Main economic functions of government
Enumerate and briefly discuss the main economic functions of government. Which of these functions do you think is the most controversial? Why?
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One role is to provide the legal and social framework. This goes beyond the elementary policing of keeping people from assaulting and stealing from each other. Government attempts to regulate business in terms of setting standards and rules. Some examples include establishing rules regarding contract negotiations and enforcement; setting standards on safety of food, drugs and other products; educating the public about respect for private property; devising zoning laws, etc.
What divergences arise between equilibrium and an efficient output spillover benefits are present? How might government correct this divergence?
Suppose studies show that students who study more hours receive higher grades. Is there any relationship which guarantees that any particular student who studies longer will get higher grades?
consumer's interview method for demand forecasting(point to point explain)
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
“The legal form an enterprise assumes is dictated primarily by the financial requirements of its particular line of production.” Do you agree?
Mutually beneficial exchange is probable whenever relative production costs vary previous to trade, is a manner to state the law of: (1) Positive profits from trade. (2) Comparative benefit. (3) Specialization and Division. (4) Purchasing power parity
“Natural price” by Adam Smith of a good was eventually determined through: (1) the amount of capital used within production in the short run. (2) long-run average costs of production, that Adam Smith believed to be the amo
Evaluate and explain the statements: “Competition is the essential despot of the market economy”.
Briefly state the pros and cons of Partnership?
Describe unequal burdens of unemployment exist?
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