What are normal goods? State any two examples? State any two features of the consumer protection act in economics?

Q: Define and explain the importance of "Beggar-Thy-Neighbor Policy"

A: The exchange of goods and services that happens across countries is known as international trade. It…

Q: 4. True/False: From Walras' law it can be concluded that in the market with two goods, if demand…

A: Introduction Walras' argued that all prices and quantities in all market determined simultaneously…

Q: Which of the following statements about negative incentives is the most accurate? They increase…

A: Which of the following statements about negative incentives is the most accurate.

Q: An alternative way of thinking about the forces that cause markets to equlibrate in the real world…

A: A market is a place which exists in the two economic agents which includes the buyers and sellers as…

Q: Consider the graph illustrating the supply, the demand, and the marginal social benefit (MSB) curves…

A: The new value of subsidy is $11223.12 and new price is $17809.14

Q: Explain the impact of corruption from an economic perspective!

A: World Bank states corruption is a type of dishonesty or criminal act committed by an individual or…

Q: How much would you spend on a diamond engagement ring? If you answered around the national average…

A:

Q: In the presence of market failure ,the argument for government intervention is only compelling but…

A: There are several types of “market failure,” which occurs when some attributes of the market prevent…

Q: A century ago this month, the Addison Act was passed in the UK placing a duty on local authorities…

A: ANSWER A century ago this month, the Addison Act was passed in the UK placing a duty on local…

Q: Consider the supply at a price of $2. Quantity Demanded Market 12 Price Ying Som Fon Nam Gob Yam…

A: The law of supply states that there exists direct relation between price and quantity supplied…

Q: A century ago this month, the Addison Act was passed in the UK placing a duty on local authorities…

A: Answer in Step 2

Q: What is the list of all Henry Hazlitt's cost-benefit analysis lessons learned as it relates to…

A: According to Henry Hazlitt's lesson of cost-benefit analysis: Actions that are advantageous in the…

Q: Who gets the benefit when there is a surplus market condition? a. Consumers b. Sellers c. middlemen…

A: Surplus occurs when supply exceed the demand.

Q: Why are citizens punished with sin taxes

A: As a product goes into production, cost is initiated and process of business functions. Business can…

Q: A century ago this month, the Addison Act was passed in the UK placing a duty on local authorities…

A: ANSWER A century ago this month, the Addison Act was passed in the UK placing a duty on local…

Q: In the Kelo case, the U.S. Supreme Court decided that the government had abused its power under the…

A: The U.S. Supreme Court, under the Taking Clause for the Kelo case (between the city of New London…

Q: Which statement defines the essence of Durkheim’s moral individualism?        A. It is having a deep…

A: In an economy, individuals behave differently in the same situation based on their different beleifs…

Q: Many cities have taxes on products that are considered "bad," like cigarettes and alcohol.  These…

A: The government has long taxed tobacco and alcoholic beverages. Sugar-sweetened beverage levies have…

Q: How do you justify a dollar estimate of the wedge between willingness to pay of buyers and the…

A: Walmart is a frontier in supply chain management since the time it came into effect in 1962. Over…

Q: Which of the following is a problem (from an efficiency perspective) with queuing an approach to…

A: The efficiency would result in the implicit definition of the ways and mechanism to use the…

Q: Write the two views of the basis for determining the social discount rate?

A: The social discount rate is the wider term used to define the discount rate at which investment made…

Q: Explain the problem of deadweight loss associated with giving at Christmas? According to Joel…

A: Answer - "Thank you for submitting the question.But, we are authorized to solve one question at a…

Q: The rules of politics are not always the same as the rules of economics. In discussions of setting…

A: Economic Efficiency refers to the situation where the various economic factors and processes take…

Q: Which of the following assertions regarding social efficiency and social welfare is correct? a. They…

A: Social efficiency refers to the consideration of all the personal and societal costs and advantages…

Q: What is consumerism? What rights do consumers have, and why do somecritics feel buyers need more…

A: Consumers: An individual or a gathering who plans to request, request, or uses bought merchandise,…

Q: A dangerous habit among those who own cell phones is driving while talking or texting. Although a…

A: Driving while talking or texting can create huge risk to the life of the people and strict actions…

Q: Can you give an example of a market that, according to Sandel, is likely to have a corrupting effect…

A: 1. Michael Sandel is working hard to reform us and transform us from passive observers to active…

Q: 4. A consumer has preferences such that their Hicksian demands for r and y are given by r = and y, =…

A: Hicksian Demand functions : xh = U/6      &    yh = U/3  Px = 6  , Py = 6  U = 10  We find the…

Q: Should individuals be allowed to price gouge following a disaster like a hurricane? Why or why not?

A: A market is a place where the goods and services are exchanged between the buyers and sellers after…

Q: In SpringbokVille pieces of paper called bucks are the only item that buyers give to sellers when…

A: Meaning of Exchange Rate: The term exchange rate refers to the situation under which a particular…

Q: What are the four major sources of market failure? Explain briefly why each prevents the competitive…

A: Market failure is defined as imperfections that occur in the market between buyers and sellers that…

Q: What are the possible reasons why the government may make a market intervention? What are the…

A: The intervention by the government is the action taken by the government which can change the…

Q: what is the significance of Consumer Preference to government agents?

A: Understanding consumer preferences can help you predict consumer demand because it determines what…

Q: If a city imposed say a 5 cent tax on plastic shopping bags instead of banning them, how does this…

A: Tax is a mandatory unilateral or one way payment made by the public towards the government in the…

Q: Identify the aspect of taxation which is related to normative economics

A: Normative economics tells what should be done in an economy or what is the ideal situation for the…

Q: How would Veblen respond to the argument that the market directs self- interest toward societal…

A: The answer is as follows:-

Q: 3) Friedrich Hayek, the man quoted at the start of chapter 3, is an Austrian economist who won a…

A: Government intervention is a regulatory measure to influence the social and economic decisions made…

Q: A century ago this month, the Addison Act was passed in the UK placing a duty on local authorities…

A: Market structure refers to how distinct industries are split and differentiated based on the degree…