Elucidate redistribution of income
Elucidate redistribution of income?
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1. Transfer payments provide relief to the poor, dependent, handicapped, and unemployment compensation to those unemployed who qualify for benefits. Social Security and Medicare programs support the sick and aged.
2. Government intervenes in markets by modifying prices. Price support programs for farmers; minimum wage laws are examples.
3. Taxation takes a larger proportion of incomes of the rich than the poor.
Write down the importance of Price Earnings Ratio?
Why is the problem of unemployment a part of the subject matter of economics?
Illustrate the 4th role is the reallocation of resources?
Elucidate facilitating factors that explain the growth of trade?
Illustrate the characteristics of the Market System?
Elucidate The General Agreement of Tariffs and Trade (GATT)?
Question: You are given the following data about two firms: FIRM A Quantity 0
Question 7: You are given the following data about two firms: FIRM A Quantity 0 1 2 3 4 5 6 Total revenue ($) 0 10 20 30 40 50 60 Average revenue ($) ___ ___ ___ ___ ___ ___ ___ Marginal revenue ($) ___ ___ ___ ___ ___ ___ Total cost ($) 30 42 50 60 76 100 14
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (
Illustrate how Microeconomics looks at specific economic units?
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