7. "We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission." Ayn Rand ANALYZE AND LINK THIS TO ANY THEORY IN ECONOMICS

7. "We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission." Ayn Rand ANALYZE AND LINK THIS TO ANY THEORY IN ECONOMICS

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 17RQ: Is the economic model of decision-making intended as a literal description of how individuals,...

See similar textbooks

Related questions

Q: The basic difference between macroeconomics and microeconomics is: microeconomics concentrates on…

A: Microeconomics concentrates on monetary connections or economic issues or monetary issues at the…

Q: 2. Calculate the elasticity of demand coefficient between point A and B for the demand relationship…

Q: What are the four most important ways a firm becomes a monopoly? Will a monopoly that maximizes…

A: Monopoly is a market where a solitary dealer controls the whole inventory of an item. It is said to…

Q: 4. The catch-up effect Consider the economies of Blahnik and Gribinez, both of which produce gobs of…

A: given that, the economies of Blahnik and Gribinez, both produce gobs of goo using only tools and…

Q: What is the correct interpretation of elasticty value of 0.5 for Y with respect to X? Select one:…

A: Elasticity measures the responsiveness of a dependent variable with respect to a change in another…

Q: This graph shows the short-run aggregate supply curve (SRAS) of a hypothetical economy where the…

A: Nominal Gross Domestic Product (Nominal GDP) is the aggregate market value of all goods and services…

Q: Please describe the three elements of the theory of foreign economies

A: External economies of scale emerge when an industry as a whole expands more quickly and businesses…

Q: . What metrics can help analyze the economic environment of a country?

A: Economic environment The phrase "economic environment" relates to all the exterior economic elements…

Q: Question 20 Which alternative correctly shows the general form of Sarah's budget line? Note: BR =…

A: Budget line shows different combinations of two goods that can be bought with the given prices and…

Q: Suppose the state of New York imposes a one dollar per pack tax on cigarettes, which increases their…

Q: 1. Integrate the following: 7x2 (10x3 + 79 )0.5 within the range 5 and 9. (Please give your answer…

Q: Stilton, and Camembert are different types of cheese. A consultant estimates the followin market…

A: Two goods are substitutes for each other when they can be used in place of each other. Suppose good…

Q: 6. Given the productivity function of a certain firm to be: Q = -4lnL-L²+ 6L Find the number of…

Q: With a greater amount of consumption, total utility Multiple Choice increases only if marginal…

A: Utility is the satisfaction derived from consuming the good.

Q: Year. Bank. Deposits 2018 STANBIC. 6,205,018 2019. Stanbic.…

A: As per the given information, the total firms are 5 as there are Absa. are 2 times given Firms are…

Q: Show complete solution. Consider a teacher depositing an amount P into a savings account and then…

A: P = F/ (1 + R)^t Where P : Present value F: Future value R : Per annum compound interest rate T :…

Q: 1 Economists sometimes looks at prime aged labor force participation because it is relatively…

A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…

Q: In a Passche index, prices are weighted according to the quantities of the various items in the base…

A: Statistics refers to the mathematical body of science that pertains to the collection, analysis,…

Q: A gas station owner sees a report on TV which states that the number of gallons of gasoline sold in…

A: Demand elasticity evaluates how variables like price and income impact consumer demand for a…

Q: State the following country: name of country and current scenario regarding hunger.

A: Hunger is the state when people lacks access to sufficient amount of nutritious food for a standard…

Q: Which would decrease the price of eggs? OA technological advance that lowers the cost of producing…

A: Supply refers to the quantity that a seller wishes to sell at a given price in given period of time.

