Please. Answers only. I don't need an explanation. JUST ANSWERS 4. Which statement best describes the economic problem.• The problem that thigh exchangerated over exports• The fact that economies often gointo recession 'having high levelsof unemployment• Matching endless wants with • An American political philosopherlimited resource 5. Adam Smith, the founding father of economics, likened the price mechanism to aninvisible hand• A machine• A computer6. Opportunity cost is best defined as:• How an economy suffers when in a• A herd of animals• An American political philosopher• The cost of decision expressed interms of the next bestalternativesrecession• The financial costs association inthe production of goods andservices• The cost of a decision expressedin monetary terms.7. A mixed economy is an economy in which• Resources are allocated throughthe price mechanismgovernment• All resources are allocated throughthe price mechanism8. A positive statement is one which:• Is based on opinion• Is based on a value judgement9. Which of the following is not a positive statement?• Falling prices are good for• The government commands howall resources are usedandThere are periods of growth andrecession• Cannot be tested or verifiedCan be tested and verified• Rising prices can encourageproduction• Falling prices can encourageconsumer spendingconsumers• An increase in the price of houseswill affect real incomes10. The following statements s normative• Poverty is something societyshould reduce• Some of the earth's scarceresources are nonrenewable• Not all resources experience pricerises• An increase in house prices islikely to lead toa reduction indemand11. The rationing function of the price mechanism can be explained in which of thefollowing ways?• Prices reflects the wants and needsof consumersGovernments limiting the supplyof scarce resources during a timeof war• When prices are falling suppliersare likely to supply more goods• As resources are increasinglyused, price are driven up whichslows down the rate of usage

Since you just want the answers , I have not written any explanation. Ques 4) The correct option is…

4. Which statement best describes the economic problem. • The problem that thigh exchange rated over exports • The fact that economies often go into recession 'having high levels of unemployment • Matching endless wants with • An American political philosopher limited resource

4. Which statement best describes the economic problem. • The problem that thigh exchange rated over exports • The fact that economies often go into recession 'having high levels of unemployment • Matching endless wants with • An American political philosopher limited resource

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Introduction To Macroeconomics

Section: Chapter Questions

Problem 1.1P

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