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1. How People Make Economic DecisionsPaper
QUESTION TITLE :- ECO 212 ECO 212 Week 1 Individual Assignment: How People Make Economic Decisions Paper
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- Ch 6 Economics1. A factual claim about how the world actually works a. is a positive statement. b. cannot be proven true or false by data and evidence. c. is a normative statement. d. is always true. 2. You have been offered an extra shift at work this Friday and this will allow you to earn an extra $100. Your friend has invited you to go to Disney the same day and this will cost you $120. What is the implicit cost of going to Disney? a. $120 c. $220 d. $20 e. $100 3. Here are some facts about the relationship between three goods: Firm X produces a good that it sells to Firm Y. Firm Y produces a service and sells it to consumers. Firm Z produces a service that is similar to Firm Y, and they also sell to consumers. Firm Z has no relationship with Firm X. Firm X experiences an increase in the demand for its product. We can expect this to a. the price that it charges for its product. This change in the price of good X will cause the b. curve for good Y to c.…Practice Question 9 Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is James's opportunity cost of making a tricycle? Group of answer choices 1. 3/4 of a wagon 2. 2 tricycles 3. 1/2 of a tricycle 4. 1/2 of a wagon
- 1. Which of the following is not a normative statement?a. The military budget should increase at the same rate as GDP.b. The government should play a limited economic role, ensuring that private contracts are enforced.c. Integrated schooling has increased the level of literacy among minority groups.d. A tax on imported oil should be used to reduce the government deficit.Practice Question 8: Resubmitted Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is Lucy's opportunity cost of making a wagon? Group of answer choices 1. 1 1/3 tricycles 2. 2 tricycles 3. 3/4 of a wagon 4. 3 wagonsQ-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.
- 1. Which of the following is NOT a normative statement? Select one: a. higher interest rates should lead to increased savings b. inflation is more harmful to Ghana than unemployment c. if its minimum wage falls, Japan will be a better place d. the benefits to the economy of improved equity are less than the costs of reduced efficiency 2. Which of the following is not necessarily an outcome of international trade? Select one: a. goods being obtained at lower opportunity cost b. people specialize in activities in which they have a comparative advantage c. all individuals within trading countries benefit d. more efficient resource use 3. If a 8 percent increase in income results in a 10 percent increase in the quantity demanded of lattes, what is the income elasticity of demand for lattes, and what type of good is lattes? Select one: a. negative, and therefore lattes are a normal good b. negative, and therefore lattes are an inferior good c. positive, and therefore lattes…3. The organization of economic activities that involve the production and distribution of goods and services among the people refers to. a. Factors of production b. Economic system c. Central planning d. Economic factors1.a. i. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. ii. Explain the stages of production iii. Explain 10 relevance of the stages of production to a business operator.
- Pp.5. Subject :- Economy1. Define positive and normative economics. 2. Is the following positive statements or normative statements? The government should send families $1000 per child even if they do not pay taxes. Rich people are healthier than poor people? Growth in Barbados is slower than growth in Bermuda? The Caribbean should pursue a free trade agreement with the USA? Income taxes are hurting the poor and should be eliminated? 3. a. What is market equilibrium? b. What can cause market disequilibrium? 4 . Under a country's production possibilities frontier when is an economic outcome said to be (a) efficient and (b) inefficient?Identify the different factors of production. Identify the three (3) central problems of the economy. Identify economic systems or organizations of economic activities. Differentiate normative and positive economics. Help me with this one, please. Thank youuu
