Influencer and education

2b Show that a minimum wage set above the market clearing wage rate causes excess supply  of labour. Why would a government impose minimum wage despite knowing its effect on  unemployment? Answer The demand for labour will be negatively sloped in all types of production for two reasons. First, a rise in the wage rate increases the costs of firms producing the commodity, forcing them to raise their selling prices. As the price of the product rises consumers will buy less of it and less output will be produced and sold. This means that less labour will be used. Second, since a rise in wages makes labour more expensive relative to capital, firms will substitute capital for labour. This means that less labour will be used to produce whatever output the firms in the industry sell. If the wage is free to adjust in response to market forces it will move to  We,  where the demand for labour equals the supply. When the wage is above  We,  more labour will be presented fo

  QUESTION 1 : a. Classify the following statements into Positive and Normative statements with reasons for  your classification.  i. The government should emphasise more on poverty reduction than on economic  growth.  Answer  Normative economic, the government should emphasise more on poverty reduction than on economic  growth ii. People would prefer a policy that lowered the level of unemployment to one that  brought inflation down. Answer  Normative,  Because People would prefer a policy that lowered the level of unemployment to one that  brought inflation down. iii. Higher taxes discourage work effort. Answer   Positive economic, Higher taxes discourage work effort. it is based on the facts iv. A rapid growth rate of money is the cause of inflation.  Answer:  positive economic, A rapid growth rate of money is the cause of inflation. v. Government should raise the tax on tobacco as to discourage people from smoking. Answer:  Normative because  Government should raise the tax on toba

  Question 5 : Define the term delivery. Is it necessary that delivery, ownership and payment of  price take place simultaneously? Discuss the rules regarding Delivery of Wrong  quantity.  Define the term Designated Partners. Explain their eligibility as well as appointment. ANSWER : Performance of Contract of Sale Performance of contract of sale means delivery of goods by seller and acceptance of  delivery of goods and payment for the same by buyer. • Seller’s main duty:- àIs to deliver the goods to the buyer • Buyer’s main duty:- àTo accept the goods and pay the price to the seller as per the terms of the contract The parties are free to provide any terms in their contract regarding time, place, delivery,  payment of goods and so on. But if the parties are silent and no terms are mentioned in the  contract then rules contained in the sale of goods act will be applicable. Meaning of Delivery Voluntary transfer of possession from one person to another Types of Delivery:- 1. Actual Deli

Question 6 :  “E-Governance facilitates an efficient speedy and transparent government processes.”  Comment and explain the provisions relating to E-Governance under the Information  Technology Act, 2000. Also discuss the functions of private and public keys? Answer :   In the IT Act, 2000, there are special provisions under Chapter III to grant legal recognition to electronic records, signature, and also encourage the government and its agencies to use them. Provisions for e-governance under the IT Act, 2000 These are the provisions under the IT Act, 2000 in the context of e-governance: 1. Legal Recognition of Electronic Records (Section 4) Let’s say that a certain law requires a matter written, typewritten, or printed. Even in the case of such a law, the requirement is satisfied if the information is rendered or made available in an electronic form and also accessible for subsequent reference.  Browse more Topics under Cyber Laws Introduction to Cyberspace   Cyber Appellate Tribunal 

  Question 4 : “Limited Liability Partnership (LLP) is a hybrid between company and partnership”  Elaborate. Explain the procedure of conversion of a partnership firm to LLP and the  consequences of such conversion under the Second Schedule.  An LLP is running with one partner from 15 th July 2020 till date. What are the  consequences of doing so. Explain mentioning who can file the petition as well as  powers of the Tribunal. ANSWER :  Features of LLP The main features of LLP are: LLP is a body corporate and a legal entity separate from its partners. The LLP has a perpetual succession. The Rights & Duties of partners of an LLP and those of the LLP and its partners shall be governed by an agreement between partners or between the LLP and the partners. The Liability of the partners is limited to their agreed contribution in the LLP which may be tangible or intangible in nature or both tangible & intangible in nature. LLP shall maintain annual accounts reflecting the true and fai