1. Differentiate trade-off from opportunity cost.

Q: Which of the following claims about traditional and ecological economics does not demonstrate a…

A: Given that it pertains to every field, economics is regarded as a subject that is pervasive.…

Q: Question 3 Determine if the following statement is true or false and explain your answer. "Arrow's…

A: Arrow's impossibility theorem is a social choice paradox that shows that having an optimal voting…

Q: How do property rights affect externalities and market failure? Do goods and services by definition…

A: Answer-

Q: Which of the following is an example of the free-rider problem? A People who do not buy pizza…

A: Public goods are non-excludable and non-rivalry. When no one can be excluded from the consumption of…

Q: Why might redistribution across communities make sense for the provision of education? a-there are…

A: The correct option is c ‘there is externality associated with education’.

Q: Which of the following statements about negative incentives is the most accurate? They increase…

A: Which of the following statements about negative incentives is the most accurate.

Q: Explain why economists might say that the market for higher education demonstrates externalities and…

A: Higher education when attained by students,gives rise to employment. Therefore according to…

Q: According to Kenneth Arrow, there are minimum conditions to which a social choice rule…

A: Theorem asserts that converting individual preferences from a fair ranked-voting electoral system…

Q: Which of the following is a reason to deviate from the Haig-Simons comprehensive income definition…

A: b) Charitable giving

Q: Recall that the economic goal of criminal law is to minimize the sum of three things: (1) the social…

A: Given information Social cost of each criminal=$10000 The cost of trying and punishing=$25000 Due to…

Q: One reason we need government, even in a market economy, is that: a. The invisible hand, while…

A: Market Economy Market economy refers to system where production of goods and services are directed…

Q: Are the following statements TRUE OR FALSE? Explain in detail.   (a) At the equilibrium people are…

A: Desclaimer :- you posted multipart questions therefore we are supposed to solve the first 3questions…

Q: There are various approaches to deal with ecological illness, and we can all place them on a…

A: Given the two approaches for ecological illness ie liberatianism and authoritarianism, it is better…

Q: Which of the following assertions regarding the economic approach is false? a. The goal of economic…

A: Economic Approach:- The index number theory method based on the notion that measured quantities and…

Q: If there are no externalities or market power and all markets are in equilibrium, what conclusions…

A: The Market equilibrium occurs where the demand and supply forces are equal. The presence of market…

Q: Does the 1s* fundamental theorem of welfare economics provide a rationale for laissez-faire…

A: The study that tends to deals with allocation of goods and resources affecting social welfare is…

Q: Why do externalities cause market failure? What types of government actions or regulations can be…

A: The answer is as follows:-

Q: What are externalities? How do they create a less than optional level of production in society?…

A:

Q: An externality arises when one economic agent's actions affect the welfare of others in ways that…

A: The indirect benefit or cost being caused to third parties mainly arising due to the effect of…

Q: Provide short answer for the following. 1. Market failure. 2.Externality. 3.Substitution effect…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The production possibilities curve shows the tradeoff between housing and all other goods. a. If the…

A: PPC stands production possibilities curve which describe the possibility of production with given…

Q: Many cities have taxes on products that are considered "bad," like cigarettes and alcohol.  These…

A: The government has long taxed tobacco and alcoholic beverages. Sugar-sweetened beverage levies have…

Q: Question THREE Some reasons why resources could be allocated inefficiently by the market are…

A:

Q: The rest of the world is fed because of the use of good seed and inorganic fertilizer. This…

A: The O-ring theory of economic development is a model of economic development established by Michael…

Q: Knowledge creates positive externality; therefore, governments should intervene in the education…

A: Positive externality occurs when the consumption or production of a good causes a benefit to a third…

Q: One problem with insurance is that buyers who have more chance of needing a payout (like being in…

A: Asymmetric Information: The term asymmetric information refers to the situation in which the…

Q: valuate the following statement: "When it comes to public goods, individuals do not reveal their…

A: 'Public goods' are goods and services that are available to everyone in a society.In nature, public…

Q: Governments generally want people to get immunised against highly contagious viruses such as…

A: When the outcome of an economic transaction is not completely efficient.All the costs and benefits…

Q: a. How will the imposition of the chosen government policy which is the nudge theory impact consumer…

A: A nudge, according to Richard Thaler, the creator of nudge theory and Nobel Prize winner in…

Q: Assume that each day 10,000 children watch Sesame Street on public television and that watching…

A: Here, it is given that 10,000 children watches Sesame Street on public TV that generates a benefit…

Q: 1. We have a population of 3, they have the following benefit curves (TB): TB¹ = 3q - 2q² TB² = 2q -…

A: Total Benefit refers to the benefit that a certain public or private good gives or offers to its…

Q: Choice obliges us to give up something while it enables us to achieve something. What is this…

A: Definition of each available option Externality: the economic activity of an economic agents affects…

Q: With the aid of examples or illustrations, show how cost-benefit analysis is linked to the following…

A: The benefit or cost that is being caused by the producer which is not being incurred or received…

Q: 1. One of the key underpinnings of public choice analysis is the assumption that politicians and…

A: Public Choice Analysis studies the decision making process of public with the help of economic tools…

Q: Explain why externalities pose a problem for the utilitarian/invisible hand argument

A: The Invisible hand argument by Adam Smith Suggests that the consumers as well as the firms will…

Q: In the Supreme Court case involving Charles Schenck, which tested the constitutionality of the…

A: Option C Schneck vs the United States case Words that used which can create clear and present danger…

Q: Lucia is waiting in line to receive a free t-shirt at a charity event. Because the shirts are free,…

A: Choices Are Made at the Margin. Economists argue that most choices are made “at the margin.” The…

Q: Do you believe the steps that the federal government takes to encourage the socially optimal amount…

A: Federal Government  The U.S. Constitution grants Congress, the President, and the Federal courts,…

Q: If education has private benefits to an individualas well as external benefits to society, explain…

A: An externality is said to be created when an individual takes part in an activity that also…

Q: Indicate whether the statement is true or false, and justify your answer.The Coase theorem says that…

A: In welfare economics, externalities are the costs and benefits that are derived from an economic…