Which of the following is a microeconomics question? Select one: O a. Is it sensible for a government to subsidize college education? O b. Should Congress and the president take action to reduce the unemployment rate? O c. Why do some countries grow faster than others? O d. Should the government attempt to influence the interest rate to lower inflation?
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: Which of the following statements are normative and which are positive? 1. When the inflation rate…
A: Meaning of Economics: The term economics refers to the situation under which there remains a…
Q: Which of the following is NOT an objective of macroeconomics? O A. A high and growing level of…
A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a…
Q: Choose the statement that does not describe Microeconomics. O a. All of these O b. The purchasing…
A: Economics is the study of production, distribution, and consumption when the resources are scarce in…
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: 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: Which of these is not a goal of macroeconomics? O a. To achieve higher level of employment O b. To…
A: Note: We'll answer the first question since the exact one wasn’t specified. Please submit a new…
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: When you take a loan from a bank, this is an example of what? Financial economics Home economics…
A: Economics is a part of social studies that is further classified into different sections such as…
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A: In Economics, positive statements tell us what it is. In other words, they help us to know about…
Q: a. What method is used to ration goods in a market economy?How does this rationing method influence…
A: The forces of supply and demand are used in market economies to set acceptable prices and quantities…
Q: Macroeconomics approaches the study of economics from the viewpoint of O A. Govermmental units B.…
A: Economics is the study of people's behaviour in allocating resources for the production of goods and…
Q: QUESTION 3 Which of the following will not shift the production possibilities curve to the right? O…
A: The production possibility frontier (PPF) is a curve in business analysis that depicts the…
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…
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A: Consumer sovereignty is defined when consumer experiences some power to control goods that are to be…
Q: Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a…
A: Note: Due to multiple questions being posted, the first question has been answered as per strict…
Q: In a market economy. O a. economic output shrinks as we discover better ways of doing things. O b.a…
A: Option A is correct
Q: Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues…
A: Demand= Desire+willingness+ability.
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A: Normative statements are those kind of statements in economics that talk about the value judgement…
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.
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A: Circular flow diagram shows the interaction between economic agent (households and firms). Market is…
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A: Fiscal policy is the policy that is used by the government in order to find the solution to…
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A: Macroeconomics is the part of economics in which we study economics as a whole about performance,…
Q: QUESTION 19 Which of the following is a microeconomic statement? O A. The real domestic output…
A: Microeconomics deals with individual firms and goods. Macroeconomics deals with the whole economy as…
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A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,…
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A: Microeconomics is the investigation of people, families and firms' conduct in dynamic and portion of…
Q: An economy produces two goods, clothing and petroleum. Which of the following would explain a pivot…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
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A: In economics, macroeconomic questions refers to the economic queries that talk about the economy as…
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A: Production Possibilities Curve: A production possibilities curve shows how resources can be…
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: The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited…
A: Free Market Economy: The free market economy refers to that economy where the law of supply and law…
Q: College students sometimes work as summer internsfor private firms or the government. Many of…
A: a. The opportunity cost of a good or service is what you give up or let go to get that good or…
Q: Which of the following is not a scarce resource? Select one: O a. Sunshine for solar power in the…
A: Since you have asked multiple questions, we are answering the first one for you. If you want the…
Q: Can economic analysis provide a final answer to the question of whether the government should…
A: Economic analysis based on different approaches to see a specific situation to find all the possible…
Q: Which of the following is a macroeconomics question? Select one: O a. Why does a firm decide to…
A: Macroeconomics is the study of the large aggregates of the economy or the economy as a whole whearas…
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: Suppose your college instituteş a new policy requiring you to pay for a permit to park your car in a…
A: It is given that college comes with a new policy requiring you to pay for a permit to park your car…
Q: Which of the following is a macroeconomic question? How many textbooks should be published by a…
A: Unemployment rate: - it is the percentage of people out of the total labor force who are able and…
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 is not a topicstudied in Macroeconomics? Select one: O a. gross domestic…
A: Answer Explanation Under macro economics, we studied about the performance of an economy as whole.…
Q: Which of the following scenarios might explain what an economy would be operating inside its…
A: The production possibility frontier illustrates the combinations of two goods that can be produced…
Q: Which of the following is NOT an objective of macroeconomics? O A. A high and growing level of…
A: Macroeconomics is a part of financial matters that concentrates on how a general economy—the market…
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: 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…
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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…
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A: Opportunity cost refers to foregone income that could have been earned if resources were invested…
Q: QUESTION 14 Which of the following is associated with macroeconomics? O A An examination of the…
A: Macroeconomics is a study of an economy as a whole. It includes studying general price level,…
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- Which of the following are microeconomicissues? 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 tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?Why 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.…Are these micro or macro questions ? v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget?
- According to Marx, which of the following is true? O capitalism causes one social class to conflict with the other. O economic evolution is the result of a superstructure determined by the Proletariat. rolestial O the state becomes a means through which the political class confiscate the wealth of the social class. O the forces of production will eventually block the relations of productions.Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a macroeconomic issue? Select one: O a. "United Workers Union to Strike April 15" O b. "Central Bank Raises Interest Rates" O. "Fanny's Freeze Dried Prunes to Lay Off 50 Workers" O d. "Auto Dealership to Cut Prices"Q2: Micro VS Macroeconomics? Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. a) How will the market for melons be affected after Hurricane Dean? b) How much will the Trinidadian economy grow this year? c) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? d) What will the inflation rate be for Belize?
- During a war, the government puts pressure on producers of military hardware, making their products more valuable. What theory about in does this represent? O cost-pull O cost-push O quantity O demand-pullQuestion 1Define the difference between following terms :i) Microeconomics versus Macroeconomicsii) Normative statements versus positive statementsiii) Change in Supply versus change in quantity suppliediv) Law of Demand versus law of supplyv) Determinants of Demand versus determinants of Supplyvi) Opportunity cost versus Marginal costvii) Price Elasticity of Demand versus Cross-Price Elasticity of Demand.viii) Perfect competition versus competitive marketsix) Invisible hand theory versus price controlsx) ‘Free lunch’ versus ‘there’s no such thing as free lunch’xi) ‘How people make decisions’ versus ‘How people interact’ Note: kindly answer the all above terms with example if you want upvote for your answer thanksThe basic difference between macroeconomics and microeconomics is that? a.macroeconomics is concerned with policy decisions, while microeconomics applies only to theory. b.microeconomics is concerned with the forest (aggregate markets), while macroeconomics is concerned with the trees (subcomponents). c.macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents). d.opportunity cost is applicable to macroeconomics, and the fallacy of composition relates to microeconomics.
- College students sometimes work as summer internsfor private firms or the government. Many of thesepositions pay little or nothing.a. What is the opportunity cost of taking such ajob?b. Explain why students are willing to take thesejobs.c. If you were to compare the earnings later in lifeof workers who had worked as interns and thosewho had taken summer jobs that paid more, whatwould you expect to find?Micro VS Macroeconomics? Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. a) How will the market for melons be affected after Hurricane Dean? b) How much will the American economy grow this year? c) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? d) What will the inflation rate be for Belize?College students sometimes work as summer interns forprivate firms or the government. Many of these positions pay little or nothing. a. What is the opportunity cost of taking such a job? b. Explain why students are willing to take these jobs. c. If you were to compare the earning later inlife of workers who had worked as interns and those who had taken summer jobs that paid more, what would you expect to find?
