Positive economics is Oa based only on true statements Ob similar to normative economics O c objective and fact based Od based on opinions A Positive statement Oaisa statement of what is Obsastatement of what ought to be Oc cannot be tested by checking it against the tacts Od. None of these

Positive economics is Oa based only on true statements Ob similar to normative economics O c objective and fact based Od based on opinions A Positive statement Oaisa statement of what is Obsastatement of what ought to be Oc cannot be tested by checking it against the tacts Od. None of these

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: You must decide whether to work this afternoon or study for your biology test. Your decision…

A: The decision situation provides 2 decision alternatives:WorkStudy for biology testThe decision…

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…

Q: Answer the following question.. "The Consumer Price Index increased by 4.2 percent in the first…

A: The statement shows that the consumer price index is increased by 4.2 percent. Consumer Price index…

Q: Suppose that a football team is holding tryouts for various positions. A certain player tries out…

A: Game theory: A game hypothesis is a hypothetical system for considering social circumstances among…

Q: Give an example of a trade price where both would benefit from trade. cones per unit of ice cream.

A: International trade:International trade means buying and selling of goods and services from outside…

Q: . A theory is an abstraction from reality. What does this statement mean?

A: Economics is a discipline that studies the factors that influence the production of goods and…

Q: One tends to find that conventional economics mainly pays attention to Select one: a. qualitative…

A: In economics, different systems, approaches and studies are used to explain the nature of an…

Q: A. It can adjust to change over time B. it gives producers and consumers a great deal of freedom OC.…

A: In the market economy, all financial pursuits are coordinated and worked through the market. It is…

Q: The price of a ticket is $18 and is equal to the marginal cost of attending each game. Assuming that…

A: The marginal gain is the increase in overall benefit that an extra unit of an intervention brings.…

Q: The graph below is Mendork's production possibility curve for the only two goods that it…

A: Production possibility curve depicts the combination of two goods that can be produced using the…

Q: Required info Delow s a prodhuction possibiities curve involving toa and vide0s. Oay vide per ye n…

A: PPC: The PPC is a diagram that shows the combinations of the various output/yield that can be…

Q: A budget constraint model differs from production possibilities model in that, typically O only the…

A: The production possibility curve shows the best combination of two goods that can be produced with…

Q: Which of the following statements best summarizes the pattern of causality captured by the graph…

A: A causal relationship indicates a correlation between two values, where one actually causes the…

Q: Consider the table. What is the opportunity cost of changing from Choice B to Choice C? Choice A B с…

A: The opportunity cost is the cost of next best alternate. The opportunity cost is the opportunity…

Q: Which of the following is one of the four economic ginciples of individual decision making? O…

A: Economic principles refers to basic bits of insight or regulations that give a system to grasp how…

Q: ur opportu

A: In making a decision,opportunity cost is the loss being suffered or benefit being gained.

Q: 7. When is it good for banks to give out "sub-prime" loans? * when the stock market is going up O…

A: In the banking sector, sub-prime loans refers to the loan provided to the people with low credit…

Q: A boss notices that one of his unscrupulous employees has been stealing company materials lately. He…

A: Nash equilibrium is the point of a game corresponding to which each participant optimizes his…

Q: Provision of higher education is costly. At the tertiary level, specialised knowledge is required to…

A: In economics, education is considered as one of the factors of labor productivity because education…

Q: nomists build models that abstract from the complexities of reality primarily because.. a. They…

A: Models in economics use data based analysis to estimate relationships between various economic…

Q: QUESTION 7 Ben says that "an increase in the tax on beer will raise its price" Holly arques that…

A: Tax is the fixed amount of money that the buyer pays to the government for using the product or…

Q: If Mr. White decides to open his sporting goods store, what is the opportunity cost of this…

A: If Mr. White opens a sporting goods store in the building then he is using the place for himself…

Q: Food 100 75 50 B 100 E F D 150 200 Clothes Explain the above production possibility model. Be sure…

A: The production possibility frontier is defined as the various combination goods or commodities at…

Q: A student trying to maximize her semester GPA uses all her time to study. She splits her time…

A: Opportunity cost is known as the forgone benefit that could have been derived by an option which was…

Q: Chandra received a gift certificate that covers threesalsa dance lessons. After the first lesson,…

A: The opportunity cost is that cost which must be given up to get something desirable.

Q: dont use chatgpt i will upvote Economists measure the a) importance b) benefit magnitude meaning of…

A: Economics is the study of individual choices. It includes the production, distribution, and…

Q: choices

A: Answer The correct option is (e) Choices

Q: The concept of nonrivalry says that one's person consumption of the good does not limit it for other…

A: The circular flow model is a simplified representation of how the economy works. It illustrates the…

Q: on 1 When a society cannot produce all the goods and services people wish to have, it is said that…

A: Note:- “Since you have asked multiple question, we will solve the first question for you. If you…

Q: After the release of a new video game, Target stores temporarily sold out. Which economic concept…

A: Given, The release of a new video game Target stores temporarily are sold out of the video games.

