If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

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Answer 1

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Consider the table below, which has data on insurance status and medical expenditures for different types of professors at Hypothetical University (HU), economics & criminology professors. Assume that there are an equal number of economics and criminology professors. Assume further that econ professors all have the same level of health and criminology professors all have the same level of health. There is evidence of 2021 Insured? Avg. Expenditures Insured? Avg. Expenditures 2020 Economics Professors Criminology Professors Yes. Yes $25,000 $15,000 0000 ??? ??? $28,000 $10,000 I. moral hazard because in 2021 criminology professors dropped their coverage and health expenditures went down. II. adverse selection because in response to rising premiums after 2020, the professors with lower health expenditure dropped coverage Both I and II neither I nor II

Answer 2

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Answer 3

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Answer 4

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Answer 5

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

Answer 6

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

Answer 7

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

Answer 8

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

Answer 9

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

Answer 10

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

Answer 11

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

Answer 12

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

Answer 13

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 1.1 - Prob. 1Q Ch. 1.1 - Prob. 2Q Ch. 1.1 - Prob. 3Q Ch. 1.1 - Prob. 4Q Ch. 1.1 - Prob. 5Q Ch. 1.1 - Prob. 6Q Ch. 1.1 - Prob. 7Q Ch. 1.1 - Prob. 8Q Ch. 1.1 - Prob. 9Q Ch. 1.1 - Prob. 10Q

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

Solution Summary: The author identifies positive, normative, or art of economies, and the government should determine the tax rate. Normative economics expresses the value of the judgment about the economic fairness.

Concept explainers

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Chapter 1 Solutions