QUESTION 4Economics is athat studies howO physical science:; people make decisions: scarcityO social sciences: people make profit; scarcityO social science: people make decisions: scarcityO life science: people make decisions; unlimited wants and needssocial science: people create new products: demandphysical science: people sell products: unlimited resourcesproductsin light of the fact thatalways exist(s).

Economics, as a social science, delves into the examination of how individuals, businesses, and…

QUESTION 4 Economics is a that studies how physical science: people make decisions; scarcity social sciences: people make profit; scarcity social science; people make decisions: scarcity in light of the fact that Ⓡ life science: people make decisions; unlimited wants and needs O social science: people create new products; demand physical science: people sell products: unlimited resources always exist(s).

QUESTION 4 Economics is a that studies how physical science: people make decisions; scarcity social sciences: people make profit; scarcity social science; people make decisions: scarcity in light of the fact that Ⓡ life science: people make decisions; unlimited wants and needs O social science: people create new products; demand physical science: people sell products: unlimited resources always exist(s).

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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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
uestion 1 When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing O scarcity O surpluses O inefficiencins O inequalities Question 2 Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"? O Megan U. must decide between going to a track event or doing her nails. O Sarah B. can attend the concert only if she takes her sister with her. O Charlie H. is hungry and homeless. O Cullen J. must repair the tire on his bike before he can ride it to class.
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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
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.
Select the number of the question and the letter to indicate the answer you consider correctfor each question. 1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the good demanded willdecrease. 3. Which of the following most appropriately illustrates the law demand?a. Sellers increase the amount they sell because the price of the…
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Aa6 Subject - economics
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.
Identify 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.
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