True or false? While the endowment bundle must lie on the original budget line, it need not lie on the budget line when prices change.

Q: Which of the following theories, studies, or approaches best describes when individuals make…

A: Answering first question as per guidelines Humans are expected to behave rationally while making…

Q: A model of saintlihood and altruism, when Mother Teresa accepted the Nobel Prize for Peace in…

A: The "Blessed Teresa of Calcutta" was awarded the Nobel Peace Prize in 1979 for her efforts in the…

Q: Considering the given possible uses of candy, which of the four choices could be Pareto Efficient…

A: These are concepts of Welfare economics that have been discussed as follows:

Q: Which of the following statements about positive incentives is the most accurate? They create…

A: Positive incentives get provided to promote certain choices by impacting individuals positively.

Q: Which of the following theories holds that multiple leadership variables determine the probability…

A: Leadership joined by the executives sets another course and utilizes assets to accomplish it.

Q: When Aaron makes a decision, he tries to minimize its bad effects and maximize its good effects for…

A: When Aaron makes a decision, he tries to minimize its bad effects and maximize its good effect for…

Q: What is the difference between Pareto efficiency and Hicks-Kaldor efficiency, and why is it relevant…

A: In economics, there are two important concepts of efficiency. Those are Pareto efficiency and…

Q: The ‘Rawlsianism’ approach to social welfare improvement is based on a ‘Pareto improvement’…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: What is incrementalism? How does it impact decision making? How does it differ from the…

A: Incrementalism was first evolved during the 1950s by the American political scientist Charles E.…

Q: Superiority of Robbins' Definition of economics is rightly called the "Superiority of Robbins'…

A: Economics is this same social science that studies how products and services are produced,…

Q: describe at least three ways in which human decision making differs from that of the rational…

A: Rational behaviour is a kind of behaviour in which the consumer make decisions with the motive of…

Q: Do you agree or disagree with Maslow’s assumption that people naturally want to be self-actualized?…

A: Psychologist Abraham Maslow's thesis of self-actualization maintains that people are motivated to…

Q: Using a production possibility frontier, an arbitrary price line that does not equate supply and…

A: Production Possibility Frontier is the locus of points of production combination which an economy…

Q: Because people respond to incentives,a. policymakers can alter outcomes by changingpunishments or…

A: Decision making in economics is an essential component as it reflects the behavior of the economic…

Q: How does Fisher Effect affect the market interest rate?

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…

Q: Consider a two-person economy and both have the same utility function U(x) = x +Jx,. The ggregate…

A: Given information Both consumers have same utility function   U=x1+X2 W1=200 W2=100

Q: Suppose persons A and B have Cobb-Douglas preferences yielding the following individual demand…

A: Walrus law states that : p1z1p1,p2 + p2z2p1,p2 = 0 That is, value of aggregate excess demand is…

Q: Do you think Pareto Efficiency is enough to explain welfare economics?

A: According to Pareto efficiency, it is not possible to increase one person utility or welfare of one…

Q: Compatibalism about free will is the thesis that

A: To find : What is thesis about compatibalism about free.

Q: According to the welfare theory covered in the unit, which of the following statements is true? a.…

A: When talking about welfare theory, there are two theorems to understand the contribution of…

Q: As a Welfare Economics student, comment on how the county dividend should be allocated.

A: Welfare Economics is the study of how resource distribution affects a society's economic well-being.…

Q: in a capitalist market economy, the decision to save is made by the same people who make the major…

A: The capitalist market is the market that is run by private individuals or business own capital…

Q: Define Degree of necessity?

A: Necessity goods are those goods which are required by the consumer in day to day life. These are…

Q: Economists describe a choice as: Group of answer choices A. a tradeoff B. human C. limited resource…

A: Resources are limited in every economy but the wants of humans are unlimited and never ending. To…

Q: ________ endowments are the result of investments of people, companies and government, and are more…

A: Comparative advantage depends on the resources which are inherent in the country naturally. It is…

Q: Rosa received a corgi pillow as a raffle prize; she would have been willing to pay $18 to buy it…

A: Given the information: The willingness to pay price for a corgi pillow = $18 Required to find the…

Q: The consumer theory and the expected utility theory are two theories. Give a policy recommendation…

A: The consumer theory on decision making recommended that consumers go with choices in light of the…

Q: Indicate whether the statement is true or false, and justify your answer.Contrary to the predictions…

A: Even if there are circumstances where time consistent, rational people may place constraints on…

Q: Which of the following would a Laissez-Faire economist advocate in a time of economic recession

A: Laissez-faire economist advocate complete freedom of firms.

Q: Which point on the Edgeworth box below represents the endowment? Walters

A: Endowment is the amount of goods which a person gets before any trade. In the Edgeworth box, both…

Q: How is the first mover advantage related to schelling's paradox of commitment

A: To be first allows a company to develop a strong brand. It also boosts client retention before…

Q: Political biases have no impact on an economist’s opinions? True or False

A: This statement is false.

Q: There are costs and benefits of studying. If you continue to study will your action be consistent…

A: The net benefit is the difference between the total benefit of a particular activity and its total…

Q: 1. Identify and explain the differences between the Pareto Principle and the Kaldor- Hicks…

A: Pareto Principle : A situation in which it is impossible to make anyone better off without making…

Q: During the 18th century classical was the mainstream school of economics.

A: Classical school of economics consist of many economists like Adam Smith, J B Say etc,,.. who give…

Q: QUESTION 8: The initial endowment point is not Pareto efficient. What is a Pareto efficient point?

A: Pareto efficient outcome means when one consumer can not better off without worsening off the other…

Q: Which of the following theories led to widespread rejection of objective truth?     Natural law…

A: Natural law is a philosophical and ethical framework that says that mankind have intrinsic…

Q: Choices that are the best for the society as a whole are choices in the pursuit of…

A: When everyone acts to maximize their own self-interest, social interest is maximized. So, when…

Q: A _____ is when a change in the state of affairs increases the welfare of at least one person and…

A: In economics, an Edgeworth box shows a simple economy with two individuals and two goods…

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: 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…