Which of the following questions can the criterion of Pareto efficiency answer? a. How much of a resource should be unused? b. Who should receive the resource? c. How much should the resource cost? d. How should the resource be divided? e. Who should control the resource?

Q: Is economics a science? Why, or why not?

A: Economics is related to the production, distribution, and consumption of goods and services.…

Q: Is Economics a science? Why, or why not? As part of your response and explanation, include the…

A: The question is asking whether economics can be considered a science, and it requires an…

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: I need to find a normative statement on an economic issue from a politician or political action…

A: Positive and normative economics have differing perspectives on economic problems. Positive…

Q: What good is economic theory if it can't predict the behavior of a specific individual?

A: The economic theory are the simplification of the economic realities which are used to make the…

Q: Economics is a discipline that is divided into two broad branches, which are they?

A: Economics, as a social science, concentrates on how individuals, states, firms, and nations make…

Q: what is modern economics

A: In an economy, the study of interaction among people for the purpose of buying and selling…

Q: Why will economics never be an exact science?          No sciences are exact.…

A: The question is asking why economics, as a field of study, cannot be considered an exact science.…

Q: Base on your understanding illustrate what is economics

A: Similar, to other social branches of social studies, such as politics, geography, and history,…

Q: The fundamental reason to study economics is to study ____.     how choices are made     how…

A: In the world, people has unlimited wants, but the resources to fulfill these wants are limited. It…

Q: Background information on Economics?

A: The compelling birth of economics as a different discipline might be followed to the year 1776, when…

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: Share your views on the idea that economists make assumptions in order to make the world easier to…

A: Economist use assumption to make complex things into simple. Economics is a social science and…

Q: Why is it important for us to use models when studying economics?

A: In economics a Model is defined as a theoretical construct which represents the economic processes…

Q: What is economics and why is it a relevant subject?

A: Economics is the study of putting the scarce resources to the best possible use that would increase…

Q: If economics is a positive science, why do economists always disagree

A: Let’s see it with an example, suppose a nation has a high unemployment rate. The government…

Q: What is economics most concerned with? keeping interest rates low O making money allocating scarce…

A: What is economic most concerned with.