Why is economics so useful for, or amenable to, policymaking?

Q: In Neoclassical Economics, markets lead to maximum social welfare, if particular conditions are…

A: Neoclassical economics is that branch of economics that emerged in the 20th Century. It differs from…

Q: 42. In Mark Skousen’s article, “What is Economics, Anyway?,” he bemoans the apparent fact that the…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: True or False : Explain Why The first Welfare Theorem formally shows that macroeconomic policy is…

A: In economics, welfare theorems are used to describe the economic equilibrium in different situations…

Q: Neoclassical Economics, markets lead to maximum social welfare, if particular conditions are…

A: In Neoclassical Economics, markets lead to maximum social welfare, if particular conditions are…

Q: In what way is neoclassical economics different from old and new institutional economics? Which…

A: Neoclassical economic: Neoclassical economics is a school of economic thought where the demand and…

Q: How will apply the principles of shifting demand and supply in economics

A: There are 2 important principles that apply in shifting demand and supply in economics. The demand…

Q: Is economics a science? Why, or why not?

A: Economics is related to the production, distribution, and consumption of goods and services.…

Q: Briefly (1-2 sentences) explain whether the following statement is positive or normative and why.…

A: Positive statement: - positive statements are those statements that described things as it is and is…

Q: Why do economists sometimes offer conflicting advice to policymaker?

A: The economics is mainly theory-based and its principles and concept are based on assumptions which…

Q: According to the trilemma, which three macroeconomic policies are mutually inconsistent?

A: The currencies are bought and sold in the foreign exchange market. The equilibrium price of foreign…

Q: rue or false? The classical school of economics believes consumers and producers are rational.

A: The basic premise of the classical theory is the self-regulation of the economy. Typical economists…

Q: Why would an economist choose either the neoclassical perspective or the Keynesian perspective, but…

A: The term neoclassical represented the consumers first concern is to maximize personal satisfaction.…

Q: What are John Maynard Keynes economic theory’s general principles?

A: The theories of John Maynard Keynes, called as Keynesian economics matters, base on the possibility…

Q: Economics(including finance)is a social science that studies how to allocate scarce resources.…

A: The presence of assumptions is fundamental to the study of economics. Without these assumptions, we…

Q: We use markets to allocate resources because planning is too hard.” Outline the basic assumptions…

A: The neo classical economic models focuses on the free market forces (demand and supply) that…

Q: State whether the following statement is True or False with reason: Macro economics studies whole…

A: # In economics, we have to study both the individual behaviour and the behaviour of the economy as a…

Q: Discuss how useful the price mechanism is in tackling the basic economic problem?

A: All economic decisions are made via the medium of prices, which are, by their very nature,…

Q: 36. Which of the following statements is FALSE?     a) positive economics focuses on the way the…

A: Positive economics(PE) deals with economic problems that are actually solved. It can be proved with…

Q: in economics the central problem is??

A: In economics the central problem or basic problem is scarcity. In other words, economy’s resources…

Q: Identify and define the two branches of economics

A: Economics:- Economics can be defined as the subject that studies the production, consumption and…

Q: Which worldview makes the most sense?Keynesian perspective or the Neoclassical perspective of…

A: Keynesian perspective or economics refers to that branch of macroeconomics that focuses on…

Q: Explain whether each of the following is an example of a macroeconomic concern or a microeconomic…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Which of the following statements is true regarding the neoclassical school? A. According to the…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: why is the economy not self-correcting? What can be done about it?

A: The principle that if economy is left to its own devices is called self-correcting. When an economy…

Q: According to classical economic theory, there is an invisible hand in the economy. What is it? And

A: The concept of the "invisible hand" was explained by Adam Smith in his 1776 classic foundational…

Q: he following question is an essay question, you can also use equations, graphs, or diagrams to…

A: Gender research refers to the assortment of approaches used to comprehend the associations between…

Q: WHAT is an example of the government (laws) shaping the economy or vice versa

A: A government can attempt to shape the pace of economic development through supply-side and…

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: During the 18th century classical was the mainstream school of economics.

A: Classical school of economics consist of many economists like Adam Smith, J B Say etc,,.. who give…

Q: How does a market failure cannot deliver theoretical benefits and what are its effects on the…

A: Market failure is a balance designation of assets that isn't Pareto Optimal - the likely reasons for…

Q: Is Economics an Administrative Science?

A: Science is an art that depicts the logical reasoning behind subjects and topics.

Q: Briefly discuss the key difference(s) between Keynesian Economics and Neoclassical Economics.

A: The Keynesian and Neoclassical model comparision

Q: Explain how Marx's principle may or may not apply to today

A: Marx believed the struggle could eventually proceed to a revolt wherein the lower classes would…

Q: How does Matthew effect affect the principles of economics.

A: The term "economic principle" refers to a broad range of economic rules and ideas that describe or…

Q: What does Chang mean when he describes Neoclassical economics as being more "versatile" than other…

A: There, are different schools of economics such that keynesian economics, classical economics,…

Q: Who is your favorite economic thinker and why? Who is your least favorite economic thinker and why?

A: Keynes is favorite economic analyst  Keynes clarified how the public authority can assume a…

Q: A. Write short notes on the following i. Give an overview definition of mathematical economics. ii.…

A: Economics is a social science that studies how goods and services are produced, distributed, and…

Q: What is the reason why we use general equilibrium models in monetary economics?

A: Walras fostered the overall harmony hypothesis to tackle a much-discussed issue in financial…

Q: What is the water diamond paradox in our modern economics?

A: Total Utility is the total satisfaction obtained by consuming a particular amount of good or…

Q: 0. Who is the 'father of economics'? Мax Muller

A: To find : Who is father of economics

Q: What are some examples of macroeconomics queation?

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: The circular-flow diagram is a

A: The circular-flow model or diagram is the graphical representation of the flow of goods or services…

Q: why would an economist choose ethier the neoclassical perspective or the keynesian perspective, but…

A: Neoclassical economists believe in Say’s Law, which states that demand creates its own supply while…

Q: -Economics is the study of

A: What is the study of economics :

Q: mics differs from macroeconomics. Which of the following headlines, taken from the various issues of…

A: ‘Economics’ is defined as the study of the use of scarce resources to satisfy unlimited human wants.…