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- 1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasmatch each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal cost8)___________ economics deals with human behavior and choices in small units-an individual, a firm, an industry, or a single market. __________ Economics deals with human behavior and choices as they relate to an entire economy. * a)Economic theory, An economic hypothesis. b)Positive, Normative. c)Ceteris paribus, association-causation. d)Microeconomics, Macroeconomics.
- Question 1 Classify the following as macroeconomic or Microeconomics and provide a justification for your choice . 1) The government issued stimulus cheques to citizens to offset effects to covid-19 . 2) Susan's decision about how much income to save . 3) The decision by McDonald's to hire fewer workers because of an increase in the minimum wage . 4) Airline projects a drastic reduction in international travel for this quarter .This might result in the layoff of workers. Question 2 A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000.The cost of capital is $3,000 and it is fixed, which means that it does not vary with output.The company is currently producing 24 snowboards .The company's cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard . i) Should the company produce and sell it? (Yes or No). Explain ii) What core principles should be considered in the…Which of these statements best describes what microeconomics is? a. The study of National Income a country b. The study of the global economy c. The study of decisions that businesses and individuals make in the marketplace d. The study of economic phenomena that affects an entire economy1.Define scarcity? 2.How can opportunity cost affect behavior? 3.Inflation rate should be less than 4% per year in Bangladesh. State whether this is a positive or normative statement and explain briefly why? 4.The UK government has put high restrictions on the number of students it allows to enter the country. However, as a result, more students are entering illegally. State what effect is this an example of 5.Finish the following sentence. A value of price elasticity of demand equal to 2 means that
- 3. Is each of the following statements positive or normative? If the statement is positive, write a normative statement about the same topic. If the statement is normative, write a positive statement about the same topic. a.) For-profit prisons have led to a higher incarceration rate in the United States. b.) The Washington Commanders should have chosen a cooler mascot. c.) The use of human subjects in experiments should be subject to less oversight. d.) If the U.S. privatized Social Security, it would reduce government deficits in the long run. e.) Students should not be required to take exams.2. Which of the following is NOT a key principle of economics? Question 2 options: Scarcity Soverginity Efficiency All of the above are key principles of EconomicsQuestion: Which of the following best illustrates the economic way of thinking? a)The ability to use cartographic techniques to describe the natural and human world in maps. b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates c)The capacity to critically evaluate art and theatre. d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets.
- 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?Analyze the positive versus normative argument sin the following case. What statement of positive economics are used to support requiring air bags? What normative reasoning is used?3. “A wider commitment to enforce "Buy American" laws”, would it count as positive economics or normative economics? Explain.
