcome? a. Hope b. Confusion c. Surprise d. Pride Which of the following best describes chronic, repetitive purchasing behaviors that are in response to negative events or feelings? a. Addictive consumption b. Impulsive purchasing c. Window shopping d. Compulsive buying Retaliatory revenge is when a consumer yells insults and makes a public scene in an effort to harm the business. True FalseG, 12 Economics
- a. Suppose that the Scarceland economy is currently in recession, so that there is high level of unemployment. the Privs currently have enough government goods, and the Guvs have enough private goods, but each group has less of its own favored goods than it wants. what point is the economy at?--------- is it possible make both groups better off? How? b. A politician seeks support from both Privs and Guvs by promising to implement policies that will lead the economy to produce the amount of private goods favored by the Privis and government goods favored by the Guvs. what point is the Politician promising? Why? What's wrong with this promise? Could it fulfilled now? Could it fulfilled in time? How?According to standard economic theory which is true? a. Choices people make, including the choice to eat French fries or smoke, should be respected as long as these choices do not affect others. b. Taxes on sugary sodas force consumers to make decisions that are privately confusing. c. Public intervention is always justified as long as the prevalence of the problem is large d. Obesity is a public problem, not a private problem, because it is associated with reduced life expectancy.Please draw the indofference curves and budget line diagram. Give detailed calculation on the optimised consumption bundle plase mainrained quality and accuracy in answer
- a) If a nation in which the volume of goods and services is growing by 5 percent per year and its if the population is growing more than 5 percent a year, the increase per capita will be more than 5 percent. True False b) Individuals have two choices with their income: they can spend it or save it. True FalseAll of I he following topics fall wilhin lhe s ludy ofmicroeconomics EXCEPTa. the impact of cigarette taxes on the smokingbehavior of teenagers.b. the role of Microsoft's market power m the pricingo f software.c. the effectiveness of antipoverty programs inr educing homelessness.d. the influence of the government budget deficit oneconomic growth.1. Write down an exchange economy model with two individuals and two goods, in whichthere is no consumption externality. State and explain the key assumptions of the model.Using the model, answer the following questions:(a) Explain carefully how the concept of Pareto efficiency differs from that of socialwelfare.(b) State the Second Theorem of Welfare Economics and explain carefully why it holds.What is the importance of the assumption of convex preferences to this theorem?(c) Explain the concept of the utility possibility frontier. What is the role of the utilitypossibility frontier in the social welfare maximization problem of a welfarist society?
- A rational person will a) never make mistakes in choices. b) select the choice where the expected present benefit is greater c)follow the Maslow Hierarchy of wants. d) be uncaring and void of emotions.CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Agriculture generates a large percentage of the GDP. 2. Agriculture employs a large percentage of the labor force.Comment on the statement: “Increasing government spending is preferred to a cut in taxes when the U.S. government seeks to fight a recession.” As we know that the statement is normative, i.e., it has value judgement on the issue of whether large or small government is preferred. Show your own opinion.
