What is the “natural experiment” that Acemoglu et. al. exploit? How does this help “identify” the role of institutions?

Q: Why are widely accepted, well-defended scientific explanations called “theories”?

A: Theories are a thoughtful and judicious kind of dynamic or summing up contemplating a statement, or…

Q: Richard Thaler gives three criticisms of the homo economicus model. The first of these is “SIFs.”,…

A: Traditional economics envisions a future filled by calculating, emotionless maximizers known as Homo…

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: What are the positives to a functionalist perspective

A: The functionalist perspective refers to the perspective which explains that society is interlinked…

Q: How is trust the building foundation of the circular flow model/economic model? 3.

A: Circular flow of economic model represents the economic arrangement in which there are two major…

Q: In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this…

A: Kinds of economic systems regulate economic choices in various nations. They utilize different…

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: 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: Which of the following statement are not consistent with the Heterodox economists' view of…

A: The Classical economist and the Keynesian economist are known as the orthodox schools of the…

Q: Economic models A) are people who act out the behavior of firms and households so that economists…

A: Because of economic models,economists are able to understand economic terms and relate it to reality…

Q: Explain why it is important for an economic modelto be an abstraction from the real world.

A: Because the real world is far too complex to comprehend in detail, it is critical for an economic…

Q: What is “upward and downward causation” in institutional economics?

A: The term institutional economics was announced by Walton Hamilton at a meeting of the American…

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: The models of microeconomics

A: According to the question we need to determine the Models used in Microeconomics.These models are…

Q: Ricardo did not only confine the scope of economics but he also, by starting from generally accepted…

A: The Ricardian vice alludes to extract model structure and numerical equations with unreasonable…

Q: What is institutional economics?

A: Institutional economics underlines a more extensive investigation of institution and perspectives…

Q: Which one of the following occurs in capitalistic economy? a. Means of production are owned by the…

A: Capitalism is defined as an economic system which is characterized by private ownership of the means…

Q: The five force model is a framework

A: The model that represents economic processes through a set of variables and a set of logic and…

Q: What are some of the problems with using utilitarianism for conducting a stakeholder analysis

A: Utilitarianism is a moral philosophy that promotes activities that bring happiness or pleasure while…

Q: Which one of the following models emphasizes on liberty and free choice? The American model…

A: There are different models to be used to explain the specfiic situation of the economy in terms of…

Q: "Vernon Smith started a series of experiments to see whether basic predictions of the standard…

A: The study of the influence of psychological, cognitive, emotional, cultural, and social factors on…

Q: Beginning in the late 1970s, economic reform in China allowed farmers, for the first time, to keep a…

A: China started a series of economic reforms in 1979. The central government provided farmers with…

Q: which one of two would be more profitable economic model or the socio eonomic model of social…

A: Socioeconomic model: Social-monetary model" alludes to the citizenry's abilities to appreciate…

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: This is a Microeconomics problem. Describe the Stackelberg model and explain how the first mover in…

A: Economics is the study of efficient allocation of the scarce resources in the economy. There are…

Q: Discuss how the five foundations of economics are related to the concept of rational economic…

A: The five foundations of economics are the following: 1) Incentives- These are the reasons driving…

Q: What are the three categories of paradigms?

A: A paradigm is a comprehensive belief system, world view or framework that guides research and…

Q: Q.No.1. Differentiate the following by giving at least one practical example Macro Economics Vs…

A: Economics is one of the branches of social sciences, which is studied to understand the market…

Q: Explain why the Institutionalists’ stress on the role of ‘institutions’ in economics decision making…

A: Institutions regulates the costs of economic transactions in a country. They stimulate development…

Q: Discuss how does Managerial Economics differ from Economics?

A: Managerial economics differs from economies because it is the part of economics which requires…

Q: Define the meta-theoretical commitments made by orthodox economics.

A: Orthodox economics is otherwise called mainstream economics or neoclassical economics. Neoclassical…

Q: What are some of the insights gained from taking a fundamental microeconomics course?

A: Microeconomics is a feild of study that deals with allocation of scares resources in an order that…

Q: Write down the merits of deductive method of economics? 300 words

A:

Q: List the seven steps of the the hypothetico‐deductive method of research.

A: Data is the set of different quantities, qualities, or symbols collected to analyze the study or…

Q: What are the main differences between a capitalist (market-based) and socialist (command) economic…

A: There are various types of economic systems depending on the degree of participation of public and…

Q: Is the international gold standard is an example of spontaneous order?

A: The international gold standard is a system where gold or currency which is convertible into gold at…

Q: SHOT ON BLACK SHARK AI DUAL CAMERA Bensure that can change from observation to observation is known…

A: Empirical measure can change from observation to observation.

Q: In relation to social research, what does the term "philosophical framework" mean?

A: Philosophy raises issues of knowing. As a result, economic philosophy raises concerns regarding the…

Q: Compare and contrast German Historical School’s inductive method with Marginalist’s deductive…

A: The German Historical School rejects the method of classical political economy. The thoughts of the…

Q: What are the key elements of the scientifific method and how does this method relate to economic…

A: The methodology used by economists to determine economic laws or values is the scientific method. To…

Q: Why is deductive reasoning stronger than inductive reasoning? A. Because it makes assumptions based…

A: Deductive reasoning is stronger than inductive reasoning

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: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?

A: Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective?…

Q: A large, hardworking population was important for Mercantilism. Why?

A: Mercantilism was a practice of trade practiced in  in the 16th till 18th century. This practiced in…

Q: According to Richard Thaler, what two things give economics its reputation as the most powerful…

A: Richard H. Thaler is a professor of behavioural science and economics at the University of Chicago…

Q: Provide and explain at least three philosophical frameworks that are usually used in social science…

A: Philosophy means the use of abstract ideas and belief that inform our research. Philosophical…