Q: Suppose that %chg(V) = -2%, %chg(M) = +10% and %chg(Y) = +3%. What is the rate of inflation? Select…

A: According to the quantity theory of money (QTM) MV = PY Where M is money supply V is the velocity of…

Q: Below is a graph for the market for product X for a specified time period. Calculate the price…

A: Price of elasticity demand The pricing of some items is particularly inelastic, according to…

Q: If machine has a first cost which is five times of its salvage value and the annual depreciation…

A: The straight-line method is the type of depreciation method. Annual depreciation=(First cost-Salvage…

Q: 2. A loan earns an interest of 12% compounded- quarterly and should be paid within 6 yrs. How much…

A: r = 12% compounded quarterly n = 6 years Amount paid 1st year = 20,000 3rd year = 30,000 4th year =…

Q: Using the economic data below, Which statement about unemployment is true? Year GDP in Billions GDP…

A: Here, the given table gives information about the value of GDP (in billions) and the growth rate of…

Q: Jim Bildery's factory is considering three approaches for meeting an expected increase in demand.…

A: There are three options with the firm to increase the demand - Increase Capacity , Use Overtime ,…

Q: For a demand function Qd = f (P), a change in price causes a change in the quantity demanded. There…

A: The demand function illustrates the relationship between the quantity of a commodity that is…

Q: Bruce Wayne has a child and wishes to determine what lump sum would have to be paid into an an…

Q: This is a grant given by the federal government allowing an inventor the exclusive right to a…

A: Copyright refers to the legal right to be the only person who may print, copy, perform, etc. a piece…

Q: The price/demand function of a company is p=36-0.001D and the cost function is 20D+1000. Determine…

A: The profit is maximized where the Marginal Revenue (MR) is equal to the Marginal cost (MC). Firm…

Q: Explain the difference between fiscal policy and monetary policy. What are some of the reasons these…

A: Fiscal policy and monetary policies are instruments utilized by governments to offer impetus to the…

Q: Define all the concepts below and where possible use examples: 1. Scarcity and why it exists 2.…

A: Disclaimer: - Since you asked multipart question, we are solving the first three subparts as per…

Q: If there is inelastic demand for your labor, how does that influence individual (or union)…

A: The elasticity of demand for labour measures the responsiveness of labour demand to a change in the…

Q: Why do firms operating in a monopolistically competitive industry have the power to raise the prices…

A: "In economics, there are mainly four types of market structures and each have their own features…

Q: Question: A decrease in today's price of chicken will result in an increase in the quantity of…

A: Demand is the number of consumers who are able and willing to purchase goods at a range of prices…

Q: What are the breakeven points and the range of profitability for the given total profit general…

A: TP = -0.02D2+500D-1000

Q: The price/demand function of a company is p=36-0.001D and the cost function is 20D+1000. Determine…

A: Disclaimer: - Since you asked multipart question, we are solving only the first three subparts as…

Q: The coefficient of income in a regression of the quantity demanded of a commodity on price, income…

A: Income elasticity of demand measures the responsiveness of change in demand to change in income,…

Q: Which of the following is NOT an assumption of the model of monopolistic competition model? Select…

A: The barriers to entry are low in monopolistic competitive industries, and decisions made by one firm…

Q: Given the following equations: Demand: Q = 90 - P Supply Q10 + 15P Solve for the equilibrium price…

A: Given that, Demand, QD = 90 - P Supply, QS = 10 + 15P To Find: Equilibrium Price and Equilibrium…

Q: #3

A: Tax is the amount that is charged by the government from an individual or an organization on their…

Q: The following table gives nominal GDP and the price index for two years. Find real GDP in each year,…

A: GDP refers to a monetary measure of the market value of all the final products and services…

Q: The US government pays $10 million to Iran for crude oil to add to US government-owned oil reserves.…

A: GDP means the value of all final goods and services produced within the domestic territory of a…

Q: About how many years will P100,000 earn a compound interest of P50,000 if the interest rate is 9%…

A: given that, principal(p)=P100,000 compound interest= P50,000 amount(A) = P150,000 interest rate is…

Q: Now, based on part (C), total production of food is ---- units and total production of equipment is…

A: Given Maximum production of two goods for the countries of Oz and Zas Food Equipment Oz 32…

Q: X4

A: We know that The unemployment rate refers to the fraction of the total labor force that is…

Q: Company X has $ 938529 in annual fixed costs. The primary product generates $ 7.98 in revenue per…

A: Annual breakeven quantity is that quantity at which total cost is equal to total revenue. It means…

Q: The fixed cost at Harley Motors are $1 Million annually. The min. product has revenue of $28.13 per…

Q: Will consumers benefit with the price floor?

