Positive statements are _______________________. Normative statements are _______________________. descriptive...predictive prescriptive...descriptive descriptive...prescriptive predictive... prescriptiv
Q: The accompanying figure shows Avery's weekly production possibilities curve for scarves. Blue…
A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…
Q: In the extended aggregate demand-aggregate supply model, O long-run equilibrium occurs wherever the…
A: Aggregate demand refers to the overall demand level in an economy demanded by the consumers. The…
Q: According to the midpoint method, the price elasticity of demand for apples between point X and…
A: Price elasticity of demand measures the responsiveness of change in quantity demand to change in…
Q: Diogo has a utility function, U(91, 92)=910.59₂0.5 where q₁ is chocolate candy and q2 is slices of…
A: Utility maximization problem: With the given prices and the income, a consumer chooses his…
Q: George is a musician who enjoys playing two different instruments. His utility function is given by…
A: Utility function : U = 8G0.5 + SPrice of Guitar = PgPrice of Sitar= Ps Utility level to be…
Q: A dairy business jointly produces butter and cheese from a "fixed" amount of milk as shown in the…
A: Economic profit:The economic profit is calculated by subtracting all cost that is incurred in an…
Q: If an earthquake destroys some of the capital stock, the neoclassical theory of distribution…
A: The neoclassical theory of distribution is a theory which defines how income is distributed among…
Q: Which of these statements is the MOST accurate regarding the effects of compounding? a.…
A: Compounding is a financial concept that refers to the process where the value of an investment…
Q: The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower…
A: Opportunity cost refers to value of best alternative foregone for choosing another alternative.In…
Q: 5) Give a detailed analysis of supply side economics. a. Graphically illustrate a negative supply…
A: Supply-side economics, often referred to as trickle-down economics, is an economic theory and…
Q: Read Eye on Potential GDP in the eText or click on the icon following exercise to open a copy. Then…
A: The amount of people available in the market for jobs is known as labour supply. These people demand…
Q: Use the table to find GDI, GDP, gross private domestic investment, personal income, and personal…
A: The calculation of GDI, GDP, gross private domestic investment, personal income, and personal…
Q: Point B in the figure is Cost ($) $75 $50 B 10 Cost Function 20 Quantity (Q)
A: Efficiency:Efficiency in production refers to the ability to achieve maximum output with minimum…
Q: Refer to Table 7-11. Both the demand curve and the supply curve are straight lines. If the price is…
A: Consumer surplus is the area of triangle below the demand curve and above the price level.Producer…
Q: A dairy business jointly produces butter and cheese from a "fixed" amount of milk as shown in the…
A: The cost of production of cheese is given as $2 per pound.The cost of production of butter is given…
Q: Use the figure below to answer the following question. Price 3 4 S3 5 Quantity S₁ 2 LO 6 S₂ An…
A: The supply curve is a graphical representation of the price and quantity that producers are willing…
Q: The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The…
A: Producer surplus represents the difference between the amount a producer is willing to accept for a…
Q: The following graph shows the annual market for Michigan blueberries, which are sold in units of…
A: At Equilibrium Price, quantity demanded and quantity supplied of goods and services are equal. There…
Q: The cost of grading and spreading gravel on a curvy rural road is expected to be $300,000. The road…
A: In the cost-benefit analysis of a project, the benefit-cost ratio is used. The projects that have a…
Q: 7. Problems and Applications Q7 Congress and the president decide that the United States should…
A: A $0.5 tax per unit imposed on sellers will increase marginal cost of firms by $0.5 for all units.As…
Q: Peter's Pizza Shack knows that a 12 percent decrease in the price of their pizzas will result in a…
A: Price elasticity of demand: It measures the percentage change in the quantity demanded for a 1%…
Q: Identify the returns to scale in the functions below. Production Function a. q 3L + 2K Returns to…
A: The production function shows the relationship with the input used and output produced.There is…
Q: In recent years, the price of internet data has led to widespread anger in South Africa. Devise a…
A: Monopolies:A market structure where a single company dominates and controls the entire supply of a…
Q: Investment Goods B D C Consumption Goods E Figure 17.5 A movement from point C to point B in Figure…
A: A production possibilities curve refers to a graphical representation of the various possible…
Q: An indium-gallium-arsenide-nitrogen alloy developed at Sandia National Laboratory is said to have…
A: The rate of return refers to the net gain on an investment it is calculated as a percentage of…
Q: A heart surgeon is skillful at unplugging arteries and rerouting the flow of blood, and these skills…
A: Opportunity cost is the best alternative gain or benefit that is sacrificed while considering an…
Q: Number of Workers 012345 Output per Hour 0 7 12 15 17 18 Price of the Product $3 3 3 3 3 3 3 3…
A: Output alludes to the outcome or data that is produced or created by a framework, cycle, device, or…
Q: Bob views apples and oranges as perfect substitutes in his consumption, and MRS = 1 for all…
A: Marginal Utility: The additional satisfaction or pleasure a consumer derives from consuming one more…
Q: An economic evaluation of the following mutually exclusive alternatives is being conducted. Since…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Refer to the following table. What is the total cost of producing five (5) units of the good? Output…
A: From the table, the variable cost of production for 4 units is $425.The marginal cost of production…
Q: Which of the following solutions will internalize any negative externalities, and which will…
A: Externalities are costs or benefits that affect parties who did not choose to incur that cost or…
Q: The price of oil is currently over $80 per barrel and has been as high as $90 per barrel after Saudi…
A: Equilibrium refers to a state where the supply of a good or service matches its demand, resulting in…
Q: 1. TT Racing and Performance Motor Corporation wishes to evaluate two alternative CNC machines for…
A: The cost structure for both alternatives is presented in the table below:Machine RMachine SFirst…
Q: a. Compare the elasticity of a monopolistic competitor's demand with that of a pure competitor and a…
A: In a marketing scenario known as "pure competition," numerous sellers offer comparable goods at…
Q: What is the definition of an externality? Click or tap a choice to answer the question. a cost or…
A: Market activity is a broad term that encompasses a wide range of economic activities. It can refer…
Q: Lc denote labor hours dedicated to fishing or gathering coconuts, respe inson's technological…
A: Robinson is trapped on an island and can produce Fish (F) or coconuts (C) with his time. LF is labor…
Q: Bank A has $5,000 in reserves, all required to be held. The required reserve ratio is 10 percent.…
A: A checkable deposit that is also known as demand deposit that makes people to withdraw their funds…
Q: The government decides to subsidize consumers of gym memberships to encourage people to exercise.…
A: Demand is amount of a good that consumers are willing and able to purchase at different prices.
