Welfare definition of economics
Explain the welfare definition of economics? Why is it criticized?
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According to Alfred Marshall, wealth is only a means to an end in all activities, this end is human welfare. The economics is on the one side a study of the wealth and the other which is more important side is a part of the study of man. Welfare definition of economics is criticized due to: i) Welfare can’t be measured correctly. ii) It ignored the valuable services like teachers, lawyers and singers.Welfare definition of economics is criticized due to: i) Welfare can’t be measured correctly. ii) It ignored the valuable services like teachers, lawyers and singers.
When the income effect of a wage increase is more powerful in that case the substitution effect, the: (1) labor supply curve will be “backward bending.” (2) unemployment rate will rise since more people will be available for work. (3) valu
What are the objectives and importance (Uses) of managerial Economics?
For most kinds of labor, the most accurate ranking of labor supplies through most elastic to least elastic is most likely: (1) firm, small industry, occupation. (2) economy, individual, occupation. (3) firm, economy, occupation. (4) individual worker,
If hiring hundred extra workers increases the firms total cost through $10,000, and each extra worker increases output from 50 units, in that case on the average: (w) profit will fall by $10,000. (x) the value of the marginal product of labor is $10,0
Technological advances because the starting of the twentieth century has: (w) removed the limits on our ability to produce. (x) removed the problem of scarcity. (y) expanded our capability to produce. (z) raised the use of resources for production. Q : Depression - Phases of business cycle Illustrates the term dispersion of phrases of business cycle?
Illustrates the term dispersion of phrases of business cycle?
What is Demand Forecasting?
The observations that whenever output is expanded, the costs ultimately grow faster than output, and that the enjoyment people receive from consuming additional units of a specific good ultimately declines, both pursue logically from the law of: (1) Unexpected effects
States the Wealth Definition in economics?
Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
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