A: A price floor is the bare minimum that a consumer must pay for a product or service. Government…

Question

100%

7. "We are fast approaching the stage of the ultimate inversion: the stage where the
government is free to do anything it pleases, while the citizens may act only by
permission."
Ayn Rand
ANALYZE AND LINK THIS TO ANY THEORY IN
ECONOMICS

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Is the economic model of decision-making intended as a literal description of how individuals, firms, and the governments actually make decisions?
A. In “The New Abolitionism,” Chris Hayes’ primary point is that: The sum of wealth that must be given up to avert climate disaster is similar to what slaveholders lost due to the Civil War The climate justice movement is the modern moral equivalent of the fight to eliminate slavery in the U.S. Both of the above None of the above B. According to the GDAE, the Trump Administration: Enacted major budget cuts to the Environmental Protection Agency Appointed EPA administrators with connections to the fossil fuel industry Eliminated programs that reduced air pollution, protected safe drinking water, and promoted the safe use of pesticides All of the above
Give an example of a positive statement and an example of a normative statement that somehow relates to your daily life. t Name three parts of government that regularly rely on advice from economists Why might economic advisers disagree about a question of policy?
3. “A wider commitment to enforce "Buy American" laws”, would it count as positive economics or normative economics? Explain.
3. List the essential elements of mainstream economics (ME), Progressive Political Economics (PPE) and Radical Political Economics (RPE). What is Pluralist Economics and how does it relate to the other three? 4. What is "positive economics"?
Determine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the country
sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a. John Kenneth Galbraith’s, The Affluent Society, criticized the underlying structures of an economy dedicated only to increasing production and the consumption of goods. b. Galbraith’s analysis was so insightful that the title of his book has come to serve as a ready label for postwar American society c. Galbraith warned that an economy where “wants are increasingly created by the process by which they are satisfied” was unsound, unsustainable, and, ultimately, immoral. d. The contradictions of the Affluent Society defined the decade: unrivaled prosperity alongside persistent poverty, expanded opportunity alongside entrenched discrimination, and new liberating lifestyles alongside a stifling conformity. e. None of the above statements are false 2. Which of the following statements concerning the rise of the suburbs is false? a. The seeds of a suburban nation were planted in New…
1. In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not? 2. Should an economic model describe reality exactly?
1. What does economist and EconTalk host Russ Roberts think is “single deepest contribution of economics” (Roberts, 2014)? Group of answer choices a. Thinking clearly about the complex interaction of individual actions leading to unintended patterns of predictable and orderly outcomes. b. Thinking clearly about how the government can best design policies that will maximize household incomes and corporate profits. c. Thinking clearly about how we can maximize consumer welfare through the use of various price controls to benefit certain aspects of the market. d. None of the above are correct.
ii. Identify each of the following topics as being part of microeconomics or macroeconomics: a.the impact of a change in consumer income on the purchase of luxury automobiles b.the effect of a change in the price of Coke on the purchase of Pepsi c.the impact of a war in the Middle East on the rate of inflation in the United States d.factors influencing the rate of economic growth. e.factors influencing the demand for tractors. f.the impact of tax policy on national saving.
11. In 2022, Ibram X. Kendi, author of “How to be an Antiracist” informed Valencia College that he would join your economics professor in a moderated discussion – for one hour – and for a fee of $30,000. Who would argue that such a price is not only appropriate, but, if agreed to, would have created benefits for both parties in the transaction? a. John Locke b. Adam Smith c. Ibram X. Kendi d. The author of “I, Pencil” e. All the above.