Discuss the limitations of consumer sovereignty?
1: Nature of the economic system-in a free market system the consumer is more sovereign than in in a plan market system
2: Size of the consumer income-the consumer who earn more are able to exercise sovereignity than low income earners
3: Range of goods available-consumers depends on goods which are available in market to satisfy their wants.If the range of goods available are less it may lower the consumers desires and therefore limit the sovereignty
4: Government policies-the consumption of certain goods may be prohibited by the government regardless of the level of demand
5: Advertising and other persuassive promotional activities and salesmanship
6: Existence of monopoly.
Kalis answered the question on March 23, 2018 at 13:42
- Explain the types of equilibrium?(Solved)
Explain the types of equilibrium?
Date posted: March 23, 2018. Answers (1)
- Give the disadvantages of price control?(Solved)
Give the disadvantages of price control?
Date posted: March 23, 2018. Answers (1)
- Explain the types of price control?(Solved)
Explain the types of price control?
Date posted: March 23, 2018. Answers (1)
- Define price control(Solved)
Define price control.
Date posted: March 23, 2018. Answers (1)
- List six effects of price decontrol?(Solved)
List six effects of price decontrol?
Date posted: March 23, 2018. Answers (1)
- Give the roles the government plays in a mixed economic system?(Solved)
Give the roles the government plays in a mixed economic system?
Date posted: March 23, 2018. Answers (1)
- What is an economic system?(Solved)
What is an economic system?
Date posted: March 23, 2018. Answers (1)
- Compare and contrast ordinal and cardinal utility theory(Solved)
Compare and contrast ordinal and cardinal utility theory.
Date posted: March 21, 2018. Answers (1)
- The following information represents the National Income Model of an ‘Utopian’ economy. Y = C + I + G C = a + b(Y – T) T =...(Solved)
The following information represents the National Income Model of an ‘Utopian’ economy.
Y = C + I + G
C = a + b(Y – T)
T = d + tY
I = IO
G = GO
Where a > O; O < b < 1
d > O; O < t < 1
T = Taxes
I = Investment
G = Government Expenditure
(i) Explain the economic interpretation of the parameters a,b,d and t.
(ii) Find the equilibrium values of income, consumption and taxes.
Date posted: March 21, 2018. Answers (1)
- Differences between micro and macro economics(Solved)
Differences between micro and macro economics.
Date posted: March 21, 2018. Answers (1)
- Give the Importance and use of micro-economics(Solved)
Give the Importance and use of micro-economics
Date posted: March 20, 2018. Answers (1)
- (a) Citing practical examples, explain the differences between the following types of unemployment listed below and how each affects economic growth.
(i) Seasonal and casual unemployment. ...(Solved)
(a) Citing practical examples, explain the differences between the following types of unemployment listed below and how each affects economic growth.
(i) Seasonal and casual unemployment.
(ii) Disguised and unproductive unemployment.
(b) Outline policies which if implemented would alleviate the problem of unemployment.
Date posted: March 16, 2018. Answers (1)
- (a) Define the concept of “national income”.
(b) Briefly explain how national income is measured.
(c) Give reasons why it is difficult to compare the national income of...(Solved)
(a) Define the concept of “national income”.
(b) Briefly explain how national income is measured.
(c) Give reasons why it is difficult to compare the national income of one country with the national income of another country.
(d) Outline the factors that determine the level of national income of a country.
Date posted: March 16, 2018. Answers (1)
- (a) Distinguish between money, near money and money substitutes.
(b) Identify and explain the functions of...(Solved)
(a) Distinguish between money, near money and money substitutes.
(b) Identify and explain the functions of money. (6 marks)
(c) Explain the reasons for liquidity preference for money.
(d) Explain any four qualities of money.
Date posted: March 16, 2018. Answers (1)
- Give reasons why teachers study economics of education.(Solved)
Give reasons why teachers study economics of education.
Date posted: March 16, 2018. Answers (1)
- Give reasons why economists are interested in education.(Solved)
Give reasons why economists are interested in education.
Date posted: March 16, 2018. Answers (1)
- Outline the solutions to problems of education planning.(Solved)
Outline the solutions to problems of education planning.
Date posted: March 16, 2018. Answers (1)
- Discuss the major problems facing educational planning in developing countries(Solved)
Discuss the major problems facing educational planning in developing countries.
Date posted: March 16, 2018. Answers (1)
- Describe the social organization of the Nandi during the pre-colonial period(Solved)
Describe the social organization of the Nandi during the pre-colonial period.
Date posted: March 14, 2018. Answers (1)
- Highlight the critical areas of choice in educational planning.(Solved)
Highlight the critical areas of choice in educational planning.
Date posted: March 13, 2018. Answers (1)