Just solve questions 1-12, thanks.Economics can best be described as the study of how: to profitably invest one's income in stocks andbondsgovernment policies affect businesses andlabourto manage business enterprises for profitthe allocation of scarce resources meets needsand wants The notion of opportunity cost is best defined as: the monetary price of any productive resourcethe amount of labour that must be used toproduce one unit of any productthe monetary price of any productthe utility that could have been gained bychoosing an action's best alternative Utility refers to the: opportunity cost of a productrelative scarcity of a productvalue of a productsatisfaction that a consumer derives from agood or service Which of the following is a positive statement? The humidity is too high today.It is too hot to jog today.The temperature is 22oC.I enjoy summer evenings when it cools off. The basic purpose of the ceteris paribus assumption is to: isolate the relationship between two variablesby assuming all other factors remain constantallow one to focus upon micro variables byignoring macro variablesallow one to focus upon macro variables byignoring micro variablesdetermine whether x causes y or vice versa The law of demand states that: price and quantity demanded are inverselyrelatedthe larger the number of buyers in a market, thelower the price of the productprice and quantity demanded are directlyrelatedconsumers buy more of a given product at highprices than they buy at low prices Which of the following does not cause the demand for product K to change? a change in the price of substitute product Jan increase in consumer incomesa change in the price of Ka change in consumer preferences The law of supply indicates that: producers will offer more of a product at highprices than they will at low pricesthe supply curve is downward-slopingconsumers will purchase less of a product athigh prices than they will at low pricesproducers will offer more of a product at lowprices than they will at high prices The price elasticity of demand indicates: How much consumers respond to a change inpriceHow much a demand curve shifts as incomechangesHow much changes in a product's price affectconsumers' incomesHow much business executives can stretch theirfixed costs An elastic demand curve is one for which: the absolute change in price is smaller than theabsolute change in quantity demandeda given percentage change in price causes alarger percentage change in quantity demandedthe absolute change in price is bigger than theabsolute change in quantity demandeda given percentage change in price causes asmaller percentage change in quantitydemanded If a business can sell 3000 units of a product at $10 per unit and 5000 units at $8 per unit, its demand is: elasticperfectly elasticinelasticperfectly inelastic In which of the following instances does total revenue increase? price falls and demand is unit-elasticprice rises and demand is inelasticprice rises and demand is elasticprice falls and demand is perfectly inelastic313.The demand curve for chocolate shifts to the right if: the price of chocolate increasesmedical studies conclusively find that chocolate helpsfight migrainesconsumers expect the price of chocolate to fall in thefuturethe government imposes a new tax on milkthe price of chocolate decreases If we say that two variables are inversely related, this means that: Just solve questions there is no relationship between the two variablesan increase in one variable is associated with adecrease in the other variablean increase in one variable is associated with anincrease in the other variablean increase in one variable is associated with nochange in the other variable

Question

Just solve questions 1-12, thanks.Economics can best be described as the study of how: to profitably invest one's income in stocks andbondsgovernment policies affect businesses andlabourto manage business enterprises for profitthe allocation of scarce resources meets needsand wants The notion of opportunity cost is best defined as: the monetary price of any productive resourcethe amount of labour that must be used toproduce one unit of any productthe monetary price of any productthe utility that could have been gained bychoosing an action's best alternative Utility refers to the: opportunity cost of a productrelative scarcity of a productvalue of a productsatisfaction that a consumer derives from agood or service Which of the following is a positive statement? The humidity is too high today.It is too hot to jog today.The temperature is 22oC.I enjoy summer evenings when it cools off. The basic purpose of the ceteris paribus assumption is to: isolate the relationship between two variablesby assuming all other factors remain constantallow one to focus upon micro variables byignoring macro variablesallow one to focus upon macro variables byignoring micro variablesdetermine whether x causes y or vice versa The law of demand states that: price and quantity demanded are inverselyrelatedthe larger the number of buyers in a market, thelower the price of the productprice and quantity demanded are directlyrelatedconsumers buy more of a given product at highprices than they buy at low prices Which of the following does not cause the demand for product K to change? a change in the price of substitute product Jan increase in consumer incomesa change in the price of Ka change in consumer preferences The law of supply indicates that: producers will offer more of a product at highprices than they will at low pricesthe supply curve is downward-slopingconsumers will purchase less of a product athigh prices than they will at low pricesproducers will offer more of a product at lowprices than they will at high prices The price elasticity of demand indicates: How much consumers respond to a change inpriceHow much a demand curve shifts as incomechangesHow much changes in a product's price affectconsumers' incomesHow much business executives can stretch theirfixed costs An elastic demand curve is one for which: the absolute change in price is smaller than theabsolute change in quantity demandeda given percentage change in price causes alarger percentage change in quantity demandedthe absolute change in price is bigger than theabsolute change in quantity demandeda given percentage change in price causes asmaller percentage change in quantitydemanded If a business can sell 3000 units of a product at $10 per unit and 5000 units at $8 per unit, its demand is: elasticperfectly elasticinelasticperfectly inelastic In which of the following instances does total revenue increase? price falls and demand is unit-elasticprice rises and demand is inelasticprice rises and demand is elasticprice falls and demand is perfectly inelastic313.The demand curve for chocolate shifts to the right if: the price of chocolate increasesmedical studies conclusively find that chocolate helpsfight migrainesconsumers expect the price of chocolate to fall in thefuturethe government imposes a new tax on milkthe price of chocolate decreases If we say that two variables are inversely related, this means that: Just solve questions there is no relationship between the two variablesan increase in one variable is associated with adecrease in the other variablean increase in one variable is associated with anincrease in the other variablean increase in one variable is associated with nochange in the other variable

Accepted Answer

Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Economics can best be described as the study of how: to profitably invest one's income in stocks and bonds government policies affect businesses and labour to manage business enterprises for profit the allocation of scarce resources meets needs and wants