Answer to Question #144337 in Microeconomics for Ben

Question

Question 2

(a) Assess the following statement: “If economists just had enough data, they could solve all policy questions in a way that maximizes social good. There would be no need for divisive policy debates, such as whether the government should continue to provide petroleum subsidy for all Nigerians.

(b) Of recent, the corona virus pandemic, the lock down and the #Endsars movement has caused major micro-economic disruption, has been biting; people are having a hard time and are finding it difficult to make ends meet. Many states in Nigeria including Bayelsa are owing workers salaries. Consumers are faced with making numerous economic adjustments to deal with the difficult situation. Discuss three examples of economic adjustments made by households, kindly use economic theory in explaining your answers.

Answer 1

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