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- CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Agriculture generates a large percentage of the GDP. 2. Agriculture employs a large percentage of the labor force.CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Economists are not concerned with the costs of global climate change. 2. Environmental problems have consequences both for health and productivity.10 The critical value for a 5 percent level of significance is: a 1.493 b 1.656 c 1.761 d 1.873
- A rational person will a) never make mistakes in choices. b) select the choice where the expected present benefit is greater c)follow the Maslow Hierarchy of wants. d) be uncaring and void of emotions._____1. It is the wise use of money and time a) Economics c) Goods and services b) Probability d) None of the above _____2. It is the analysis and evaluation of monetary consequences by using the theories and principles of economics to engineering applications, designs and projects. a) Economics c) Goods and services b) Engineering Economy d) None of the above _____3. It is defined as any tangible economic product (soap, car, shirts, tools, machines, etc) that contributes directly or indirectly to the satisfaction of human wants. a) Goods or commodity c) Goods and services b) Engineering Economy d) None of the above _____4. Are those products or services that are directly used by people to satisfy their wants. a) Goods or commodity c) Consumers Goods and services b) Engineering Economy d) None of the above _____5. It also satisfy human wants but indirectly in as much as, they are used to produce the consumer goods and services a) Producer goods and services c) Consumers Goods and…CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. MDCs have higher total productivity than LDCs. 2. Agriculture can possibly break the economy of a country.
- 1.4. (Objectives of the Economic Decision Makers) In economic analysis, what are the assumed objectives of households, firms, and the government?CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Economic growth increases rapidly if a large sector such as agriculture is left to delay behind the rest of the economy. 2. The primary sources of risk to farmers are price and weather.A nation’s population size and the affluence of its citizenseach influence its resource consumption and environmentalimpact. As of 2013, the world’s population passed 7.1 billion,average per capita income was $11,690 per year, and the latest estimate for the world’s average ecological footprint was2.7 hectares (ha) per person. The sampling of data in the tablewill allow you to explore patterns in how population, affluence,and environmental impact are related. Calculate the total impact (national ecological footprint)for each country.
- Q-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.Question 2 Generally, people pay more for their first homes compared to their second homes." Is this statement true or false? State your position and defend it using economic theories and models from the text and from external sources. Full explain this question and text typing work only thanksmatch 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 cost