You are welcome to ask questions on Economics. I am looking to explain economic principles / ideas/ recent developments in economics. Due to the volume of questions, I can no longer promise to answer. But, I will try if it meets below criteria.
I will post the answer on this blog, for everyone to benefit from. I never email individual answers
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- My speciality is economics for British A Level standard.
- I don’t answer university questions or maths calculations
- I am looking to explain economic principles / ideas/ recent developments in economics.
- I will answer as a new post. Check home page of blog for new post. With question and answers
I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
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Hello Lifa
HIV , POPULATION GROWTH,economic inequalities etc are major problems of South Africa.
Hi Felix
Term of trade can strongly effect balance of trade. If a country apply strict import policies and encourage export it may strongly increase balance of trade surplus. Yes it may have some other side effect lie due to low competitiveness productivity may decrease etc.
For example If America impose ban on may imported goods its trade deficit would decrease.
Hello Tanu ji
Different goods have different elasticity of demand. It depends on human nature. We have need of different goods at different degree.
Some goods are very necessary and some are less necessary .
So due to variation of our needs for different goods their elasticity is different. For example electricity is very important to all of us .Even its rated goes up , there will not big effect on its demand .
But if anything like gold ornaments goes up you may avoid them and their elasticity of demand would be higher.
Secondly it also depends on substitute of good. Some goods have good substitute and other have less or not. If a good has substitute its elasticity of demand would be higher.
Q.1 explain two reasons why a government imposes tax. In what ways could a rise in income tax effect individuals?
Q.2 with a suitable diagram give the definition of inferior goods and explain the circumstances in which a firm selling an inferior goods is likely to experienc decrease in sales.
( please try to give answer as soon as possible)
Q.1 dependancy on market economy will ensure both allocative and productive efficiency evaluate this statement with relevent discussion.
Q.2 explain why a government may find that when it is trying to control inflation it cannnot disgregard its other policy aims of full employement economic growth and equilibrium in the balance of payment.
Hello Jyoti
Govt is a body which has many duties and aims . As you know, to fulfill these duties like any other organization govt also need money.
Govt need money for defence expenditure, for public health programs, for education programs etc
So govt can use only following sources :
a) loans from foreign country or foreign organization
b) loans from inside the country
c) income from govt institutions, govt companies etc
d) Income from different direct and indirect taxes etc
e) by budget deficit
So income tax is very important component of govt ‘s revenue.
Rising income tax decreases net income of tax payers but it may be good for others.
Inferior goods are cheap goods whose demand decrease when income of person increases. For example when people become rich they may decrease eating potato and demand of potato will decrease.
Can I know Exactly how Financial Asian crisis happened in 1997 ? I mean how was the beginning ? from where ? what’s the essensial cause of it ? what’s economics explination for that ? I mean i’m not an expert but I really need illustration to understand more 🙂 thanks a lot !
Hi, I’ve got a questions i’ll like to ask;
What is the UK’s target for ecnomic growth ?
Many thanks
can anyone give me simple example and definition of optimization, constrained optimization and unconstrained optimization in economics??
\How the law of diminishing utility falls under the category of unconstrained optimization???
for Q 1
q 50 60 70 80 90
TC 455
MC 5.2 6.0 7.3 8.9
Hiyaa sorry to bother anyone..!!
But as i am fifteen years of age, looking for a job in saninsburys..!! :/ but i dont know the age so please may can someone tell me cheers 🙂
Which of the following are deducted from GDP expenditure figures to determine GDP at factor cost?
A: The council tax u pay on your house
B: the tariff on an imported car
C: the tax you pay on petrol
D: your national insurance contribution
On Jan 2009 I asked a question on the greek current acc deficit, the fixed EUR rate, the lack of competiveness and the debt load and you expanded briliantly on the dangers of the twin deficits and the deteriorating greek credit quality. Now i just need to make a comment that all the analysts, all the policymakers and all the technocrats are taliking about all the possible solutions on the Greek saga with one huge undisclosed assumption in the back of their minds which is a relic of the past: that there won’t be another global recession any time soon. I believe that the bus. cycle will be much more volatile than it used to be and all projections are off if we slow down meaningfully again (politics will be unpredictable). I have been thinking about the possible consequences on such a scenario and they are just horrible. I would therefore like to ask your opinion on the probability of such a recession and your view on how quickly Europe will debacle in such a scenario. Thanks
Hi, and thanks for an interesting blog 🙂
A subject I’d like to see addressed is the one raised by Richard Lynn and Tatu Vanhanen (among others), and explained most recently in “IQ and Global Inequality”. See http://en.wikipedia.org/wiki/IQ_and_Global_Inequality
This work shows that the size of a country’s economy (per capita GDP) is largely determined by the average IQ (Intelligence quotient) in that country. Given this information, one could easily have predicted (for example) that the first Euro-zone countries to hit a real financial crisis would be Greece, Ireland and Portugal, given their average national IQs of 92, 93 and 95 respectively. Why is this subject addressed by psychologists but never by economists? Are we so bound by Political Correctness that we must ignore such valuable information?
If India gets back the black money parked in Swiss accounts, how will it affect India’s economy?