When it comes to advice being given to policy makers, economists may offer conflicting advices for what reason?

Q: discuss and analyze a current event in economics.

A: Economics is the study of the scarcity of resources and unlimited wants. The unlimited wants can be…

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: Why can’t we accomplish all of our economics goals?

A: Economics is a branch of social science that deals with the allocation of resources among all the…

Q: xplain the difference between positive and normative economics with example.

A: Positive economics is defined as a stream of economist which focuses on quantification,…

Q: In common parlance, we say that economics is everywhere. Comment

A: Economics is that the investigation of how people choose choices notwithstanding shortage. These are…

Q: Coke or Pepsi, in terms ofeconomics are

A: Coke and pepsi are the important players in beverage industry.

Q: Is Economics a science? Why, or why not? As part of your response and explanation, include the…

A: The question is asking whether economics can be considered a science, and it requires an…

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: How can we say that economics is considered as social science or how economics is defined as social…

A:

Q: Give one example each of a positive and a normative statement.  Use your own example and not one…

A: The value of economic fairness, or what the economy "should" or "ought to be," is that the focus of…

Q: Distinguish between positive economics and normative economics

A: Economics is the study of distribution, allocation and production of resources. The economy deals…

Q: Can accountants can be economists?

A: Accountants and economists both are important for the efficient functioning of the market as both of…

Q: Economist Richard Thaler describes economics as the sum of two parts. What are these two parts?

A: Richard H. Thaler is an economist from the United States. Thaler is a researcher who specializes in…

Q: what are the three approches in measuring economics activity? why do they give the same answer

A: Economic activity means when a country is economically active that means there is some activity…

Q: Explain Say's Law as used in economics.

A: Say's law is one of the classical economics assumption put forward by French economist Jean Baptiste…

Q: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a…

A: The economic approaches can be mainly studied under two categories- positive statements, that are…

Q: Nowadays, is mathematics essential for understanding economic principles?

A: The principles of economics are generally about satisfying the unlimited wants of the consumer with…

Q: In what ways do human decision making differ from rational conventional economic theory

A: The rational behaviour is a decision-making process in which chgoices are made in order to obtain…

Q: What type of economists believe that markets naturally self-correct, and will reward good strategies…

A: Laissez fair economics theory advocates non-government intervention in the economic activity.  They…

Q: What we can conclude on the journal Methodology of Islamic Economics From Islamic Teachings to…

A: Economics solely relies on knowledge obtained through human thinking and perception of the world…

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: 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: n this chapter on page 61 the passage describes British scholar W. D. Ross, who rejected…

A: Utilitarisanism:Utilitaiansim is an ethical theory that suggests that the best action is the one…

Q: Would a good economic model be more likely toaddress a positive statement or a normative statement?…

A: A positive statement is that statement which explains the actual phenomenon of the subject. These…

Q: Share your views on the idea that economists make assumptions in order to make the world easier to…

A: Economist use assumption to make complex things into simple. Economics is a social science and…

Q: Political biases have no impact on an economist’s opinions? True or False

A: This statement is false.

Q: How does Homo Economicus influence economic models? Describe an argument against using Homo…

A: In simple terms Homo Economicus refers to the assumption that "human beings are rational" . Most…

Q: Why is economics a social science subject

A: Economics can be defined as the study of people, societies, government and the businesses and how…

Q: How does the principle of duality influence decision-making in economics?

A: Duality signifies the connection that exists between the quantity and price that takes place as a…

Q: what are some other things that the Coke employees who sold the secret recipe to Pepsi should have…

A: Economist always make decisions under rationality. Because rationality gives them better choice and…

Q: Economics is all about trade offs. What is the opportunity cost for a typical student pursuing a…

A: Economics is all about scarcity and we can say that the concept of scarcity gives rise to many…

Q: behaviour as a relationship betweeen ends and means whic have alternative uses'?

A: Economics is the investigation of how social orders utilize restricted assets to fulfill their…

Q: Herbert Simon, the Novel Prize-winning economist, described the rational model of decision-making in…

A: The model of Herbert Simon is a decision making model. According to this model, the decision making…

Q: If you were the Prime Minister of the country, would you be more interested in your economic…

A: An economic advisor is a professional who gives master guidance on economic issues. This job can be…

Q: n social science, how would the discussion of variables and attributes apply to economics?

A: In social science, an attribute is a feature of an object which is closely associated with variables…

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: f libertarianism rejects intrinsic value of people, animals, and the environment, is this a good…

A: Libertarianism is a political and philosophical philosophy that puts areas of strength for an on…

Q: Which type of economics is concerned with the economy as a whole? Select the correct answer below:…

A: Economics concerned with the economy as a whole refer to the economy where we don't talk about the…

Q: Explain the difference between positive and normative analysis. Provide an example of a normative…

A: Modern economics: There are two main approaches used to describe different modern economic phenomena…