“The most popular justification for the interventionist state is to create or ensure fairness and justice in the distribution of income...Income is not distributed. In a free society, income is earned.”   Which economic perspective does the quotation above best represent?   conservative   positive analysis   radical   liberal   libertarian   Question 2   _____ is an assumption used in economics in which other relevant factors or variables are held constant.   Ceteris paribus   Scarcity rule   Montani semper liberi   Variable costs   Marginal revenue maximization

Q: Considering your needs and wants, explain five advantages of the mixed economic system.?

A: A mixed economic system is a system that combines aspects of both capitalism and socialism. It is an…

Q: 24. Which type of cognitive model is often used in Gabrieli's research? a) Computational - b)…

A: John Gabrieli uses neuroanatomical models in most of his investigations to understand the brain's…

Q: The new 'information-theoretic economics' constitutes, according to Fine, a new form of economics…

A: Introduction Economics is a part of social sciences that deals with human behavior activities. Gery…

Q: An efficient outcome in economics is one in which the economy is conserving the largest possible…

A: Economic efficiency means that the state of an economy is such that every resource is optimally…

Q: Which of the following people would not be considered rational, according to the definition used in…

A: Rationality is an idea that relates to the quality of being reasonable, logical, or steady in one's…

Q: 18. Why could experiments be used to solve the endogeneity problem?

A: In econometrics, endogeneity broadly refers to cases in which the error term is associated with an…

Q: 1. What does economist and EconTalk host Russ Roberts think is “single deepest contribution of…

A: An economist is a specialist who investigates how a society's resources affect its output or…

Q: QUESTION 39 39. Economic rationality or optimization means that people should compare the…

A: In economics, people make decisions based on their consumer behavior and producer behavior when…

Q: 4. Shifts in production possibilities Suppose the fictional country of Rainier produces two types of…

A: Production possibility frontier depicts the combination of two goods that can be produced using the…

Q: What do you understand by the following terms:                  - Bounded rationality…

A: Bounded Rationality - Individuals are considered to be rational when making decisions, however,…

Q: Evaluate and critique the methodology of microeconomic analysis and apply this methodology to…

A: DISCLAIMER “Since you have asked multiple questions, we will solve the first question for you as per…

Q: The concept of nonrivalry says that one's person consumption of the good does not limit it for other…

A: The circular flow model is a simplified representation of how the economy works. It illustrates the…

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: A central idea of economics is that by observing changes in ________, we can predict how choices…

A: According to the economists, the choices that individual makes are rational and by rational choices,…

Q: a) When we talk about innovations, the concept of appropriateness is central to economics. Explain…

A: Disclaimer: Since you have asked multiple questions, we will answer the first one for you. If you…

Q: Scenario: Alex, an entrepreneur, operates a called business "Fitness for Life", providing physical…

A: According to the question given, Alex is an entrepreneur who owns a business called "Fitness for…

Q: 3. Redistributive philosophies Complete the following table by selecting the redistributive…

A: Utilitarianism refers to theory which emphasises overall happiness in society or benefit to greatest…

Q: 1) How does the concept of scarcity fit into an understanding of economics? How does it relate to…

A: Scarcity refers to the finiteness of a resource, commodity, or capital that has the ability to…

Q: True or False?

A: The objective of the question is to determine whether each of the given statements is true or false…

Q: How do economists address the 3 central questions that economists ask to better understand decision…

A: While addressing the three central questions, the economist assumes that decision markers seek to…

Q: sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a.…

A: Since you have posted multiple questions , I have solved the first one for you.

Q: 4.) Which of the following statements is TRUE? a.) Economists seek to apply the scientific method to…

A: a) Economists seek to apply the scientific method to social science questions this is true…