Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

Explain how the circular flow diagram explains the economy. Contrast macroeconomic concepts versus microeconomic concepts. Contrast when an economist acts as a policy adviser and

Explainhowthe circular flow diagramexplains the economy.
Contrast macroeconomic concepts versus microeconomic concepts.
Contrast when an economist acts as a policy adviser and when an economist acts as a scientist.
Explain the difference between positive and normative economics.
Classify the different functions an economist may serve.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Labor Economics

Labor Economics

Authors: George J. Borjas

6th edition

73523208, 2900073523209 , 978-0073523200

More Books

Students also viewed these Economics questions

Question

★★★★★

Traditional measures of net assets do not capture the value of human capital in an organization. Which trends, if any, suggest that intellectual capital may eventually be a candidate for inclusion as...

Answered: 1 week ago

Question

★★★★★

Lasley Cash, Ltd. operates a chain of exclusive ski hat boutiques in the western United States. The stores purchase several hat styles from a single distributor at $12 each. All other costs incurred...

Answered: 1 week ago

Question

★★★★★

Let ti denote the time of failure of the ith component; let (t) denote the time to failure of the system as a function of the vector t = (t1,..., tn). Show that max 1 js min iAj ti = (t) = min 1 jk...

Answered: 1 week ago

Question

★★★★★

Wayne Casting, Inc., produces a product made from a metal alloy. Wayne buys the alloy from two different suppliers, Chillicothe Metals and Ames Supply, in approximately equal amounts because of...

Answered: 1 week ago

Question

★★★★★

the difference between the capital gains tax rate and the income tax rate is an incentive for a. firms to pay more earnings as dividends b. firms never to split their stock c. firms to declare more...

Answered: 1 week ago

Question

★★★★★

A _____ can include pay, benefits, or other compensation for which an employee is entitled when leaving the organization. Group of answer choices retention plan improvement plan severance package...

Answered: 1 week ago

Question

★★★★★

5. Consider the language, L, using the alphabet A = {a, , y} defined by: a word w is in L if and only if the number of a's times the number of 's equals the number of y's. So yaay is in L but ayayy...

Answered: 1 week ago

Question

★★★★★

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$20 par value, 100,000 shares authorized, 50,000 shares issued and...

Answered: 1 week ago

Question

★★★★★

Assessment Instructions 1. Answer the following four questions: i. What are your career goals? ii. What are you really good at professionally? iii. What are you not good at or not interested in doing...

Answered: 1 week ago

Question

★★★★★

How does your personality align with your organisation's culture? If you are not part of a specific organisation, reflect on the outcomes of the personality and spend some time reflecting on your...

Answered: 1 week ago

Question

★★★★★

Go tohttps://paulhammant.com/2016/09/26/visualizing-the-theory-of-constraints/ Find TOC for a manufacturing production line - Click "Click to Play" 1 What is the constraint (which station) and what...

Answered: 1 week ago

Question

★★★★★

Explain an organisation's customer service Handover procedures when escalating or referring customers

Answered: 1 week ago

Question

★★★★★

3. Choose a social incident in your local area. (a) List three points that you believe are the cause of the social incident and develop a model that shows a linear relationship. (b) What is the...

Answered: 1 week ago

Question

★★★★★

Peoples understanding of what is being said

Answered: 1 week ago

Question

★★★★★

5. Develop a circular model, with positive and negative feedback loops, showing the relationships between the following critical variables: The population of a city Industrialization Relocation ...

Answered: 1 week ago

Previous Question Next Question