QUESTION 1 If a factor of production has a fixed total supply, then payments to that factor constitute: A. Wages B. Economic rent C. Normal profits D. Interest payments C

Q: Questions: A) Detail and describe a decision that you made in the past that contradicts the…

A: Consumers try to maximize their utility in order to get maximum satisfaction, consumers, in general,…

Q: Coke or Pepsi, in terms ofeconomics are

A: Coke and pepsi are the important players in beverage industry.

Q: matters of economics in Proverbs 22:7 and Psalms 37:21?

A: Solution  Proverbs 22:7 The rich rules over the poor, and the borrower is the slave of the lender.…

Q: Is Economics a science? Why, or why not? As part of your response and explanation, include the…

A: The question is asking whether economics can be considered a science, and it requires an…

Q: What is econometrics? And share one of the primary advantages of using econometrics over typical…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: What is the difference between macroeconomics and microeconomics?

A: Microeconomics analyses the actions of individual humans, companies, organizations or markets.…

Q: What good is economic theory if it can't predict the behavior of a specific individual?

A: The economic theory are the simplification of the economic realities which are used to make the…

Q: Generally, the study of economics has to do with   Question 24 options:   How resources are not…

A: Economics is classified as a social science because it makes an effort to apply scientific methods…

Q: Which of the following best demonstrates the influence of economic factors on consumer…

A: Consumer purchasing preferences and choices are heavily influenced by a country's or market's…

Q: What is a trade-off? Give two examples of trade-offs that you face in your life.

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: Economist Richard Thaler describes economics as the sum of two parts. What are these two parts?

A: Richard H. Thaler is an economist from the United States. Thaler is a researcher who specializes in…

Q: 36. Which of the following statements is FALSE?     a) positive economics focuses on the way the…

A: Positive economics(PE) deals with economic problems that are actually solved. It can be proved with…

Q: Why is it important for us to use models when studying economics?

A: In economics a Model is defined as a theoretical construct which represents the economic processes…

Q: Explain briefly the following three principles of economics by Mankiew. 1- Rational people think at…

A: The principles of economics include: There is a trade-off faced by people. The cost of something is…

Q: If economics is a positive science, why do economists always disagree

A: Let’s see it with an example, suppose a nation has a high unemployment rate. The government…

Q: How does Homo Economicus influence economic models? Describe an argument against using Homo…

A: In simple terms Homo Economicus refers to the assumption that "human beings are rational" . Most…

Q: identify each of the following topics as being part of microeconomics or macroeconomics: the effect…

A: MICROECONOMICS- microeconomics implies the study of the aspect of the economy at the individual…

Q: Why are Adam Smith's economic views more valuable. Provide three reasonings

A: Adam Smith gave the theory of absolute advantage in international trade which means that the country…

Q: What is the difference between positive and normative economic analysis? Give an example for each.

A: Positive economics focuses on the description(explanation) of the state of economy…