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

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: 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: 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: Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she…

A: Opportunity cost: It refers to the benefits that a person has to sacrifice in order to choose…

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: O What is true or good for me is obviously true and good for everyone else. O If two things…

A: Option A is correct answer Fallancy of composition  is  What is true or good for me obviously true…

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

A: When talking about social concepts, it includes economic, political and other types of social…

Q: Which one of the following statements is positive (as opposed to normative)? O Jimmy prefers rock…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: .Define scarcity? 2.How can opportunity cost affect behavior? 3.Inflation rate should be less…

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: Classify each of the following statements as positive or normative Statement Firms can increase…

A: Positive economics describes and explains diverse economic phenomena or the "what is" scenario.…

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: 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: 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…

Q: Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she…

A: Here, it is given that Bong-Cha makes her decision on how to spend her 30 mins break. Also, she has…

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: 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: hat is a basic definition of per diems? what are the pros and cons of per diems?

A: Per diems: It refers to the expenses and it is a Latin expression that signifies "for every day."…

Q: Positive economics is Oa based only on true statements Ob similar to normative economics O c…

A: The study of positive economics refers to the study of economics that can be verified with the help…

Q: Fill in the blanks with the mumber that correspoods to the correct word or phrase from the word bank…

A: Economics is defined less by the issues that economists study and more by how economists study them.…

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: 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: The basic concern of economics is * O to keep business firms from losing money. O to prove…

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

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: 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: 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: which one of the following statements is incorrect Rich people do not expenence scaroty O Because…

A: Resources are limited on this earth which means they will exhaust if their consumption rate is…

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: 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: Which of the following statements is NOT correct? Select one: a. Economics is a behavioral science.…

A: Ethical economics is primarily concerned with the limitations of the economics of economic agents.…

Q: lucus is having a cook out. He purchased 80 hamburgers and 56 assorment of chips. If each person…

A: There is a 80 hamburger and 56 assortment chips has to give equally to assortment chips has to give…

Q: Use the following two statements to answer this question: 1. Economic theories are developed to…

A: In economics, two type sof statements are generally used to explain the motive of the statement,…

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: According to the public choice model, how do policymakers arrive at their decisions? The public…

A: The theory of public choice was developed by James Buchanan and Gordon Tullock. This theory tries to…

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: 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: 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: 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: 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: 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…