Ceteris paribus is the Latin expression for O a. The eror of reasoning that a first event causes a second event because the first event occurred before the second event. O b. An expression that means "other things being equal." O c. None of the answers O d. A statement about the way the economic world ought to be.
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- Could a nation be producing in a way that is allocatively efficient, but productively inefficient?What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
- Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.Which of the following are microeconomicissues? Which are macroeconomic issues?a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold?b. What will cause the nation’s inflation rate tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approach
- MULTIPLE CHOICE (identify the one best answer and provide explanations): Consider an economy inwhich each worker has one machine and one unit of natural resources. Assume these inputs are fixed,and so is the worker’s human capital. But there has been an improvement in technology. We can surelyconclude that productivity has increased if:a. the amount of goods and services produced from each hour of the worker’s time increases.b. the amount of goods and services produced by the worker increases relative to a worker inanother country.c. if the amount of goods and services produced by the worker in a given year increases.d. all of the above.e. none of the aboveDifferentiate positive statement from Normative statement and give 2 examples for the latter and former about our LGU response to the increasing number of Covid-19 positive cases.1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.
- Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ________, the incentives that influence those choices, and the arrangements that coordinate them. plethora realization scarcity profusionWhich is microeconomics or macroeconomics? a) A comparison of alternative tax policies and thier respective impacts on the rate of the nation's economic growth b) the effect of government regulations on car emissions c) the decision by Mc Donalds to hire fewer workers becuase of an increase in the minimum wage d) the stock market plunges by 1000 points due to uncertaintya.Discusses the principles of individual decision making with examples b.Explain with your own words the determinants of price elasticity of demand. c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples, d. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view. ReplyForward