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- 1- An example of a poverty trap is a. extended time periods without war b. a lack of mineral wealth c. A corrupt government d. laws and regulations to help detect fiscal fraud 2- Which of the following groups has the highest death rate? a. middle-income economies b. low-income economies c. high-income economies d. All the above economies 3- Models are used to describe cause-and-effect relationships a. True b. FalseModifying Locke’s views on free markets, Adam Smith’s arguments rest on __________ arguments that unregulated markets and private property will produce greater benefits than any other system. KantianUtilitarianCommunistNone of the aboveQ-4: Give an example of a positive statement and an example of a normative statement that somehow relates to your daily life. • Name three parts of government that regularly rely on advice from economists.
- 36. An ethic based on the fundamental value that relationships should be preserved and maintained is a _____ ethic.a. socialistb. retributivec. compensatoryd. communitarianb) Efficiency and equality are examples of classic trade-offs in economics. Analyze each of the following statements from the standpoints of efficiency and equality. i. “Amid COVID-19, everyone in society should be guaranteed the best healthcare possible.”The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of A. a trade-off. B. equity. C. optimization. D. efficiency.
- What are the differences in the way a market process vs. a command process attempt to deal with the basic economic problem scarcity?Q1. If you are a business leader, give a positive and a normative argument why would you support the argument for the need of government to increase its spending during the coronavirus pandemic crisis.ose raising minimum wage.Choose correct answer 4. Scarcity is in relation to people’s a. Wants and demands b. Wants c. Money d. Demands 5. Economics assumes that people, businesses and governments make good decisions a. True b. False 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands b. Resources are scarce in relation to people’s wants c. Nothing is free d. Customers demand products 7. The basic Economic problem is a. Reduce the rate of inflation b. Control growth of unemployment c. Protect the market system d. Allocate resources to satisfy wants 8. Annabel’s demand for shampoo depends on a. Choices based on unlimited options b. Scares resources c. Making choice based on limited options d. Budgeting based on impulse buying 9. A need is a. something that a person must have in order to survive b. something that would help a person survive c. something that a person wants to look good 10. The economy gets a lot of money from a. Trading with…
- How do the political system,the economic system and geography of a country affect social behavior. Please provide answer in 1 hr please.Q) What are the four complementary social institutions required in economic coordination?Why are they necessary/important? Solve it early now please. But not copy paste from anywhere.Determine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the country
