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valkas [14]
3 years ago
14

How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with

the higher branches of philosophy or pure science, it is a subject at which few excel?
Business
1 answer:
forsale [732]3 years ago
4 0

Answer:

B) Good economists must possess a rare combination of gifts.

Explanation:

Economics is a social science that focuses on studying scarcity. Since all resources are scarce, economics tries to determine how to allocate resources more efficiently in order to produce the most possible benefits. We are all economists whether we like it or not. When we spend our money (scarce resource) we try to get the largest benefit out of it, the same applies to our time. We decide to study for a test and get a good grade, or simply take a very long nap.

The problem with economics and all social science, is that they are not exact. There is no possible way a scientific research can be done that includes all the economy, there are simply too many billions of transactions and different combinations that it is impossible to do it. Some microeconomics studies can be carried out but only considering a single company or industry and few factors.

Economists must base their research upon past events and develop models that can predict future events. Sadly but true, even meteorologists have a higher percentage of correct predictions than economists.

The few good economists must be very good at math, history, politics, philosophy, psychology, developing abstract ideas and make them concrete ideas, and last but not least must be able to explain all of this to others and convince them.

The problem with applying economic models to the real world are the changing expectations of the general public (psychology and philosophy). One of my teachers had a great saying, "the mouth is the most sensitive organ in your body, but your pocket is by far the most sensitive part".

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The federal law that establishes the right to collective bargaining and limits the interference of management in the right of em
marusya05 [52]

The federal law that establishes the right to collective bargaining and limits the interference of management in the right of employees to have a collective bargaining agent is the National Labor Relations Act of 1935.

<h3>What is the National Labor Relations Act?</h3>

The National Labor Relations Act of 1935 is a key piece of American labor legislation that protects employees working in the private sector's ability to form unions, participate in collective bargaining, and conduct collective action like strikes. An important part of the law prohibited corporate unions.

By giving workers in private-sector companies the fundamental right to demand better working conditions and choice of representation without fear of punishment, the NLRA safeguards workplace democracy.

Employees have the right under the National Labor Relations Act (NLRA) to establish or join unions, take part in protected, organized actions to address or improve working conditions, or refrain from taking part in these activities.

To know more about National Labor Relations Act refer to: brainly.com/question/17309523

#SPJ4

6 0
2 years ago
Campbell Construction Company expects to build three new homes during a specific accounting period. The estimated direct materia
Alina [70]

Answer:

The driver for employees fringe benefits is direct labor costs whereas the driver for indirect material costs is direct material costs

The total cost of each home is as follows:

Home 1 $188140

Home 2 $268860

Home 3 $408910

Explanation

Find the breakdown of the costs in the attached excel file.

Download xlsx
6 0
3 years ago
Who's better?<br> Chris Brown or Lil Tjay?
TEA [102]

Answer:

Lil Tjay and the song F.N or Mood Swings

Explanation:

8 0
2 years ago
According to the Core Reading, which of the following is NOT a threat presented by rising income inequality? Select one: a. High
Vilka [71]

Answer:

 Option B          

Explanation:

In simple words, Income inequality refers to the severe imbalance in wealth levels typically in the possession of a limited minority of a community with a large accumulation of wealth.

If wealth disparity exists, there is indeed a wide difference in the resources of one group of the society and that of another. Specific forms of discrimination and study of wage differences should be used to explain economic inequality.                      

          Thus, from the above we can conclude that the correct option is B .

4 0
2 years ago
Kenneth wants to start a new business. To get start-up capital, he takes a short-term loan from a bank. The bank agrees to provi
Scilla [17]

Option D

Revolving credit agreement short-term financing sources Kenneth utilizes to fund his business in the given scenario

<h3><u>Explanation:</u></h3>

Revolving credit means is a line of credit that is established among a bank and a business. It has an organized peak amount, where the firm has a way to the funds at any time when demanded. It is required for companies that may seldom hold low cash surpluses to continue their networking capital demands.

Because of this, it is frequently regarded as a kind of short-term funding that is normally paid off suddenly. To begin the loan, a bank may impose a commitment fee. This remunerates the bank for holding an open way to a potential loan, where interest fees are only initiated when the revolver is carried.

6 0
3 years ago
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