Freedom is to some extent illusory
Illustrate “freedom is to some extent illusory”?
Expert
The freedom is to some extent illusory, because if producers ignored consumer wishes, they would likely suffer losses and eventually find themselves with no income or means to support themselves. If consumers make choices that ignore their own income potential, they, too, will soon find themselves unable to buy even the basic necessities. Personal freedom exists only in the fact that no single individual or command agency is telling economic decision makers what to do with regard to their production and consumption decisions. One is free to make one’s own decisions subject to the limitations of the anonymous marketplace.
Question: Ambrose consumes two goods, peanuts (x1 ) and a composite good (x2). He has a utility functionU = 4 √x1 + x2. This means his MU1 = 2/ √x1 an
Studies indicate that married men on average earn more income than unmarried men of the same age?
Writings on the historical process by Adam Smith of economic development do not comprise heavy reliance upon: (1) the development of property rights. (2) self interest. (3) divisions of labor in production processes. (4) innovations d
According to the advocates of free trade and World Trade Organization, each and every country potentially advantages from trade liberalization and the lowering of tariffs since each and every country: (1) Has a comparative benefit in something. (2) Ga
The advocates of laissez-faire policies favor: (i) Govt. control of economy. (ii) Public ownership of all the resources. (iii) Income to be distributed according to requirement. (iv) Surpluses in the balance of trade. (v) Minimal govt. intervention in economy.
Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
What will be produced in all economic systems?
Which of the given describes a condition in which a good or service is produced at the lowest probable cost: w) productive efficiency. x) allocative efficiency. y) marginal efficiency. z) profit maximization Please
Assume that melons sell for $5 in Brazil when moose pelts sell for $10, still into Canada melons sell for $10 as well as moose pelts sell for $5. A person who buys moose pelts within Canada to sell into Brazil would be doing: (1) speculation. (2) the “invisible
Explain in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: “The trouble with economic theory is that it is not practical. It is detached from the real world.”
18,76,764
1927297 Asked
3,689
Active Tutors
1431300
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!