Q: What is economic justice and should there be a Hippocratic Oath for economists?
A: GIVEN DATA Views on economic justice and whether should be there Hippocratic oath for economists
Q: The classical school of economics believe that consumers and producers are rational Is it True or…
A: In certain the value of the Classical theory is generally the self regulations of the economy and it…
Q: If you are the employer of a business establishment, how will you apply utilitarianism using…
A: The utilitarian is used by the business firms to analyze and evaluate the decisions in light of its…
Q: Coke or Pepsi, in terms ofeconomics are
A: Coke and pepsi are the important players in beverage industry.
Q: List two types of utilitarianism?
A: In economics, Utilitarianism refers to the ideology of making activities that result in happiness or…
Q: Ways in which human decision making differs from the rational individual conventional economic…
A: The decision-making process of an individual that leads to maximum level of satisfaction or utility…
Q: What are the likely consequences of not intervening?
A: The government can intervene in an economy through various ways and this can affect differently to…
Q: Economic models are BEST described : as a. realistic b. ораqие с. ехact d. simple e. rigorous
A: Economy refers to the system in which the production and consumption activities are interrelated and…
Q: Microeconomics concerned with?
A: Microeconomics is the study of individual units of the economy, while macroeconomics is the study of…
Q: A __________ system is a method of making economic decisions that allows individuals and firms to…
A: In an economy, differ forms of markets are operated under different economic or market system.
Q: According to Kenneth Arrow, there are minimum conditions to which a social choice rule…
A: Theorem asserts that converting individual preferences from a fair ranked-voting electoral system…
Q: What is market reform and individual preferences,
A:
Q: If economic laws are applicable in real world?
A: Economics is based on the activities of real life. It analyses the economic activities and then…
Q: Is either the capitalist economic model or the socialist economic model preferable from a moral…
A: Capitalist economic model refers to an economy which is driven by private sector. The majority of…
Q: What are the features of the human wants in economics
A: Features of Human Wants: Wants are limitless: Human needs are innumerable in number and different in…
Q: What role, if any, will marginalism, incentives, and disinterestedness play in the questions you ask…
A: Marginalism refers to the study of marginal relationships and theories within the economics. The…
Q: Is “fairness” the economic basis for government laws and regulations designed to remedy market…
A: Market Failure: The market failure is a situation when the price mechanism leads to an inefficient…
Q: When looking at the economics of marriage, how would a functionalist theorist and a social exchange…
A: The structural functionalist point of view, marriage and family are an essential structure square of…
Q: Dishtinguish between stable and unstable equilibrium.When is an equilibrium unstable?
A: The equilibrium price is at which the quantity supplied equals the quantity demanded in a free…
Q: What is the connection between functionalism andthe concept of equilibrium?
A: Functionalism is related to social studies which includes all the aspects of the society to work on…
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: What do you understand the term “argument” to mean? Give one or more examples of arguments in…
A: The argument is a term used to define coherent series of statements, facts, or reasons that are…
Q: Types of demand in economics
A: Demand can be categorized into different types on the basis of various factors. For example, factors…
Q: Distinguish between economics and political economy.
A: Economics basically refers to the study of resource allocation in order to meet a society's material…
Q: Political biases have no impact on an economist’s opinions? True or False
A: This statement is false.
Q: Is it realistic to think that we account for rational behaviour in every situation?
A: Rational choice scholars are isolated on what the most satisfactory rendition of rational choice…
Q: Herbert Simon, the Novel Prize-winning economist, described the rational model of decision-making in…
A: The model of Herbert Simon is a decision making model. According to this model, the decision making…
Q: If equilibrium is compatible with both buyers’ and sellers’ intentions, how can it be undesirable?
A: Equilibrium is a situation which is attained in the economy when both the aggregate supply and…
Q: Write down the merits of deductive method of economics? 300 words
A:
Q: What can a marketer do to positively influence a situation in which a consumer is ready to buy but…
A: A market is a place where the goods and services are exchanged between the buyers and sellers after…
Q: Define fairness and give examples of how it affects behavior in the economy and in the dictator and…
A: The ultimatum game has grown to be a popular instrument in experimental economics. The use of this…
Q: All rational choice theorists O operate within the liberal or realist perspective. O see rational…
A: Rational choice theory expresses that people utilize rational computations to settle on rational…
Q: How does the historical institutionalist approach of political economy differ from rational choice…
A: Old Institutionalism, an approach to the analysis of politics that centre on forma institutions of…
Q: Why is market definition important for economic decision making?
A: Market: Market refers to the place where the buyers and sellers contact each other, and this…
Q: Is it the only goal of economicpolicymakers?
A: A person held accountable for or being involved in the policy formulation process is known as the…
Q: What is ecological about ecological economics?
A: Ecological economics examines the world and draws interdisciplinarily from principles of biology,…
Q: What is Veblen’s critique?
A: Thorsten Veblen was a sociologist and also a American economist, as he critiqued the capitalists and…
Q: What is the definition of totalitarianism
A: Totalitarianism is an economic system where the government has total, centralized state control over…
Q: Explain Economic and Social Disorder
A: In general, the term disorder is used to explain the situation of confusion when there is not a…
Q: What are the central tenets of the Positivist Philosophy of Science?
A: Positivism, which is also called logical positivism, is the movement in philosophy in the first half…
Q: The basic premise of rational choice theory is that aggregate social behavior results from the…
A: In a market, rational choice refers to the economic concept that is used to analyze the general…
What does rationalism mean within the context of political economy?
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- Is it realistic to think that we account for rational behaviour in every situation?How does the historical institutionalist approach of political economy differ from rational choice approaches?Is either the capitalist economic model or the socialist economic model preferable from a moral point of view?
- What do you understand the term “argument” to mean? Give oneor more examples of arguments in economics, and discuss how evidence and reasoning are combined to construct economics arguments. What makes a good economics argument?What are the human behaviors economists should observe when creating economic models?What type of economists believe that markets naturally self-correct, and will reward good strategies and punish bad ones?
