Which of the following economic system represents an egalitarian society? O a. Capitalist economy O b. Socialistic economy Oc Moxed economy Od. None of these

Q: What do you call the man-made resources used in the production of goods and services? Oa land Ob.…

A: The use of natural objects to build anything innovative that offers our life with usefulness and…

Q: An economic system that relies upon some central authority to make economic decisions would be O a.…

A: In a command system,a central government plans, then organizes and in turn controls all of the…

Q: Which of the following is a microeconomics question? Select one: O a. Why do some countries grow…

A: As wants and desires of the individuals in the economy are unlimited but the resources possessed by…

Q: Suppose that two countries have the following endowments of Labor and Capital. Country A: 40OOK…

A: A country is said to be relatively labor endowed if its labor-capital ratio is higher. Similarly, a…

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…

Q: Which of the following concepts can be used to explain why production possibility frontiers is…

A: The graph known as the Production Possibilities Frontier (PPF) illustrates all the possible output…

Q: Goods and services are scarce because resources are scarce. Select one: O a. True O b. False

A: Scarcity is the primary concept or reason to study economics as it is the cause of making trade-off…

Q: "Rent controls, government farm programs, and other price ceilings and price floors are bad." This…

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

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…

Q: The concept of choice would become irrelevant if... O A. we were dealing with a very simple,…

A: The concept of choice reflects the ability of consumers and producers to make choices regarding…

Q: The branch of economics that focuses on how behavior affects outcomes in highly aggregated markets,…

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

Q: In advanced technology and capital goods are encouraged. Select one: o a. Market Economic System O…

A: In an economy, technological advancement and capital goods are the drivers of economic growth…

Q: a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital,…

A: Product Market is market where households purchase goods for personal use from firms. Brings…

Q: is defined as an economic system based on the market in which the onwership of the means of…

A: There are many types of economic systems like capitalist, socialist and mixed economy.  A capitalist…

Q: icuss creative distruction in terms of ecnomics and explain there  history and charecteristics and…

A: Creative destruction refers scenario in which the new innovation and invention are replacing the old…

Q: QUESTION 7 In economics, positive statements are about.. O A. the way things ought to be. O B. the…

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

Q: Consumer sovereignty is more likely to be observed in what type of economic system? O A) Both A and…

A: Consumer sovereignty is defined when consumer experiences some power to control goods that are to be…

Q: Which of the following is a microeconomics question? Select one: O a. Is it sensible for a…

A: Microeconomics is a branch of economics that deals with issues concerning an individual, individual…

Q: Marx claimed that “ society is fundamentally determined by the material conditions or by the…

A: Historical Materialism, which is also known as the materialist conception of history is defined as…

Q: Which of the following is a macroeconomics question? Select one: Should we have a constitutional…

A: Macroeconomics refers to the study of the economy as a whole.

Q: Question 2 of 10 John Maynard Keynes and Karl Marx would disagree most about the answer to which…

A: Fiscal policy is the policy that is used by the government in order to find the solution to…

Q: The problem of choosing the appropriate production techniques refers to which type of economic…

A: Let's answer each of the following questions one by one along with the reasons behind them.

Q: Identify the scarcity definition of economics from the following. a. None of these O b. ways to…

A: The basic problem of economy is the problem of scarcity. There are limited resources and unlimited…

Q: Which of the following ismes is more likely to be studied in Macroeconomics than Microeconomics? O…

A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,…

Q: How does thcorctical socialism differ from theoretical capitalism? How does it differ from socialism…

A: DIFFERENCE BETWEEN CAPITALISM & SOCIALISM In capitalist economies, people have strong incentives…

Q: All of the following economic questions deal with microeconomics EXCEP a. Are the country's…

A: Microeconomics is the investigation of people, families and firms' conduct in dynamic and portion of…

Q: For each news item below, indicate whether it involves a what, how, or for whom question. "Fiber…

A: Fiber replaces aluminium in airplanes involves a how question. This question of how involves how…

Q: The shape of the PPF curve illustrates... O A. Decreasing opportunity cost O B. Increasing…

A: The production possibility curve illustrates the combinations of two goods that can be produced with…

Q: In Islamic economic system the economic behaviour is governed by the Select one: O a. None of these…

A: In the Islamic economic system, economic behavior is governed by the Islamic law that is the…

Q: How does a pure command economy answer the basic question of which goods and services should be…

A: When talking about the types of economies, it can be seen that there are different economic systems…

Q: Which of the following is an example of a normative statement? Select one: a. None of the answers…

A: A normative statement is subjective, judgmental and answers "What should be". A positive statement…

Q: In a capitalist system, markets must satisty theee features Which of the following is not one of…

A: Capitalist economy: - it is that economic system where the price, quantity, and types of goods and…

Q: Ceteris paribus is the Latin expression for O a. The eror of reasoning that a first event causes a…

A: Economics is the branch of social science and is regarded as the Queen of social science. The word…

Q: Which of the following questions is NOT a microeconomic question? OA. Why is the unemployment rate…

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

Q: D. What is the opportunity cost of increasing production from 5,500 tons of cinnamon to 6,500 tons…

A: Since you have asked to solve from D to F so I am answering that only.

Q: clear that productive inefficiency is a waste since reSOurces are used in a way that produces less…

A: Allocative inefficiency refers to the situation where the resources are not allocated to the…

Q: Capitalism refers to: a traditional economy. O a command economy. O a market economy. O socialism. C…

A: Capitalism is one ideology to run an economy that promotes the trade between the consumers and…

Q: The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production…

A: PRODUCTION POSSIBILITIES FRONTIER  It is a concave curve which shows the combination of the…

Q: Which of the following is a normative statement? * O The unemployment rate is expected to rise. O…

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

Q: A graph that shows the maximum attainable combinations of two goods when society efficiently uses…

A: An economy seeks to use all of its resources in the most efficient manner to maximize its production…

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: Free markets coordinate economic activity in such a way a unemployment. O True O False

A: In open markets, a financial market can emerge to meet the requirements of those who are unable or…

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

A:

Q: n of the following is not correct? A typical production possibilities curve indicates how much O…

A: The production possibility curve shows the different combinations of two goods that can be produced…

Q: Answering which of the following questions is not part of "organizing economic activity," described…

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: An economic model based in positive economics should be judged Select one: O A. by its ability to…

A: In an economy, a statement is said to be a positive statement when it gives direct meaning and based…

Q: Which of the following is an example of a normative statement? Select one: O a. An increase in the…

A: Demand is the total quantity of commodities that the consumers are willing to purchase at different…

Q: The figure shows an economy's production possibilities frontier and identifies some production…

A: Production Possibility Frontier(PPF) is known as the locus of different possible combination of two…