Economics is mostly concerned with the best use of resources to improve human lives the study of money and how to accumulate wealth the workings of markets the study of living things in their environment

Q: Reading Comprehension : Read the text and answer the questions below.   Producers and consumers…

A: The answer provided is on the lines of given paragraph .

Q: Reading Comprehension : Read the text and answer the questions below.   Producers and consumers…

A: Free trade Free Trade occurs when the government does not impose any artificial obstacles to impede…

Q: Reading Comprehension : Read the text and answer the questions below.   Producers and consumers…

A: The trade of goods and services increases over time with the development of technology in the…

Q: Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods (B)…

A: Macroeconomics is a critical part of economics that varies from microeconomics in its degree and the…

Q: Economics affects nearly everything we do in some way. Someone else has produced most items we…

A: According to economists, the pricing of some goods/products is extremely/highly inelastic. That is,…

Q: Reading Comprehension : Read the text and answer the questions below.   Producers and consumers…

A: The trade enables the country to consume variety of goods and services. It increase the consumer…

Q: In a market economy, what determines what is produced?          producers seeking…

A: The question is asking about the factors that determine what goods and services are produced in a…

Q: a. The minimum wage creates unemployment among young and unskilled workers.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: Which of the following statements is/are true? 1. In Wakanda, nominal GDP equals 24 000 Wakandan…

A: Money is a vital component in modern economies, serving as an instrument of value, an item of…

Q: Which of the following is a microeconomic topic? Reducing the interest rates for firms to be able to…

A: Which of the following is a microeconomic topic?a. Reducing the interest rates for firms to be able…

Q: Write a positive statement and a normative statement about your favorite hobby.

A: Positive statements are those statements in which we can answer with 'yes' or 'no' replies, whereas,…

Q: Once people could only trade what they could produce with their hands or find in nature for things…

A: The three fundamental problems of any individual or economy is wants are unlimited, resources to…

Q: Reading Comprehension : Read the text and answer the questions below.   Producers and consumers…

A: Answer below is given on the lines of above paragraph .

Q: Reading Comprehension Producers and consumers Once people could only trade what they could produce…

A: The measures that are required to reduce the negative impact of free trade include setting minimum…

Q: Once people could only trade what they could produce with their hands or find in nature for things…

A: Consumers make consumption decisions and buy goods and services. Producers decide how much to…

Q: A young engineer is considering to built a 25unit apartment near a commercial center. Because of the…

A:

Q: Reading Comprehension Producers and consumers Once people could only trade what they could produce…

A: Giving subsidies to smaller, local suppliers is one of the regulations that may help to reduce the…

Q: An individual's current income is $50,000 the person expects next period (future) income to be…

A: The budget constraint is the locus of all affordable consumption bundles at the given income of the…

Q: f. If consumer income increases, other things equal, the demand for automobiles will increase.

A: Positive Economics refers to which that deals with economic issues related to past, present, and…

Q: The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC is the…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Economics is primarily concerned with the study of: Production and distribution of goods in a world…

A: Economics is the investigation of how societies produce and disperse goods and services in a world…

Q: Which of the following is NOT studied in microeconomics?   The effects of government regulations…

A: Microeconomics is that branch of economics that studies the individual's behavior Macroeconomics is…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: Reading Comprehension : Read the text and answer the questions below.   Producers and consumers…

A: In an economy, large companies are those that holds a significant market share and have the market…

Q: Reading Comprehension : Read the text and answer the questions below.   Producers and consumers…

A: The producers are the persons which would be engaged with the production of a good or a service. The…

Q: Who are the forerunners and father of Economics. Explain and discuss their contribution in the field…

A: The greatest economists of the history of mankind or the forerunners of Economics Galileo Galilei…

Laffer Curve Analysis

In terms of economics, the Laffer curve was popular among those economists who were or who belonged to the supply side of the economic peripheral.  This concept was popularized by the famous supply-side economist known as Arthur Laffer. This curve illustrated the relationship between the tax rates and government revenue. It is already known that the tax which the public or individuals residing in an economy bear is the revenue or income of the government with the help of which the government does all the necessary works in the society, which is beneficial for the economy.