Which of the following statements is NOT correct?Select one:O a.If poverty was eliminated there would be no reason to study economics.O b. Economics is a behavioral science.O c.Economic analysis can be used to explain how both individuals and societies make decisionsO d. In large measure, economics is the study of how people make choices.

Here, all the given statements talk about the nature of economics and its use in the society.

Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. O b. Economics is a behavioral science. Economic analysis can be used to explain how both individuals and societies make decisions O c. O d. In large measure, economics is the study of how people make choices.

Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. O b. Economics is a behavioral science. Economic analysis can be used to explain how both individuals and societies make decisions O c. O d. In large measure, economics is the study of how people make choices.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 5SCQ: Individuals may not act in the rational, calculating way described by the economic model of decision...

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Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. Ob. In large measure, economics is the study of how people make choices. O c. Economics is a behavioral science. O d. Economic analysis can be used to explain how both individuals and societies make decisions.
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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.
Economists build models that abstract from the complexities of reality primarily because.. O a. They believe they gain a greater understanding of reality. O b. Economics deals only in the abstract. O c. Economists are not interested in reality. O d. This allows economists to conduct controlled experiments to test their theories. O e. The complexities of reality are unimportant.
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.
Which of the following statements is NOT correct? Select one: If poverty was eliminated there would be no reason to study economics. a. b. Economics is a behavioral science. Ос. Economic analysis can be used to explain how both individuals and societies make decisions. O d. In large measure, economics is the study of how people make choices.
The New York Times reports that cruise lines have been slashing prices and cruise sales are up. It says this surge of interest tells us that despite the uncertain economic climate, people clearly need more fun in their lives and view their vacations as a valuable and necessary part of it. How would you make a rational choice about taking a cruise? To make a rational choice you would O A compare the marginal benetit from taking the cruise with the marginal cost of the cruise O B. consider the length of the cruise and the route it will take OC. chose the cruise line with the cheapest prnce regardless of its amenities O D. check with the National Hurricane Center about weather onroute O E chose the ship with the most amenities regardless of the price of the cruise
A reason to study economics is to Select one: make money in the stock market. O a. O b. learn a way of thinking. O c. to decide whether to buy a new house O d. get a high paying job.
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