.Define scarcity? 2.How can opportunity cost affect behavior? 3.Inflation rate should be less than 4% per year in Bangladesh. State whether this is a positive or normative statement and explain briefly why? 4.The UK government has put high restrictions on the number of students it allows to enter the country. However, as a result, more students are entering illegally. State what effect is this an example of 5.Finish the following sentence. A value of price elasticity of demand equal to 2 means that
.Define scarcity? 2.How can opportunity cost affect behavior? 3.Inflation rate should be less than 4% per year in Bangladesh. State whether this is a positive or normative statement and explain briefly why? 4.The UK government has put high restrictions on the number of students it allows to enter the country. However, as a result, more students are entering illegally. State what effect is this an example of 5.Finish the following sentence. A value of price elasticity of demand equal to 2 means that
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
1.Define scarcity?
2.How can
3.Inflation rate should be less than 4% per year in Bangladesh. State whether this is a positive or normative statement and explain briefly why?
4.The UK government has put high restrictions on the number of students it allows to enter the country. However, as a result, more students are entering illegally. State what effect is this an example of
5.Finish the following sentence. A value of
Transcribed Image Text:Aasignment 1
ECO 101 Assignment 1 (Spring X
https://docs.google.com/forms/d/e/1 FAlpQLSf98hfo621le-qSfkmO10B5 BucOPjFHqumgiS23V9GvLFzaw/viev (120%
...
Which of the following elasticity coefficients represents a price elastic
1 point
demand? *
O 0.87
O 1.5
O 1.0
Refer to the graph below. Use the information on the graph to determine
1 point
the validity of the statements below...
Price
12
10
Demand
19 20
Quantity
ENG
a
IN
12
P Type here to search
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