Q: As the environment changes, the assumptions on which the goals were based, and ultimately the goals…

A: Given the statement is As the environment changes, the assumptions on which the goals were based,…

Q: When shopping for your interview clothes, some trade-offs you face include: O choosing one brand of…

A: Opportunity cost refers to the cost of a foregone opportunity. The cost involved when an opportunity…

Q: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there…

A: Here, all the given statements talk about the nature of economics and its use in the society.

Q: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there…

A: We are authorized to answer one question at a time, since you have not mentioned which question you…

Q: Joab and his friends used to play a game where they put on a dog's electric fence collar and tried…

A: Economics is a branch of science which deals with the production, distribution, and consumption of…

Q: Define each of the 5 concepts of scarcity, choice, opportunity cost, rational behavior, and…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: QUESTION 1 Which of the following is an example of a microeconomic issue? O The government passes…

A: 1. Microeconomics studies the behavior of firms and individuals in making of the decisions regarding…

Q: 2. Highlight for the answer: for each (a- d) statement as Positive/Normative. a. The price of…

A: The economics is the study of society and the individuals. It shows how the people earn their…

Q: Which of the following is one of the four economic principles of individual decision making? O…

A: Economic principles are basic bits of insight or regulations that give a system to grasp how people,…

Q: Juanita is a talented artist who sells hand-crafted goods on her website. Juanita currently crafts…

A: Opportunity cost is the cost of producing 1 good in terms of another.Opportunity cost shows the…

Q: Suppose the graph above represents the market for college education and is initially in equilibrium…

A: Hi! Thank you for the question but as per the guidelines, we answer only one question at one time.…

Q: Consider the table, which shows five possible choices of output combinations for Rock's restaurant.…

A: To determine the opportunity cost of changing from Choice A to Choice D in the context of Rock's…

Question

Positive economics is
Oa based only on true statements
Ob. similar to normative economics
O cobjective and fact based
Od. based on opinions
A Positive statement
Oa is a statement of what is
Obsastaterment of what ought to be
Oc cannot be tested by checking it against the tacts
Od None of these

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction:

VIEW

Explanation:

VIEW

Conclusion:

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Analyze the positive versus normative argument sin the following case. What statement of positive economics are used to support requiring air bags? What normative reasoning is used?
A human has the choice to spend 11 hours working or learning. If they spend an hour working, they earn $11. If they spend an hour learning, then they can expect to progress through 3 course concepts. What is their opportunity cost if they change from working 9 hours and learning 2 hours, to working 11 hours and learning 0 hours? they gain $5, and forgo learning 4 course concepts Othey forgo $5, and learns another 7 course concepts Othey gain $14, and forgo learning 7 course concepts O they gain $22, and forgo learning 6 course concepts
The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as O marginal effects. scarcity constraints. O opportunity costs. O secondary effects.
A reason to study economics is to Select one: make money in the stock market. O a. O b. learn a way of thinking. O c. to decide whether to buy a new house O d. get a high paying job.
Which one below is FALSE for economic theories or models. Select one: O a. They are generalizations used to give context to our observations. O b. They attempt to establish cause and effect between economic variables. O c. They are built with assumptions and then tested with facts. O d. They always reflect reality.
Based on the production possibility curve represented below, calculate the opportunity cost of moving from combination A to B. Health Care 700 Production Possibility Frontier A 600 500 400 300 200 100 0 0 50 D B E C 100 150 200 250 300 Travel O A. 200 traveling services ○ B. 200 healthcare services O C. 175 traveling services O D. 75 healthcare services
Classify each of the following statements as positiveor normative. Explain.a. Society faces a short-run trade-off betweeninflation and unemployment.b. A reduction in the growth rate of the moneysupply will reduce the rate of inflation.c. The Federal Reserve should reduce the growthrate of the money supply.d. Society ought to require welfare recipients to lookfor jobs.e. Lower tax rates encourage more work and moresaving
Legislation to protect red-cockaded woodpeckers created incentives that resulted in premature harvesting of trees the woodpeckers like to nest in. This is an example of which of the following pitfalls to avoid in economic thinking? O the fallacy of composition O Association is not causation. O the use of ceteris paribus conditions in economic analysis O Good intentions do not always lead to desirable outcomes.
7 the government should spend less money to take care of a national park they are making a positive statement O not dealing with scarcity O making a normative statement O testing an economic model O
You can sleep in or you can go to your early morning class. You have an incentive to sleep in if O A. the marginal benefit from sleeping in is greater than the marginal cost of sleeping in OB. no tradeoff occurs by sleeping in OC. the marginal benefit from going to your early morning class is less than the marginal benefit from sleeping in D. the marginal benefit from sleeping in is greater than the marginal cost of going to your early morning class
In 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.
An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased business