Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 1, Problem 11CQ
To determine
Determine the types of statement.
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Which of the following best demonstrates the influence of economic factors on consumer decision-making?
a.
A consumer buys a Lexus after her neighbors and garden club pals each buy one.
b.
A married couple with three young children purchase a minivan.
c.
A blue collar worker holds off on buying a new truck, pending potential layoffs at work.
d.
A young professional buys a utility vehicle for off-road exploring.
18. Which of the following is a normative statement?
a.
Taking extra vitamin C prevents catching a cold.
b.
An increase in tax rates means people work fewer hours.
c.
Studying more hours leads to an increase in your GPA.
d.
States should require all motorcycle riders to wear helmets to reduce the number of accidents
4.
Chapter 1 Solutions
Economics: Private and Public Choice
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- This study seeks to understand and explain the behavior of individuals, as such, consumers, producers, labor, investors, business firms, etc. as they respond to changes in their economic environment. Select one: a. Positive economics b. microeconomics c. macroeconomics d. normative economicsarrow_forward1. What makes a certain behavior unethical? * a.If it might cause harm to yourself. b.If it might cause too much happiness to others. c.If it might cause confusion to others. 2. A normative study of ethics, as is often done in philosophy or moral theology, engages the question: What could or should be considered as the right way of acting? Identify a good example that could illustrate what normative study of ethics is a .Ethics is based on the primitive practices of humans. b. Ethics is based on existing doctrines and tells us what is the prescribe human behaviors. c. Ethics is based on religious practices 3. What makes rule necessary for peace and order? * a.Rule forces people to comply with societal standards. b.Rule organizes moral development of the members of society. c. Rules guide people to do what they want and need to do. 4. Which of the following is a moral issue? a. A student finds naked painting offensive. b. A student confuse about his/her career. c. A student…arrow_forward1. Which of the following statements is a normative as opposed to a positive economic statement? A)If the price of cars goes up, people buy fewer cars. B)When a government prints too much money, inflation tends to rise. C)Labor unions should be allowed to organize in every country. D)Consumer spending helps to create jobs. 2. The production possibilities curve shifts outward when A)there is an increase in resources or technology .B)we produce more consumption goods over productive investment in equipment. C)the economy is producing efficiently. D)the law of increasing additional cost takes hold.arrow_forward
- Which of the following best illustrates the importance of addressing the three questions of economics?a. People's desires and needs are always changing.b. Businesses need to use limited resources wisely.c. Traditional methods of production are outdated.d. Businesses need to limit production.arrow_forwardDetermine if the following statement is normative or positive: Americans should have access to food, regardless of income. a. Normative b. Positive c. Both d. Neitherarrow_forwardEconomics is the study of all of the following except:a. how the prices of goods and services are determinedb. how people make decisions, given scarce resourcesc. how to eliminate scarcity with new ideas and inventionsd. how buyers and sellers interact in a marketPlease don't use any ai tool.arrow_forward
- 1. A factual claim about how the world actually works a. is a positive statement. b. cannot be proven true or false by data and evidence. c. is a normative statement. d. is always true. 2. You have been offered an extra shift at work this Friday and this will allow you to earn an extra $100. Your friend has invited you to go to Disney the same day and this will cost you $120. What is the implicit cost of going to Disney? a. $120 c. $220 d. $20 e. $100 3. Here are some facts about the relationship between three goods: Firm X produces a good that it sells to Firm Y. Firm Y produces a service and sells it to consumers. Firm Z produces a service that is similar to Firm Y, and they also sell to consumers. Firm Z has no relationship with Firm X. Firm X experiences an increase in the demand for its product. We can expect this to a. the price that it charges for its product. This change in the price of good X will cause the b. curve for good Y to c.…arrow_forwardpart 4 5 6arrow_forward1. Identify each of the following statements as either positive (P) or normative (N) a. The federal government's budget this year is the largest in history. b. The national debt is at a manageable level and therefore is nothing to worry about. c. The price of gasoline is higher than it needs to be. d. Rising Canadian exports are creating many new jobs in the country. 2. Identify which of the following topics would likely appear in a microeconomics course and which in a macroeconomics course. a. The price of iPods b. Unemployment rates c. The presence of monopolies d. The rate of economic growth 3. a. If society produces 1000 units of butter, how many guns can it produce? 6. If society is at "b" on the PPC, what is the cost of 1000 more units of butter? 400 c. Is opportunity cost greater for move from "c" to "d" compared to a move from "b" to "c"? 300 150 2000 Quantity of butter per period 1000 3000 eanng MeGreyenan Lam Quantity of guns per periodarrow_forward
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