Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 The Covid-19 pandemic crisis which has strucked the world early this year has caused many countries to implement the Movement Control Order (MCO) to
1 The Covid-19 pandemic crisis which has strucked the world early this year has caused many countries to implement the Movement Control Order (MCO) to stop its widespread and to break the covid-19 chain. Discuss the negative impact of the MCO implementation on the economy towards household, firms, government and international trade. Deliberate about the steps taken by the government to mitigate the economic burden of all parties. Question 2 John Maynard Keynes designated the tendency of consumption varying directly with variations in disposable personal income as the fundamental psychological law". According to this law, a person would increase his consumption as the income increase, but the expenditure would be less than the increase in the income. This means that consumers will spend only a part of the increase in their income and save the rest. Question 3 List FOUR (4) non-income determinants that can change the consumption and savings function
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started