What were the results of the Great Leap Forward? Select all that apply. A Millions of people died of starvation. B с The quality of industrial materials declined. Military forces destroyed farms and industries.

Q: Which of the points are feasible and which are efficient

A: Production possibility frontier represents the different combination of two goods that can be…

Q: Why does agriculture need technological progress?

A: In any economy, primary economic sector is an agriculture sector as it is necessity for an economy.

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: Write a synthesis about this, "The Cost of Production"

A: The process of combining a variety of material and immaterial inputs (plans, know-how) to create a…

Q: Why do business people study economics?

A: Demand for a good refers to the quantity of that good with the consumers are willing and able to…

Q: What are the key elements of the scientific method and how does this method relate to economic…

A: Scientific method is to observe whether the research which is going to be done how much it will…

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: You have observed that every time you do 30 minutes of cardio exercise before taking an exam you get…

A: Trade-off refers to the act of giving up the consumption of one of the good to consume other good.…

Q: Draw a production possibilities frontier for a country that produces two goods: capital goods and…

A: (PPF) Frontier of Production Possibilities The production possibility frontier is a graphical…

Q: An economic systems mechanism which deals with production

A: An economic system is a method by which societies or governments organise and distribute available…

Q: Which of the following statements are positive, and which are normative? i.  If interest rates…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: How might the quality of life ultimately be determined and measured?

A: Standard of living is the level of comfort, necessities, material goods, and wealth available to the…

Q: a. The minimum wage creates unemployment among young and unskilled workers.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What are some of the opportunity costs if you were in college and majored in Business Administration…

A: The opportunity cost is the benefit foregone by not choosing the next best alternative in which a…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: he idea that because of​ scarcity, producing more of one good or service means producing less of…

A: Scarcity refers to one of the basic problems of economics. Scarcity means that resources are limited…

Q: The economic environment refers to: Select one: a. an analysis of how new environmental regulations…

A: Economic environment here is not the literal environment.

Q: total cost is $ c. At the optimal level of output, total revenue is $ and profit is d. If the…

A: whether it is perfect competition or imperfect competition market the condition for equilibrium is…

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: The answer to, "What goods are to be produced?" deals with: who gets the goods. Ohow tastes and…

A: The economic problems of  "What goods are to be produced", "How to produce", and "For whom to…

Q: Once people could only trade what they could produce with their hands or find in nature for things…

A: The three fundamental problems of any individual or economy is wants are unlimited, resources to…

Q: T or F Everything we do has its opportunity cost. Why?

A: In economics, it is necessary to choose between several products because resources are limited in…

Q: What goods and services—and how much of each—will be produced?

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: Reading Comprehension Producers and consumers Once people could only trade what they could produce…

A: The measures that are required to reduce the negative impact of free trade include setting minimum…

Q: Corn and maize can mean the same thing? True False

A: In the United States, corn is referred to as Maize and is often used interchangeably. But there are…

Q: Once people could only trade what they could produce with their hands or find in nature for things…

A: Consumers make consumption decisions and buy goods and services. Producers decide how much to…

Q: Reading Comprehension Producers and consumers Once people could only trade what they could produce…

A: Giving subsidies to smaller, local suppliers is one of the regulations that may help to reduce the…

Q: (b) The demand curve for a swivel chair is given by p=4000(3) dollars per swivel chair, %3D where p…

A: The required curve is an image that shows the relationship between the price of a commodity or…

Q: Examine the central problems of an economy given below and select the one that cannot be represented…

A: A production possibility curve (PPC) is a graph that represents different combinations of output…

Q: What does a normative statement describe?    A. how the world will be in the future  B. how the…

A: A normative statement is an ideological, prescriptive, and judgmental statement. It sets a standard…

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: An individual's current income is $50,000 the person expects next period (future) income to be…

A: The budget constraint is the locus of all affordable consumption bundles at the given income of the…

Q: How does the capitalism economy give to the communities?   How does the capitalism economy take away…

A: Capitalism refers to the market form where people are allowed ti make economic activities according…

Q: 1. Identify the normative statement out of the following statements. 1) Sri Lanka has reported a…

A: Normative statements includes prescriptions and judgement about what should be done or how something…

Q: Which graph depicts a technological breakthrough in the production of Y only

A:

Q: Name three aspects that affect the global economy.

A: Globalization affects economic resources such as commodities, services, data, technology, and…