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- 1. 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.what are the opportunity cost in the following questions: a. buying a high-priced flat screen TV vs. a moderately- priced one. b. deciding whether to buy a gift online or go to an actual store to buy it. c. A firm trying to decide whether to allocate part of its budget to prototyping and testing and new product X. d. firm considering investing in checkout automation technology.a. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.
- trade-offs that you face in your life.Explain them using the terms resources, scarcity/scarce, rational decisions, efficient decisions. (Please give 2 examples)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.Identify a news item that you would like to discuss. This could range from traditional news headline items, journal articles, appropriate television shows or music. Please remember the Netiquette rules when posting. Be polite, professional, and respectful of others and their posts. 1. Post a discussion contribution about the economics-related media item that you have selected. Your contribution should include a brief summary of the news story/ media clip and a discussion about which economics concepts apply and how they apply. 2. Include a link or attachment of the item for reference.
- How Many Pints of Blackberries? The pleasure you get from each pint of freshly picked blackberries is $2.00. It takes you 12 minutes to pick the first pint, and each additional pint takes an additional 2 minutes (14 minutes for the second pint, 16 minutes for the third pint, and so on). The opportunity cost of your time is $0.10 per minute. a. How many pints of blackberries should you pick? Illustrate with a complete graph. b. How would your answer to (a) change if your pleasure decreased by $0.20 for each additional pint ($1.80 for the second, $1.60 for the third, and so on)? Illustrate with a complete graph."What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.Sam has two options this weekend. He could work at his job and earn $9/ hour for three hours, or he could go to the ahow at tje theater for that three hours. A ticket at the theater costs$30. What is the opportunity cost of going to the theater
- Problem 1 Is each of the following a positive or normative statement? If it is a positive statement, write a normative statement that addresses the same issue. If it is a normative statement, write a positive statement that addresses the same issue. a.) Decreasing tax rates causes total tax revenue to increase. b.) The U.S. government should eliminate seat belt requirements for new vehicles. c.) The College of New Jersey should decrease tuition and fees for students. d.) If a state adopts "Right to Work" laws, wages will go down.Part 1 Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The manager of an automobile assembly plant is considering whether to produce cars or sport utility vehicles (SUVs) next month. Assume that the quantities of labor and other materials required would be the same for either type of production. 2. A young man who went to work as a nurses’ aide after graduating from high school leaves his job to go to college, where he will obtain training as a registered nurse. If all other things are unchanged, what happens to the supply curve for car rentals if there is (a) an increase in wages paid to car rental staff, (b) an increase in the price of car rentals, or (c) an increase in the number of car rental stores? Draw a graph that shows what happens to the supply curve in each circumstance.D). Draw a Production Possibilities Frontier for two goods: airplanes and soybeans. Choose the combination of output you prefer and, accordingly, the slope of your preference. Show three different points on the graph that represent an inefficient, an efficient, and a not feasible outcomes, respectively. E). Define positive and normative statements. Give examples.