Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 1QCMC
To determine
The definition of an economic model.
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Economic Models?
a. are essential representations of the real world
b. are used to explain how people think
c. are never used for making economic projections or predictions
d. are used to explain how people behave
Macroeconomics is the branch of economics that deals with:(A) the prices of individual goods (B) important rather than trivial issues (C) how individual markets work (D) the economy as a whole
What are the key elements of the scientific method and how does this method relate to economic principles and laws?
Chapter 2 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- What is important of studying economics? Give two good examples how the knowledge can help you in your daily routines.arrow_forwardExplain, how does the economy as a whole works? And which economic agents are of the greatest importance in determining what goods and services are produced?arrow_forwardMacroeconomics focuses on: A.The economy as a whole B.Individual decisions C.Wages D.The allocation of scarce resourcesarrow_forward
- Macroeconomics is the study of a. the behavior of large firms in the marketplace b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and servicesarrow_forwardThe unemployment rate of Oman is measured as 2.55% in 2020, which is lower than the rate of India. Analyze, what type of a statement is this? a. Analytical statement b. Positive statement c. Negative statement d. Normative statementarrow_forwardThe fundamental economic problem is one of scarcity. The basic questions of economics become: What to produce? How to produce? For whom to produce?arrow_forward
- In economics, positive statements are about_______ A the way things ought to be B the way things are. C macroeconomics, not microeconomics D.microeconomics, not macroeconomicsarrow_forwardWhat does a normative statement describe? A. how the world will be in the future B. how the world ought to be C. how the world is D. how the world was in the pastarrow_forwardEconomy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. Kaleem pays a shopkeeper Rs.150 for a liter of milk. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour.arrow_forward
- principle of economy answer please as soon pleasearrow_forwardThe government should reduce the petrol prices as a solution to the problem of inflation. Determine, what type of statement is this? a. Normative statement b. Positive statement c. Negative statement d. Mixed statementarrow_forwardWhat is economic in explain in detail.arrow_forward
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