Country A produced the following quantity of gauges and potatoes: 2001 2002 Good Gauges Quantity Price Quantity Price 8000 $4 10000 $3 Potatoes 6000 $8 5000 $14 a. Using 2001 as the base year, what are the price indexes for 2001 and 2002? b. What is the inflation rate using this index? C. What is the percent change in real output using this index?

Q: Ed spends an hour studying instead of watching Netflix with his friends. The opportunity cost to him…

A: Opportunity cost is a fundamental concept in economics, representing the value of the next best…

Q: Sally is trying to decide what flavor of cake to make for an upcoming party.  She polls some of her…

A: Approval Method of making a choice is the one in which participants are provided with the choices…

Q: Identify and explain three differences between neoclassical economics economics and behavioral…

A: Economics is considered the study of the production, distribution, and consumption of goods and…

Q: The models of microeconomics

A: According to the question we need to determine the Models used in Microeconomics.These models are…

Q: Which of the following would be the least likely thing an economist would study?          What new…

A: Economists are experts who study the production, distribution, and consumption of goods and services…

Q: Define the Fisher effect. To what extent do empirical tests confirm that the Fisher effect exists in…

A: The measure that depicts the amount being charged by the lender that is over and above the principal…

Q: Economics is a discipline that is divided into two broad branches, which are they?

A: Economics, as a social science, concentrates on how individuals, states, firms, and nations make…

Q: An economic model is a complex version of reality used to analyse real world economic situation…

A: According to the given question The economic model is basically an mathematical framework or a…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: In a market, a producer uses various techniques to understand the purchasing behavior of the people…

Q: Why will economics never be an exact science?          No sciences are exact.…

A: The question is asking why economics, as a field of study, cannot be considered an exact science.…

Q: How can you use surveys, experiments and observational studies to make inferences about a…

A: Introduction An experiment intends to build a cause-and-effect link between variables, whereas a…

Q: what are some keypoints about behavioral economics?

A: Behavioral economics is the study of psychology as it deals with the economic decision-making…

Q: In 2018, the Pew Internet & American Life Project asked 743 teens aged 13 to 17 several questions…

A: Consider Pew's survey when 743 youths in the 13- to the 17-year-old age group were asked a number of…

Q: Anne has just purchased a new house in a lovely neighborhood. Her neighbors are friendly and even…

A: Externalities alludes to circumstances when the impact of creation or utilization of labor and…

Q: Augi carefully plans out an early morning exercise routine to lose weight and get fit. When it's…

A: Behavioral Economics is a field that combines insights from psychology and economics to understand…

Q: Which of the following would a Laissez-Faire economist advocate in a time of economic recession

A: Laissez-faire economist advocate complete freedom of firms.

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Economic perspective is a way of seeing the the argument by the lens of economics.  This is the way…

Q: When the marginal product of adding a worker is a greater loss than the loss of the marginal product…

A: When the marginal product of adding a worker is a greater loss than the loss of the marginal product…

Q: Political biases have no impact on an economist’s opinions? True or False

A: This statement is false.

Q: what is the role of government in bringing about Pareto-efficiency

A: Pareto efficiency, also known as Pareto optimality, is an economic condition in which resources…

Q: Why did Henry George (American Economist) pay particular attention to his popularity and legacy?

A: Henry George (September 2, 1839 – October 29, 1897) was a political economist, journalist, and…