Which of the following is the best definition of economics? Select one: O a. The study of how consumers spend their income. O b. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. O c. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how the Jamaican government allocates tax dollars.

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: 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…

Q: Question 5 of 33 Economics can best be described as the study of: O A. people living and interacting…

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A: An economic system is defined as a system of allocating scarce resources. The economic system has to…

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: QUESTION 7 Ben says that "an increase in the tax on beer will raise its price" Holly arques that…

A: Theories and evidence based statement are called positive statements while statements based on…

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: According to the quote, why does this economist think students should study economics? As…

A: On March 23, 1998, William Poole became the Federal Reserve Bank of St. Louis' eleventh president,…

Q: Which of the following is not a scarce resource? Select one: O a. Labor, when the unemployment rate…

A: A resource is a scare resource when its availability is not unlimited or is not available in…

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: 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: 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: QUESTION 7 Ben says that "an increase in the tax on beer will raise its price" Holly arques that…

A: Tax is the fixed amount of money that the buyer pays to the government for using the product or…

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: 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: When economists are trying to explain the world ,they are Select one: O a. policy advisors O b. All…

A: a. Economist is a policy advisor because he gives his advices on issues like…

Q: Explain your take on the statement i.e. “If resources were unlimited and freely available,…

A: Economics, the science of choice as studied by Lionel Robinson, economics is the science which…

Q: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there…

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

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: 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…

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

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Q: Are either or both of these newspaper headlines positive or normative? 1. Smoking causes lung…

A: Positive statements are those which are based on facts and truths. Normative statements are those…

Q: After graduating from high school, Steve had three choices, listed in order of preference: (1)…

A: Answer (1): option d (the income he could have earned at the printed circuit board factory plus the…

Q: Which of the following is a macroeconomic question? How many textbooks should be published by a…

A: In economics, macroeconomic questions refers to the economic queries that talk about the economy as…

Q: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there…

A: Poverty is very serious issue in most of the country around the world. So, government of the country…

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: Economic theory indicates that as any economic agent tries to extend any productive activity…

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

Q: 2. Highlight for the answer: for each (a- d) statement as Positive/Normative. a. The price of…

A: The economics is the study of society and the individuals. It shows how the people earn their…

Q: Bushels of Beans 20,000 15,000 4,000 10,000 32,000 40,000 Bushels of Wheat The above figure is…

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

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

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

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: On which of the following concepts do economists focus their study when explaining how humans…

A: Option D is correct: INCENTIVES It is because incentives is such a thing that mainly describes the…

Q: What is Opportunity Cost? And its example

A: Trade helps to specialize in activities which have comparative advantage.

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

A:

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…

Q: An owner of a landscaping business received extra income in the previous month. She is considering…

A: The opportunity cost of an activity is the value of next best activity forgone in choosing the given…

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: A university decides to change its late-night bus service between the campus and student housing…

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