The assertion that "there is no free lunch" means that: O A. there are always trade- offs between economic goals O B. all production involves the use of scarce resources and thus the sacrifice of alternative goods O C. marginal analysis is used in economic O D. choices need not be made if behavior is rational reasoning

Q: The statement "U.S. Government should raise minimum wage to $15 an hour" is Select one: O a. a…

A: The terms 'positive' and 'normative' economics are frequently used by economists. Positive economics…

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A: A primary difference between positive and normative statement is that the positive statement focuses…

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A: Mix of goods means both factor market and goods market are in equilibrium simultaneously. As per…

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Q: Figure B-4 Remote Control Cars 180 120 B. Di 60 Remote Control 50 80 100 Planes Pt E in Figure B-4…

A: Figure B 4 Shows a Production Possibility Curve that shows different combinations of two goods that…

Q: Suppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish.…

A: As per graph , we can say that 4 lbs of fish will be produced everyday along with 3 lbs of coconut.

Q: Which of the following scenarios might explain what an economy would be operating inside its…

A: When the economy is operating under the production possibility curve then this implies that all the…

Q: The three central questions in economics are... O A. What? How? When? O B. What? How? For Whom? O C.…

A: Correct: B. What? How? For Whom?

Q: All of the following basic economic questions deal with microeconomics EXCEPT: O a. How is the…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

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A: The marginal gain is the increase in overall benefit that an extra unit of an intervention brings.…

Q: To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a…

A: The production possibility frontier shows all the maximum combinations of the two goods that can be…

Q: The figure above shows a nation's production possibilities frontier. In the figure, point A shows O…

A: Production possibility frontier represents the combinations of two goods the economy produces with…

Q: Which of the following statements is true? a. In a world of inefficiently used scarce resources,…

A: Productive efficiency refers to when the producer is operating the production process at maximum…

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A: The forces of supply and demand are used in market economies to set acceptable prices and quantities…

Q: Economists make assumptions Select one: O a. because all scientists make assumptions O b. to reduce…

A: Option C is correct answer To make the world easier to understand

Q: Mr. Ömer buys a laptop for his daughter Ms. Asiya. In this scenario,Ms. Asiya is a O a. User O b.…

A: A customer is the one who purchases the product. The user is the one who uses the product.  It is…

Q: Pt B in Figure B-4 is described as O a. Attainable & efficient O b. Unattainable O C. Attainable &…

A: Production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two…

Q: Efficiency is when O a The benefits of the resources are distributed fairly among economic agents O…

A: Economic wealth: It refers to the valuation of resources that are available in the economy. The…

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A: Tangency between the MRS(Y) = MRS(b)

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A: Economy is an area where the people work to earn livelihood.

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A: Demand= Desire+willingness+ability.

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A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

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A: The feasible frontier is the combination of the x and y components of the student. The indifference…

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A: Production possibilities frontier shows different combinations of two goods that can be produced…

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A: Here, all the given statements talk about the nature of economics and its use in the society.

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A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs…

A: The term opportunity cost is the  cost incurred when you forgo a good for another good. In…

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A: Question 20 Answer) A  implies that, for most people, the marginal benefit of reading a second…

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A: First, let's define opportunity costs to comprehend the law of growing opportunity costs. The…

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A: Law of diminishing returns states that when the variable factor of production is combined with fixed…

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A: Goods and services are available in limited quantities in an economy because of scarcity of…

Q: The condition that arises because the available resources are insufficient to satisfy wants Select…

A: All the economic terms provide information about a specific market or economic condition that is…

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A: Since you have asked multiple questions, we are answering the first one for you. If you want the…

Q: The unintended consequences of an economic change that are not immediately identifiable but are felt…

A: Economics is a branch of social science that deals with the production, distribution, and…

Q: Assume that a pound of blueberries costs $2. Usually, James purchase 30 pounds of blueberries in one…

A:

Q: Leigh has two slices of pizza for lunch. The marginal benefit that Leigh receives from the second…

A: Marginal benefit of second slice of pizza would take place when leigh buys second pizza.

Q: Which of the following does not correctly explain about the purposeful behavior that reflects…

A: Rational self-interest: As per the theory proposed by Adam Amith in his book, Wealth of the Nation,…

Q: Which of the following are examples of positive economics? O A. Tonly. I. A free market in kidneys…

A: Economics is the branch of social science that studies the production, distribution, and consumption…

Q: Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each…

A: The answer is - attainable, efficient.

Q: Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted…

A: a. Choose: attainable inefficient ——————————————————— For person 1, time needed to produce 1 unit of…

Q: which of the following questions is not a microeconomic question? oa. why is wealth unequally…

A:

Q: Which of the following is the best definition of economics? Select one: O a. The study of how…

A: 1.    Here PPF “is concave because the opportunity cost of beef increases as more beef is…

Q: In economics, normative statements are about Select one: O a. the way things are. O b. the way…

A: Meaning of Economics: Economics refers to different economic activities in the environment; these…

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A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: Any social planner who implements efficient outcomes will produce the same output in a given market…

A: The answer is option number A

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A: Macroeconomics decisions are those decisions that are imposed on the masses or on the whole. For…

Q: The principle of increasing marginal opportunity cost states that the more resources devoted to any…

A: Opportunity cost: It is the value lost while choosing the best between two options.