What is meant by relative deprivation theory?

Q: Why did Malthus err in predicting that families would have more children as incomes increased?

A: Malthus was an economist who propounded the theory of population stating some checks as well as…

Q: define economic welfare?

A: In an economy, the term 'welfare' is used to explain the satisfaction gained by the people of a…

Q: All people who have equivalent formal education earn similar incomes." Do you agree or disagree with…

A: Equivalent formal education The term formal education refers to an organized and uniform education…

Q: are the poorest members of society the greatest beneficiaries in the Difference principle of John…

A: The poorest members of society are not usually the most significant winners under the Difference…

Q: What does human capital theory assume?

A: Human capital hypothesis is a hypothesis of profit, one of the significant determinants of…

Q: Which element of a command economy is also used in a mixed economy

A: Command economy: - a command economy is a controlled economy where all economic decisions are taken…

Q: How does the microeconomic theory of fertility relate to the theory of consumer choice? Do you think…

A: The relationship between the consumer's preferences and the expenditure is depicted by the theory of…

Q: Discuss the first and second fundamental theory of Welfare Economics.

A: Welfare economics is  basically a branch of economics that use micro-economic approaches to assess…

Q: Define MARKET FACTORS?

A: In a market, when talking about market factors, they are the variables that has the potential to…

Q: How can profit motive lead to income inequality?

A: In capitalism, individuals are motivated by the profit incentive. The capitalist undertakes risky…

Q: How does a typical worker decide how many hours to allocate to the labor market?

A: Labor market: It is a market in which the demand and supply for the labour take place. In this…

Q: True or False and explain why. In the labour market, it is assumed that workers are attempting to…

A: The labor market shows the supply and demand for labor in the market. The demand for labor is…

Q: 3. On the grid below, plot 3 different Lorenz curves for three different imaginary towns described…

A: Lorenz curve graphically measures the inequality in an economy by representing the distribution of…

Q: The movement of individuals and households from one income quintile to another over time is called…

A: In an economy, income of the people changes over time with the change in market condition and an…

Q: According to John Rawls, society gains more from improving the welfare of the rich household. TRUE…

A: John Rawls gave his findings and theory on the social justice or welfare and describes the economy…

Q: . Can you do anything to reduce the number of people in the following categories? If so, what?

A: Frictional unemployment defines the number of people unemployed as a result of dropping from one job…

Q: What is two factors that may influence the shape of individuals’ indifference curves (flat or steep)…

A: Definition: Economists use the utility maximization vocabulary to describe people's preferences. In…

Q: What is an analytical device used to model welfare economic theory.

A: The study of how the distribution of resources and products impacts societal well-being is known as…

Q: Define the contingent worker?

A: Contingent workers are defined as freelancers, independent contractors, consultants, or other…

Q: Mike’s utility function for consumption and leisure is U=CL and T=168. Mike earns $10 per hour. What…

A: U(C,L) = CL T = 168 mike Earn = 10

Q: Describe the effects of trade on the factor distribution of income

A: The major factors used in the production in a business are land, labor and capital. Factor…

Q: What is Dual labor market theory?

A: Labor market depicts the supply and demand of labor in the market. The intersection of both the…

Q: Why does Marx's theory of alienation matter today?

A: Karl Marx's ideas are broad in scope and have had a significant impact on philosophy and sociology,…

Q: S. An individual can earn $12 per hour if he or she works. Draw the budget constraints hat show the…

A: Answer in step 2

Q: Education is related to income, in general. O True O False

A: Education is referred to as the process of gaining knowledge through either an organisation or by…

Q: Set different measures of welfare with it's dimensions in detail

A: As we know that Welfare is the physical or material well-being of the people. The different ways or…

Q: Consider the following 2 period model, defining outcomes for people who choose to go or not go to…

A: Since you have posted multiple questions, we will answer the first three parts for you. If you want…

Q: What are the determinants of social class?

A: Following are the main determinant of social class :- 1. Wealth and income - Social respect is…

Q: and mixed goods

A: Goods are items which satisfy human wants and tend to  provide utility.For instance, a consumer in…

Q: What is socio economic

A: Socio-economics is that study of society which considers the effects of economic activities and it…

Q: Marley has 100 hours per week available she can spend either working or doing leisure activities. He…

A: Given information Hours of week=100 hours W=$50 Rental income=$1000

Q: Does inequality necessarily suggest unfairness? Explain.

A: Inequality is not beneficial to society,but it may not harm society also. Some theories suggests…

Q: to what extent is incone in equality a result pf choices made by the individual?

A: The word "income inequality" refers to a situation in which members of various groups have uneven…

Q: Please tell the criticisms of the MARXIAN THEORY OF THE ECONOMICDEVELOPMENT

A: The economic development theory proposed by Karl Marx stated that a country can achieve high growth…

Q: In a __________ marriage, both husband and wife are in the labor market.

A: There are two type of marriages  1. civil  2.religious

Q: How do factor endowments affect personal income? Examine different provisions employed by the…

A: Factor endowment: It refers to the land, labor and capital. Factor endowment helps in the production…

Q: 20. Which among the following statement is INCORRECT? A. O Welfare economics is based on value…

A:

Q: How does the microeconomic theory of fertility relate to the theory of consumer choice?

A: The relationship between the consumer's preferences and the expenditure is depicted by the theory of…

Q: Retrospectively looking back, what was the problem with "The Eleven Tips on Getting More Efficie…

A: The "Eleven tips on getting more efficiency out of women" published in 1943 revolves around the tips…

Q: How has the definition of educational inequalitychanged?

A: Educational inequality refers to the unequal allocation of academic resources to socially…

Q: what happens in the work-leisure model, when the wage rate is decreasing and income effect is…

A: In the choice model of leisure and consumption, if the wage rate decrease which means the price for…

Q: How useful is the dual labor market perspective?

A: The hypothesis that the American economy, or labour market, is divided into two categories: the…

Q: Consider the optimizing behavior of people from Chapter 6. Why is early childhood intervention so…

A: Early childhood education would provide the platform for skill development and that would lead to…