In economics, positive statements are about OA the way things ought to be OB the way things are. OC macroeconomics, not microeconomics OD.microeconomics, not macroeconomics
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…
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A: Demand= Desire+willingness+ability.
Q: Which one of the following is a Normative statement? O a. Popcom and chocolates are sold in movie…
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Q: microeconomics principles
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- people are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normativeIn a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normative
- A possible headline from the local media is: "The government should ban hand guns" This headline provides an example of a O A. normative statement about a microeconomic issue O B. non-economic positive statement O C. positive statement about a macroeconomic issue O D. positive statement about a microeconomic issue O E. non-economic normative statementIdentify the scarcity definition of economics from the following. a. None of these O b. ways to reduce wants to remove the problem of scarcity. O c. the choices we make because of shortage of resources. O d. the distribution of surplus goods to those in need.Which one of the following is a Normative statement? O a. Popcom and chocolates are sold in movie theatres O b. Chocolates are more expensive than newspapers Oc The price of chocolate is $1.25 each Od. You should eat less chocolate Which of the following is a Normative statement? O a. The unemployment rate is too high O b. 40% of the public believes that the unemployment rate is too high Oc The unemployment rate increased last month Od. All of these
- BRIEFLY EXPLAIN IT CONSISELY 1. Reffering to the picture below, understanding economics, explain how a microeconomic system works by describing the inter-relationships of the variables indicated in the said model or diagram 2. In relation to the diagram, which is the microeconomic system identify atleast 3 principles of economics that are applicable in the said system.QUESTION 1 Which of the following is an example of a microeconomic issue? O The government passes legislation that aims to improve the economy. O The unemployment rate is approximately 4%. O Aretailer decides to hire 1,000 new employees in the United States as part of its expansion program O The central bank engages in policy aimed at reducing inflation. QUESTION 2 Suppose a state aims to make it easier for people to purchase school supplies for children by exempting these purchases from sales taxes. Such programs are often called "sales tax holidays." identify which of the following would be considered an unintended consequence of this pollcy. An increase in prices by retailers expecting higher demand during the sales tax holiday. O An increase in purchanes just prior to and immediately following the sales tar holiday. O A large increase in net sales. O Asteep dedine in sales during the sales tax holiday.A university decides to change its late-night bus service between the campus and student housing from a fare-based service to a free service. This statement means that the incentive to ride the bus The university's decision is a decision. O A. remains the same; macroeconomic B. changes; macroeconomic OC. remains the same; microeconomic O D. changes; microeconomic
- The branch of economics that studies the decisions of individuals and firms is called O macroeconomics. O normative economics. O positive economics. microeconomics and macroeconomics. O microeconomics.Which of the following is an example of a normative statement? Select one: O a. An increase in the price of tea will decrease the amount of tea purchased. However, it will increase the amount of coffee purchased. b. The minimum wage led to increase unemployment and unskilled workers O c. None of the answers are correct O d. the inflation has increased in India by 50% in the past three years e. Reducing taxes have positive impact on the economic growthA politician states "taxes should be raised to provide more spending on school lunch programs." This is O A. a ceteris paribus assumption. B. a positive economic statement. O C. a normative economic statement. O D. an economic fact.
