Economists assume people act a. predictably b. optimistically c. with others' intentions in mind d. with a margin for error e. rationally

Q: positive or normative.

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Select the correct answer. Which form of relativism states that people rely on their own standards…

A: A- It is based on the belief that all ethical decisions are deeply personal and that individual have…

Q: . A theory is an abstraction from reality. What does this statement mean?

A: Economics is a discipline that studies the factors that influence the production of goods and…

Q: The opportunity cost of an action is a) the money that you pay take it b)the Value of the best…

A: ‘Opportunity cost’ is what one must give up to get something. Simply speaking ‘Opportunity cost’ is…

Q: Positive statements are: (a) Statements of description that can be tested (b) Statements of…

A: Economists are more likely to be acting as scientists when economists make positive statements.

Q: What causes market imperfections? Give 2 examples.

A: The following problem has been solved as follows:

Q: Use economics to explain why people smoke even though they know smoking is not good to their health?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: nomists build models that abstract from the complexities of reality primarily because.. a. They…

A: Models in economics use data based analysis to estimate relationships between various economic…

Q: Do business people have a special obligation to give some of their money to charity? What famous…

A: Business ethics is a subset of applied ethics or professional ethics that looks at ethical…

Q: Because people respond to incentives,a. policymakers can alter outcomes by changingpunishments or…

A: Decision making in economics is an essential component as it reflects the behavior of the economic…

Q: Which of the following are systematic errors?…

A: Error in economics means behaviour of the person that diminishes the probability of attaining his…

Q: Economists make assumptions to

A: Assumptions are the untested hypothesis that is accepted as ground rules for purposes of testing the…

Q: Social scientists: O want models that look exactly like the real world don't like to make…

A: Social Scientist is a person who is an expert in the study of society and analyses the social…

Q: Multiple Definition of economics

A: There are several definitions of Economics given over time. We have covered the most important ones…

Q: Economist may agree with each other due to validity of alternative positive theories about how the…

A: When economists attempt for improving the world, they would tend to act as policymakers.Positive…

Q: As you know about the market (like perfect and imperfect) write in your words about the market which…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: In economics : a) there are different explanations of the same subject b) truth is time and space…

A: Economics: - Economics is the study of the human behavior of taking different decisions to satisfy…

Q: Economics helps managers understand goal-oriented decision making.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Which of the following is not correct? Select one: a.Evaluating statements about how the world…

A: b. Normative statement can be judged using data alone

Q: Test- what is economics

A: Adam Smith’s Wealth definition:   According to Adam Smith, Economics is known as the science of…

Q: Timothy received $100 for his birthday. He wants to buy either a new skateboard or a new mp3 player…

A: We only answer one question so we will answer the first one. Please submit a new question specifying…

Q: When we call market is imperfect?

A: Market: It is a medium by which the exchange of goods and services takes place.

Q: Explain:a. Before economic growth, there were too few goods; after growth, there is too little…

A: a. Economic growth is the improvement in the production capacity in an economy. That means there…

Q: Suppose that Joe enjoys and repeatedly does stupid things like getting heavily into debt and…

A: According to the economists, errors refer to an action that reduces the chance of success for an…

Q: In the world of economics, this is a very powerful term that can make or break relationships,…

A: There are different factors that can contribute to making or breaking relationships, businesses,…

Q: The way in which economists' thinks is influenced: Select one: a. Wealth b. Opportunity cost c.…

A: A financial pointer is a piece of monetary information, ordinarily of macroeconomic scale, that is…

Q: According to the "Scientific Method," what is the economics profession expected to do? Multiple…

A: In economics, the scientific method is used to analyze data, spot trends, and forecast outcomes.…

Q: "If you don't believe in the messenger, you won't believe the message" what implication does the…

A: The economics as a study is based upon the idea that the resources which are present with the…

Q: Which choice could help a student prove the claim made in Document B? 1. Statistics indicating a…

A: Prices refer to the amount that consumers in a particular market are willing to pay in exchange for…

Q: If a politician says that she thinks that healthcare is a basic human right, she is make a ...…

A: Positive statement is the statement that tells as it is. For example, the inflation in the economy…

Q: models are important ways of simplifying information in economics. if you were to use models to…

A: A lot of time of the researchers and scientists go into the formulation of models and then the…

Q: The following parts of government regularly rely onthe advice of economists:a. Department of…

A: Economists are those experts who study the association between the resources of a society and its…

Q: The MRS of good Y at Point A on IC, is: Good X 10 IC IC, 12 Good Y 10

A: In economics, the marginal rate of substitution (MRS) is the quantity of one good that a customer is…

Q: Rational behavior can be applied to  a) individuals  b) politicians c) government officals d)…

A: Rational behavior explained as a dynamic cycle that depends on making decisions that bring about the…

Q: Social scientists: want models that loo exactly like the real world O dont like to make predictions…

A: Social scientists look at every element of society, from historical events and achievements to…

Q: Political values are important because individuals often use values to Select an answer and submit.…

A: A political belief suggests how politics should work. The political culture explains how citizens…

Q: Vhat would behavioral economics say about each of the following statemen 1. “Nobody is truly…

A: Behavioural Economics is the study of the decision making psychology of people.

Q: What amount of questioning (if any) should we have concerning our moral beliefs? are there…

A: Moral beliefs associated with the queries that what's correct per ethics and what's not correct.…

Q: What causes people to move their resources around in search of the highest return? Select one: O a.…

A: People want highest return and therefore they move their resources.This is done because people want…

Q: name three parts of the government that regularly rely on the advice from the economists

A: The economies as a study involves the decision making process, where various entities in the economy…

Q: In economics the cost of doing somethin is  a) the value of the next best opportunity not taken b)…

A: The costs(C) faced by economists include accounting-cost, explicit-cost, implicit-cost,…

Q: Discuss the principles of individual decision making with examples

A: People continuously make decisions. Their behavior determines the behavior of the economy as the…

Q: The President's wife should not run as a candidate to succeed her husband." This is an example of:…

A: There are two types of statements- positive and normative.Positive statement is based on facts and…

Q: When economists are trying to explain the world ,they are Select one: O a. All the answer are…

A: when economist try to explain the world then they are policy advisor because they advice about the…