If resources were unlimited and freely available
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
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If resources were unlimited and freely available, making choices would not be necessary. Every person could have as much as they wanted of any good or service. Science of choice should be unnecessary in Economics.
Why is the problem of unemployment a part of the subject matter of economics?
Explain: “Even though parking meters may yield little or no net revenue, because of the rationing function they perform nevertheless be retained”
Question: Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment? Answer:
Use the circular flow model to confirm this assertion for the levying of a tax on air polluters?
Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.
Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.
Briefly describe the term Benefit Cost Ratio (or B/C Ratio) or Profitability Index (or PI)?
Adam Smith’s perception which self-interested motives underpin even charitable activities through apparently selfless people appeared originally into his primary major book that was entitled: (1) Theory of Moral Sentiments [1755]. (2) Leviathan
Explain Self-interest of the Market System?
The opportunity cost of making an exact alternative is: (i) useful primarily as an indicator of relative prices. (ii) its nominal costs into terms of all other goods. (iii) the information which guides your decision. (iv) measured through the subjecti
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