Economic models are presented Through graphs and / or mathematical equations With graphs only With mathematical equations only With neither graphs nor mathematical equations With sophisticated physical structures that contains all economic variables
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With neither graphs nor mathematical equations
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With sophisticated physical structures that contains all economic variables
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- A good economic theory …. Group of answer choices captures the essence of the economic concepts and facilitates their understanding. Must contain a complete representation of real economic events to be useful. is a detailed representation of reality used to explain past economic events. A set of mathematical equations representing economic behavior.macroeconomics multiple choice question 28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B’s higher GDP-per-capita?(A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth.(C) Country B has lower productivity.(D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash?(A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic.(B) Supply decreased due to oil workers being furloughed.(C) Demand increased from factories producing Personal Protective Equipment for essential workers.(D) Demand decreased since fewer people were commuting to work.Inflation, interest rates and unemployment are examples of Group of answer choices Indicators of the health of an economy. Factors of economic performance. Drivers of economic activities. Ways of organising economic activities.
- Explain why economists disagree on many issues. Give at least two examples of problems upon which the economists may disagree and highlight their opinionsWhich of the following questions would be best addressed with the tools of microeconomics? Group of answer choices Predicting the effect of a price increase on the sales of surfboards in Wilmington. Predicting US inflation for next year. Understanding the impact on national output (GDP) of imposing trade restrictions (e.g. limits on imports from other countries). Understanding the causes of the Great Recession.Normative Statements Question 1 options: attempt to describe how the world actually is or actually functions. are scientific in nature, in that given enough research, evidence, and data, they can potentially be shown to be either true or false. are supported (either implicitly or explicitly) by the priorities, goals, and value judgments of the person making the statement. None of the Above.
- In market economies, most decisions are made by ___, while in command economies, most economic decisions are made by ___. Private citizens and firms; the government The government; households and firms Families, private businesses Households; local leadersThe challenge of how to achieve the highest possible satisfaction of needs using scarce resources is also called the Economic Problem. True False Which of the following is NOT a key question that needs to be answered by an economic system? Which products and services should be produced? Who should produce these products? For whom should the products be produced Which resources must be used? How long will manufacturing it take? America is known as a first world country largely due to the creativity and innovation of business owners. Customers have freedom of choice, when selecting products and services to satisfy their neds. America is therefore an example of a: Free market Economy Command Economy Socialism None of the above. PLEASE ASSISTA normative statement reflects opinions or beliefs, while a positive statement... Cannot be tested is based on facts Reflects only positive opinions Is always true
- The economies of many nations around the globe have been brought on their knees by COVID-19. Just when countries are on the path of recovery from the economic devastation caused by COVID-19, Russia invaded Ukraine which had worsened the economic outlook of the entire world. The nation Ghana as well as firms have not escaped the impact of the terrible events in Ukraine. Rising expenditure, dwindling revenue levels, increasing debt levels coupled with worsening macroeconomic indicators had led to the downgrading of the Ghanaian economy which has affected the ability of the country to go for external debt. In order, to deal with current challenges, the government in a process characterised by controversies passed the Electronic Transfer Levy Act 2022 popularly called E-levy. As the Finance Director of your company, you have been tasked to present a proposal to the Board of Directors on how your company will navigate the turbulent terrain of the Ghanaian economy. Your proposal must address…Economic models A are complicated because human behavior is complicated. B are simplifications of the phenomena they attempt to explain. C are exactly the same as the phenomena they describe. D require either algebra or graphs.Explain economics as a science in the introduction to economics.
