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- Can economic analysis provide a final answer to the question of whether the government should intervene in markets by imposing price ceilings and price floors? Why or why not? O A. Economic analysis can provide such an answer because it seeks to address both positive and normative questions such as "what is" and "what ought to be." O B. Economic analysis cannot provide such an answer because it seeks to address positive questions such as "what is." OC. Economic analysis can provide such an answer because it seeks to address normative questions such as "what ought to be." O D. Economic analysis can provide such an answer because it seeks to address positive questions such as "what is." O E. Economic analysis cannot provide such an answer because it seeks to address normative questions such as "what ought to be."2021 0- Principles of Economics 1| S1 21/22 Time left 0:28:4. Suppose your college institutes a new policy requiring you to pay for a permit to park your car in a campus parking lot. O a. The cost of the parking permit is not part of the opportunity cost of attending college if you would not have to pay for parking otherwise. O b. The cost of the parking permit is part of the opportunity cost of attending college if you would not have to pay for parking otherwise. The cost of the parking permit is not part of the opportunity cost of attending college under any circumstances. O d. Only half of the cost of the parking permit is part of the opportunity cost of attending college. Next pageThe 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.
- 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.Which of the following are examples of positive economics? O A. I only. I. A free market in kidneys would end the shortage of kidneys. B. II & III. II. People should not sell organs for profit. C. 1 & IV. III. The United States should not trade with countries with human rights abuses. D. They are all normative statements. IV. Workers pay the majority of corporate taxes in the form of lower wages.The leader of a federal political party made the following campaign promise: "My administration will increase national defense without requiring sacrifices elsewhere in the economy." The promise can only be kept if: O a) the economy moves along the production possibilities in the direction of a greater quantity of defense. b) This can only happen if the point of production of the economy shifts outwards. Oc) This could never happen. d) This will always happen..
- ITMG 1B Econ 2100 mic 三I E Homework: Basic... Question 26, 1.1 Questio... Because resources are scarce, individuals are required to T TE O A. make choices among alternatives. O B. sacrifice production but not consumption. O C. use resources inefficiently. O D. improve distribution but not production. O E. consume at inefficient points below the production possibilities curveAs we know everything hsa and every subject has its laws, Define the laws of Economics?If an economy can produce various combinationsof food and shelter along a productionpossibilities curve (PPC), then if we increase theproduction of shelter along the PPC, which ofthe following is true?a. We also increase the production of food.b. We must decrease the production of food.This forgone food production representsthe opportunity cost of the increase inshelter.c. We cannot change the production of food.d. The concept of opportunity cost does notapply along PPC.
- Introduction to Economics Please solve it very quickly ????"Because it is good for individual households to increase their saving in the short run, it is therefore good for a nation's economy in the short run if all households increase their saving." This statement is an example of: O a. the fallacy of composition. O b. the post hoc fallacy. O c. the ceteris paribus assumption. O d.marginal analysis.An economic model based in positive economics should be judged Select one: O A. by its ability to accurately capture and describe the many complex details of the real economy. O B. by the quality and quantity of its underlying assumptions. O C. by the accuracy of its predictions rather than by the accuracy of its assumptions. O D. on its ability to incorporate the idiosyncratic factors that typically characterize human interactions.
