Which of the following statements is NOT correct? Select one: a. Economics is a behavioral science. O b. Economic analysis can be used to explain how both individuals and societies make decisions. C. If poverty was eliminated there would be no reason to study economics. O d. In large measure, economics is the study of how people make choices.

Q: Mowgli and Baloo like to catch fish and pick bananas. Some information about their productive…

A: Opportunity cost is what you sacrifice in order to get one goods of another opportunity.

Q: Sam is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

A: Opportunity cost is the sacrifice of benefit which could have been received from the second-best…

Q: 1. Scarcity, opportunity cost, and marginakanalysis Kate is training for a triathlon, a timed race…

A: Scarcity is one of the most essential concepts in economics.It means that the demand for a product…

Q: explaining how humans behave? O a) money O b) incentives Oc) justice O d) fairness

A: being presented with money prompted large changes in individuals' activities. The individuals who…

Q: Economics is defined as the study of: Select one: O a. central planning b. government regulation c.…

A: Economics have two main branches that are microeconomics and macroeconomics.

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: Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips. He chooses to…

A: Opportunity cost refers to the given up benefits to obtain some other benefits. That is the value of…

Q: Economics may best be defined as the: A. Interaction between B. Social science concermed with how…

A: Social science studies different aspects of societies and relationships among individuals. It also…

Q: Economics is primarily concerned with: * The future costs of goods O Consumer prices The training of…

A: Since you have asked multiple questions, we will solve the first question from each picture for you.…

Q: What is the market for bananas an example of? Select one: O a. Micro economics O b. Positivist…

A: MICRO ECONOMICS- micro economics implies the study of the aspect of economy at individual level.it…

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: forces us to make choices. a. Scarcity b. Marginal decision making O c. Market failure O d.…

A: Economics refers to the study of how limited resources are allocated in order to satisfy unlimited…

Q: 6. Scarcity, opportunity cost, and marginal analysis Rosa is training for a triathlon, a timed race…

A: Given the analysis above, Rosa must give up wages of an hour of her work along with the fees of…

Q: Which of the following questions does economics NOT investigate? a. How do individuals deal with…

A: Economics is the social science that study the individual and economic agent behavior in the…

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: The principles of economics cannot explain which of the following: Multiple Choice O Why people…

A: To understand the principles of economics. We must examine the following five concepts that may play…

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: Jane has to choose either takeout or instant noodles for dinner tonight. Which axiom of economics…

A: The classical economist assume people are rational that means people take into consideration all the…

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

A: We are authorized to answer one question at a time, since you have not mentioned which question you…

Q: Joab and his friends used to play a game where they put on a dog's electric fence collar and tried…

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

Q: Define each of the 5 concepts of scarcity, choice, opportunity cost, rational behavior, and…

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

Q: Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that…

A: The opportunity cost is the next best alternate or the next best alternate that is given up.

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: 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: What assumption BEST explains people's decisions to buy dollar-store goods? a. gains from trade b.…

A: The decision to buy depends on the total income and the prices of the goods and services. When the…

Q: Rational choice is made by comparing different incentives. is what you must give up to get what you…

A: C is a choice that uses the available resources to best achieve the objective of the person in…

Q: Does a firm have the riight to "create" wants and try to persuade consumers to buy goods and…

A: Meaning of Consumer Welfare: The term consumer welfare refers to the situation under which an…

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 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…

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: Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the…

A:

Q: 1. Why do we need microeconomic models? Using appropriate diagram(s), explain how changes in a…

A: Microeconomics focuses on an individual's or a firm's choices in a world of scarcity and the ripple…

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: The statement that describes the term Scarcity is O a. a shortage of resources, goods or services O…

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

Q: Legislation to protect red-cockaded woodpeckers created incentives that resulted in premature…

A: The process of economic development would result in the development through the human or social…

Q: Microeconomics is the study of Select one: O a. how the economy as a whole works O b. how government…

A: The word economics is derived from the Greek word Oikonomia meaning management of the household. It…

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: whith practical examples distinguish between sacale of preference  and opportunity cost

A: Answer: Scale of preference refers to the arrangement of items a person wants according to their…

Q: A) In which system are the 3 basic economic questions answered by custom and habit? B)Which system…

A: There are three main sorts of economies: free market, command, and mixed. Individuals and businesses…

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: 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…