Q: In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm…
A: Marginal product is the change in total product due to an additional labor hired. Marginal product…
Q: Hours of Studying 2 3 4 Ob. 5. OC. 4. d. 2. 6 18 14 19 23 26 Jose 14 10 18 28 32 35 Paul Marisol 4 9…
A: Marginal revenue:Marginal revenue is the additional unit that is added to the total revenue. It is…
Q: A small open economy with a fixed exchange rate e2 is initially at equilibrium A with IS1*, and…
A: A fixed exchange rate regime, also known as a pegged exchange rate regime, is a system in which a…
Q: differ(s) between two countries, this suggests the possibility for mutually advantageous trade.…
A: When examining the conditions that underlie mutually advantageous trade between two countries, it is…
Q: In the tiny country of Tuvalu the economy is sustained by the production of small fishing boats made…
A: ***Since the student has posted multiple questions, the expert is required to solve only the first…
Q: Workers with experience and skills sometimes lose their jobs and become unemployed due to changing…
A: Unemployment refers to the state at which a person is actively looking for a job but unable to get…
Q: To say that countries gain from trade means that: a) if one country has an absolute advantage over…
A: Gains from trade refer to the benefits countries receive when they specialize in producing goods in…
Q: Solow model: An earthquake destroys a good portion of the capital stock but does not affect the…
A: Solow Model: It refers to a economic growth model in the long run. The model says with the help of…
Q: Assume P = 250 - 1Q and TC = 156 + 1Q2. What level of production maximizes profit? Enter as a value…
A: The firm will produce where the marginal revenue is equal to marginal cost to maximize its profit.…
Q: Natale is a skilled theater artist. She is offered a job as a manager in a bank with an annual…
A: In this case, we have to discuss the term opportunity cost. Opportunity cost shows the forgone value…
Q: 15. Which of the following statements is (are) correct? (x) Economists have found evidence that…
A: Unemployment is a situation in a given economy where the people who want a job are not getting the…
Q: Which of the following movements would represent a decrease in the quantity supplied? P 9+ 8+ 7+ 6+…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…
Positive statements are _______________________. Normative statements are _______________________.
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- Define Three Major Uses of Econometrics?Determine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the countryThe government should reduce the petrol prices as a solution to the problem of inflation. Determine, what type of statement is this? a. Normative statement b. Positive statement c. Negative statement d. Mixed statement
- True/false/explain. Economic models must mirror reality or they are of no value. When economists make normative statements, they are more likely to be acting as scientists.Question 04: Positive or Normative statements? Indicate whether each of the following statements is a positive or normative economic statement: Statement from our Illinois Senators websites… Dick Durbin's website: America now owes over $14 trillion to our creditors. Referring to the above statement Durbin states: This is simply unsustainable. Tammy Duckworth's website: The Family and Medical Leave Act, known as FMLA, [gives] some new parents the opportunity to take up to 12 weeks of unpaid leave. Duckworth later states: we should pass common-sense legislation to make the workplace more accommodating for working parents. Question 5 options: A) in order: positive, positive, normative, normative B) in order: normative, positive, normative, positive C) in order: positive, normative, positive, normative D) in order: normative, normative, positive, positiveNormative statements are... A) Prescriptive, whereas positive statements are descriptive. B) Descriptive, whereas positive statements are prescriptive. C) Backward-looking, whereas positive statements are forward-looking. D) Forward-looking, whereas positive statements are backward-looking.
- Microeconomics is a brach of economics that studies: a. The determination of national income b. The behaviour of individual decision-making units in the economy c. The effects and consequences of the aggregate behaviour of all decision-making units d. The impact of unemployment in South AfricaEconomic Models? a. are essential representations of the real world b. are used to explain how people think c. are never used for making economic projections or predictions d. are used to explain how people behaveWhy isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…
- Economic models a) are precise replication of the real world b) answer virtually unlimited numbers of questions c) result in normative statments d) make assumptions to simplfy things in comparasionwith real worldPlease answer both I will rate Generally speaking, timber represents an exhaustible resource,while coal and oil represent renewable resources. a. true b. false 2-densify the normative statement (or statements) below: a. the U.S. unemployment rate was below 5.0% in 2018 b. U.S. trade restrictions cost consumers $200 billion annually c. when the national unemployment rate is 6%, the unemployment rate for inner city youth is often close to 30% d. none of the statements above are normativeCOVID-19 has disturbed the overall economies of the world. Whether its developed or underdeveloped countries, all are trying to take precautionary measures to save their citizens. The problem is that taking this matter serious is a challenge in underdeveloped nations as due to lack of education, people are not taking care of others by maintaining social distancing. This is the example of ________________. a. Positive theory b. Law of the world c. None of the options d. Normative theory