Am. 130. The following are problematic moves by economists in explaining how an economycan work efficiently. (Choose all that applyBelieving that a central planner or computer can efficiently manage an economy.✓ Assuming "perfect information" - I.e., that everyone has the relevant information necessaryto make efficient economic decisions.Recognizing that information is dispersed in the minds of everyone in the economy.Using mathematics to model economies.

In the realm of economics, understanding how an economy functions efficiently is a central concern.…

Answered: The following are problematic moves by…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 9QR

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2. Which of the following is NOT a key principle of economics? Question 2 options: Scarcity Soverginity Efficiency All of the above are key principles of Economics
Is the economic model of decision-making intended as a literal description of how individuals, firms, and the governments actually make decisions?
Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
1) How does the concept of scarcity fit into an understanding of economics? How does it relate to the notion of trade offs? Explain a few factors that go into rational decision making in an economic contexr.
1. What is meant by scarcity? Why is it important in a study of economics? What does scarcity imply for our behaviour?
An efficient outcome in economics is one in which the economy is conserving the largest possible amount of resources, while still meeting the needs of society. True False Explain why
8. Which of the following are examples of Pareto- efficient changes? Explain your answers! a. Ryan has to pay his $250 debts next week but he is lacking money and only got $50 in his pocket. He decided to try his luck in The White Zephyr Casino. b. Aiken's sister is helping him do his online econ exam in return for her favourite dish. Grand Spire Bank Corp decided to give scholarships to outstanding students with a condition that once they graduate, they must work for Grand Spire Bank Corp for 2 years. d. People who lived in a slum area in Jakarta didn't С. Vade Mecum Academy's get any compensation from Dreamscape Co. for displacing their home with a high class housing area. e. Burger Alley Restaurant packages for its customers. offers bundles
ECONOMICS QUESTION 1a) Suppose you live in an apartment and you have 3 roommate and you just cleaned the kitchen in your apartment. Can your roommates be excluded from appreciated their freshly cleaned kitchen? Why or why not? 1b) If one of your roommates observes and appreciates the cleanliness of the kitchen (but doen't touch anything), does this prevent your other roommates from also appreciating the cleanliness of the kitchen? Explain. 1c) What type of good is your freshly cleaned kitchen? 1d) Suppose your roommates notice that every time they leave a mess in the kitchen, you clean it up for them. How might this incentivize them to behave? What is this example an illustration of?
(1). Which of the following is the best definition of economics? A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B) the study of how consumers spend their income C) the study of how business firms decide what inputs to hire and what outputs to produce D) the study of how the federal government allocates tax dollars
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