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- Explain with practical examples four (4) problems that could prevent the government from leading the market to optimal allocation of resources?match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal cost3. “A wider commitment to enforce "Buy American" laws”, would it count as positive economics or normative economics? Explain.
- 2. In weighing the costs versus the benefits of the decision we make we realize: Group of answer choices A. people face trade-offs B. goods are scarce C. households hate to make decisions D. we all must earn income to eatThe basic economic argument is that humans face the big problem of __________. That big problem means we have to choose what we do with our resources. Economists believe that improving ___________ will help use those resources to satisfy the most wants possible. Group of answer choices a. scarcity; efficiency b. efficiency; scarcity c. wants; resources d. resources; wants16. Explain positive and normative statement with examples for each?
- 2. Which of the following is NOT a key principle of economics? Question 2 options: Scarcity Soverginity Efficiency All of the above are key principles of EconomicsWhat is the primary concern of economics? A) Studying human behavior B) Understanding market mechanisms C) Allocation of scarce resources D) Analysis of wealth Don't use chatgpt otherwise give 10 downvotesa. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?
- Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.1. What does economist and EconTalk host Russ Roberts think is “single deepest contribution of economics” (Roberts, 2014)? Group of answer choices a. Thinking clearly about the complex interaction of individual actions leading to unintended patterns of predictable and orderly outcomes. b. Thinking clearly about how the government can best design policies that will maximize household incomes and corporate profits. c. Thinking clearly about how we can maximize consumer welfare through the use of various price controls to benefit certain aspects of the market. d. None of the above are correct.What is the primary concern of economics? A) Studying human behavior B) Understanding market mechanisms C) Allocation of scarce resources D) Analysis of wealth
