The branch of economics that focuses on how behavior affects outcomes in highly aggregated markets, such as the markets for labor or consumer products, is called O A. normative economics O B. Marxian economics.gsjlsuay O C. microeconomics O D. macroeconomics

The branch of economics that focuses on how behavior affects outcomes in highly aggregated markets, such as the markets for labor or consumer products, is called O A. normative economics O B. Marxian economics.gsjlsuay O C. microeconomics O D. macroeconomics

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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When a command economy is utilized to resolve economic questions regarding the allocation of resources, which of the following consequences results? a. Everyone will receive an equal share of the output produced. b. The preferences of individuals are of no importance. O c. Economic efficiency will be assured. Od. The role of markets will be replaced by political decision making.
. Categorize each of the following statements as being the result of either positive economic analysis or normative economic analysis: The government should provide free childcare to increase gender equality in the labor market. An increase in the capital gains tax rate reduces the total amount of business investment in the economy. An increase in unemployment insurance will increase the length of time that laid-off workers remain unemployed. Large businesses should focus more on corporate social responsibility and pay more attention to their environmental impact.
The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that: a. resources are not perfectly adaptable to the production of all goods. O b. a curve makes it easier to illustrate the concepts of scarcity and prices than a straight line. c. the frontier will shift outward over time. d. output eventually reaches a maximum and then declines. e. early economists began drawing them in this way and the convention has continued throughout the years.
Bushels of Beans 20,000 15,000 4,000 10,000 32,000 40,000 Bushels of Wheat The above figure is referred to as a Select one: a. production possibilities curve. O b. scarcity-shortage curve. O c. opportunity curve. O d. trade-off curve.
Which of the following is one of the four economic principles of individual decision making? O Rational people make decisions based on average costs and benefits. O Rational people respond to incentives in predictable ways. The cost of something is the amount of money you pay to get it. O Both b and care correct. O a, b, and c are all correct.
What are economics' two main branches of study? O a. fiscal and monetary policies Ob. normative and positive economics Oc free and closed markets Od. microeconomics and macroeconomics
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Consider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is decreasing. O C. guns in terms of butter is decreasing. O E. butter in terms of guns is lower than in EconomyA. Quantity of Guns Production Possibilities Boundary Economy A 1 2 Quantity of Butter Q Quantity of Guns Production Possibilities Boundary Economy B 6 7 8 Quantity of Butter OB. butter in terms of guns is increasing. O D. butter in terms of guns is higher than in Economy A.
ciples of Microeconomics - Spring21 Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is always economically efficient. O b. If a firm is technologically efficient, it is always producing at the lowest costs of production. O c. If a firm is economically efficient, it is always technologically efficient. O d. None of these answers is correct. DUS PAGE NE
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Which of the following describes the difference between "scarcity" and "shortage"? O There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. O There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
nvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.