hw sets

An economic perspective supports which of the following statements?a. Energy resources are running out.b. Energy conservation is necessary to achieve economic efficiency.c. An advance in energy efficient technologies may increase total energy use.d. The trend of lower energy intensity is due to a rising population.

Macroeconomics is the branch of economics that deals with:(A) the prices of individual goods (B) important rather than trivial issues (C) how individual markets work (D) the economy as a whole

(1) Classify the following topics as relating to microeconomics or macroeconomics. (5) a. a family’s decision about how much income to save b. the effect of government regulations on auto emissions c. the impact of higher national saving on economic growth d. a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of money

13. Which of the following is a normative statement? a) Neil Armstrong was the first man ever to walk on the moon b) The Space Shuttle Columbia exploded in 2003 when it was re-entering the Earth's atmosphere c) NASA should send a shuttle to Mars to do more research on the planet. d) The International Space Station is a joint collaboration between many countries, including the United States of America, Japan and Canada. 14. In what type of economy will you see consumers buying what they like with money they have acquired from a wage or salary? I. Command syste I. Market system I. Mixed economy a) OnlyI b) Only II c) Both Il and II d) 1. Il and III

After reviewing major/relevant material in microeconomics, your group has begun brainstorming the possible topics that you would like to do. 1. Find two different dependent variables that you would like to explain and 2. Find at least three independent variables that can help you to explain. 3. What the possible economic theories/concepts/graphs that support your choice of the variables are. Note: this task pertains to microeconomics concepts.

What are the key elements of the scientific method and how does this method relate to economic principles and laws?

Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. How do you apply this statement in actual economic situations in our economy?

Microeconomics Questions  (Showed in Screenshot)

Business anca Ayon Action Chapter 2 Understanding Basic Economics Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 2.1 Define economics, and explain why scarcity is central to economic decision making. 2.2 Differentiate among the major types of economic systems. 2.3 Explain the interaction between demand and supply. Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved What Is This Thing Called The Economy? (1 of 1) Economy - The sum total of all the economic activity within a given region Introd . This chapter off - A brief introduction professional's perspec - A high-level look at the stu economic systems, and the demand • Understanding basic economi successful business managen Copyright © 2017, 201 Learning Objectives (2 2.4 Identify four macroeconom understanding the behavior of 2.5 Outline the debate over de key roles that governments pla 2.6 Identify the major ways of Copyright © 2017, 2 What Is This Thing C…

ii. Identify each of the following topics as being part of microeconomics or macroeconomics: d.​factors influencing the rate of economic growth. e.​factors influencing the demand for tractors. f.​the impact of tax policy on national saving.

Question 1 Suppose a British Columbia has a total of 12 units of labour, which can be used to produce either computer or wheat. One computer takes 6 units of labour to produce and 100 kg wheat takes 2 units of labour to produce. (a) Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. (b) What is the maximum quantity of computers that can be produced? (c) What is the maximum quantity of wheat than can be produced? (

1. Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. (i) How will the market for melons be affected after Hurricane Dean? (ii) How much will the Trinidadian economy grow this year? (iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? (iv) What will the inflation rate be for Belize?

Question 1 Part A The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1 below. You are required to: a. Draw a Production Possibility Frontier (PPF) and list all efficient points of production. b. Marope Economy wishes to produce 520 billion units of consumer goods. Plot this output on the Frontier and state whether this is an efficient point or not. Table 1 - Production Possibilities Output (billions of A units per year) Consumer goods Consumer services 480 0 B 420 120 C 240 240 Part B Use graphs to demonstrate how the following factors will change the PPF. a. A decrease in migration b. An increase in natural resources c. Changes in technology D 0 300

Discuss purpose and importance of studying economics. Also discuss the scope of microeconomics and macroeconomics and their interdependence  ?

Each of the following situations requires some trade-offs. You are supposed to analyze and discuss a few trade-offs with respect to each of the given situation.    d.     A student in Karachi who's recently finished his BS in Computer Science wants to decide whether to start his MS in Computer Science. e.     A lower income family wants to decide whether to buy a new car.

1. How can we apply the core principles of scarcity, choice, opportunity cost and cost-benefit analysis to the decision-making processes? 2. Explain the difference between micro economics and macroeconomics. 3. Demonstrate an understanding of the coordinate system by using it to outline the relationship between economic variables.

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1. Classify the following as microeconomics or macroeconomics and provide a justification for your choice. a. The effect of rising oil prices on employment in the airline industry.  b. A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth. c. Changes in the nations unemployment rate over short periods of time. d. The effect of changes in household saving rates on the growth rate of national income.

Explain what does the author refers to when he says "People Face Trade-offs" - Try to do it in your own words, with your own understanding.

1. Identify each of the following statements as either positive (P) or normative (N) a. The federal government's budget this year is the largest in history. b. The national debt is at a manageable level and therefore is nothing to worry about. c. The price of gasoline is higher than it needs to be. d. Rising Canadian exports are creating many new jobs in the country. 2. Identify which of the following topics would likely appear in a microeconomics course and which in a macroeconomics course. a. The price of iPods b. Unemployment rates c. The presence of monopolies d. The rate of economic growth 3. a. If society produces 1000 units of butter, how many guns can it produce? 6. If society is at "b" on the PPC, what is the cost of 1000 more units of butter? 400 c. Is opportunity cost greater for move from "c" to "d" compared to a move from "b" to "c"? 300 150 2000 Quantity of butter per period 1000 3000 eanng MeGreyenan Lam Quantity of guns per period

True or False?