QUESTION 19 According to liquidity-preference theory, in which circumstance would the money-supply curve shift left? a. if the interest rate increased b. only if the Bank of Canada chose to decrease the money supply c. if government spending decreased d. if the price level increased

Q: You have two options for how to spend the afternoon. You can either go see a movie with your…

A: Opportunity cost is what one gives up  (or sacrifices) when one chooses one option over another.…

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: you find your opinion leaning towards traditional or behavioral economic beliefs?

A: Answer in step 2

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: How would you choose between a diamond and a bottle of water in the different scenarios described in…

A: The choice between a diamond and a bottle of water can be explained using the economic concept of…

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: So is my solution wrong?

A: There are silly mistakes in your solution but overall algorithm is right. However, there is a slight…

Q: Much of modern economic thought believes people to be, generally speaking, rational and…

A: Almost all the major economic theories are based upon assumptions which are necessary to hold them…

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: What we sacrifice, or give in return, when we make a decision or make a choice is: Response option…

A: Since the resources are scarce, there is a tradeoff between goods.

Q: How do you evaluate your opportunity cost in terms of the alternative decisions that you have to…

A: Oportunity cost is the following best elective which we have renounced because of purpose of present…

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: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20…

A: Given; Total amount of money he had= $30 Movie cost for both he and his friend= $20 Price of shirt=…

Q: When a person demands something (in economics) they must be , and to buy

A: Demand is one the most crucial factors of any kind of microeconomic analysis, which forms a base for…

Q: An important trade-off you’re recently faced Describe an incentive your parents offered to you in an…

A: Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one…

Q: Is the opportunity cost of an action a subjective evaluation?

A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…

Q: Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

A: In the above example, Dina needs to trade-off between swimming and work. If she works, she gets $9…

Q: Interest rates rise on your savings account at your bank, and you decide to save 5% more from your…

A: Economic principles are fundamental concepts or guidelines that help describe and understand how…

Q: How does inherent value differ from instrumental value?

A: Inherent value and instrumental values are a part of the the environmental economics. They are used…