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- Choose the statement that does not describe Microeconomics. a. All of these O b. The purchasing decisions that an individual consumer makes. The effect of increasing the money supply on inflation. O d. The effect of an increase in the Tax on cigarettes on cigarette salesWhich of the following is a microeconomics question? Select one: O a. Why do some countries grow faster than others? Ob. Should Congress and the president take action to reduce the unemployment rate? Should the government attempt to influence the interest rate to lower inflation? d. Is it sensible for a government to subsidize college education?QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normative
- The expenses incurred on the variable factors are called O a. Fixed cost O b. Variable cost O . Scarcity O d. None of these Which of the following statement is related to Paul J Samuelson's definition on economics? O a. An economy is strong when there is more wealth available O b. The economy should choose different ways to grow in the future O c. Scarcity is the cause of problem of choice O d. The economy is trying to generate welfare for all the peopleAll of the following economic questions deal with microeconomics EXCEPT: а. Are the country's resources being fully utilized or are some lying idle? O b. How is the supply of goods allocated among members of the society? O c. Is purchasing power being eroded because of inflation? O d. Is the economy's capacity to produce goods growing over time?What is the difference between microeconomics and macroeconomics?
- Are either or both of these newspaper headlines positive or normative? 1. Smoking causes lung cancer. 2. The minimum wage should not be increased. Statement 1 is a statement because it be tested. O A. positive; can O B. normative; can OC. normative; cannot O D. positive; cannot. Categorize the following as microeconomic or macroeconomic questions: (i) What are the differences between the dairy industry and the airline industry? (ii) Why are unemployment rates for teenagers rising? (iii) Why are prices falling in the digital camera industry? (iv) Why is the Barbados experiencing high rates of inflation? (v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget? (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?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.
- ] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.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.a. Explain the following statement : "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all. Your primary decision problem is to allocate a scarce resource -time- to achieve a goal-such as mastering the subject matter or earning an A in the course."