One major assumption of economics is that people

1 answer:

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In any field of study, people always start with the ideal scenario in order to eliminate external factors that could only add complexities. Then, when we fully understand the concepts, the calculations gradually evolve to more complex ones to cater to realistic problems.

The basic assumptions that economists do are the following
1. People always have preferences on a set of outcomes and this can be determined through the quantity and quality of their value
2. People always maximize utility or the satisfaction you get out of buying and using the product.
3. Businesses always maximize profit.

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______________ did pioneering work on National Income Accounting at the NBER This was very important along with Wesley Mitchell'

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Answer:

D. Simon Kuznets

Explanation:

Simon (Smith) Kuznets was born April 30, 1901 in Pinsk, Russian Empire (now Belarus), he was a Russian American economist and statistician and a 1971 Nobel Prize winner in Economics. In his work, he stressed the importance of making multiple observations, the limitation of simple models based on a single phase of historical experience, and the complexity of underlying economic data. According to Kuznets, in order for economic data to provide a healthy model, they should include information on the population structure, the nature of labor, the state structure, trade and markets. suggested. It also examines the cyclical changes in growth rates today called Kuznets cycles and their links to key factors such as population.

The National Bureau of Economic Research, founded in 1920, is a private, non-profit, non-partisan research organization designed to foster a deeper understanding of how the economy works. NBER seeks to conduct and disseminate objective economic research among government officials, business professionals, and the academic community. Over the years, the NBER research program has embraced a wide range of issues that our society faces. Early research focused on the overall economy, examining in detail the business cycle and long-term economic growth. Simon Kuznets’s pioneering work on national income accounting, Wesley Mitchell’s influential business cycle study, and Milton Friedman’s study of money demand and the determinants of consumer spending were among the first studies conducted by NBER.

In 1931, at the direction of Mitchell, Kuznets claimed responsibility for NBER's work on U.S. national income accounts. In 1934, the United States national income was estimated for the period 1929–1932; in addition, it was extended until 1919–1938, and then until 1869. Although Kuznets was not the first economist to try this, his work was so comprehensive and thorough that it set the standard in this area.

Kuznets managed to solve many problems, starting from a lack of information sources and bias estimates, and ending with the development of a theoretical concept of national income. Kuznets achieved high precision calculations. His work allowed us to analyze the structure of national income and identify for a detailed study a number of specific problems of the national economy. Improved methods for calculating national income and related indicators have become classics and formed the basis of the modern system of national accounts. After analyzing the distribution of income between different social groups, Kuznets hypothesized that in countries in the early stages of economic development, income inequality primarily increases, but as the national economy grows, it tends to decrease. This was Kuznets curve of “An empirical concept".

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How do exports and imports affect a nation's economy?

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We import goods from other countries when they are harder to make in ours, we export goods to other countries when the goods are harder to make or obtain in theirs. if a nation exports more than it imports, a surplus is created. When a country imports goods more than it exports, it creates a trade deficit. A trade deficit in a nation causes it to have to borrow from other countries in order to pay for the imports. On the other hand, a surplus is much healthier for the economy light of the fact that it boosts economic output.

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If the demand for a good falls by less than the supply of the good rises, then the good’s equilibrium price will __________ and

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If the demand for a good falls by less than the supply of the good rises, then the good’s equilibrium price will fall and its equilibrium quantity will rise.
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Answer:

A bad idea, as A2 is not on the critical path.

Explanation:

Critical path is a path which is the shortest path of doing the activity.

When an activity is in critical path, then there is a benefit of crashing it. Or if it is not the part of critical path then the benefit is to crash the activity and then apply the spare resources in some activity which is a part of critical path.

Thus, crashing A2 which is not a part of critical path and then not deploying the resources on to the activities of critical path will not provide for any benefit.

It is ultimately not a wise idea.

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