questions have to do with explanation and prediction, questions have to do with what ought to be. (a) Positive; negative. (b) Negative; normative. (c) Affirmative; positive. (d) Positive; normative. (e) Econometric; theoretical.
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4. questions have to do with explanation and prediction, questions have to do
with what ought to be.
(a) Positive; negative.
(b) Negative; normative.
(c) Affirmative; positive.
(d) Positive; normative.
(e) Econometric; theoretical.
Step by step
Solved in 2 steps
- 1. Father of Economics3. Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of (a) Scarcity. (b) Why to produce. (c) Macroeconomics. (d) Microeconomics. (e) Social interest versus self-interest 4. Economics is the social science that studies (a) The real reasons people buy goods and services. (b) The psychology of individuals and businesses. (c) Whether a nation has enough natural resources. (d) How people make choices to cope with scarcity. (e) How choices made in the social interest could eliminate scarcity 5. Use of the least-cost production technique for a given output is characteristics of (a) Economic efficiency (b) Technical efficiency (c) Production possibility (d) The transformation curve (e) Production 6. A production possibilities frontier shows (a) the various combinations of output a nation can produce a certain time, given its available resources and technology. (b) the limits to future growth of a nation. (c) how money…Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
- Economics is the study of (a) How society manages its unlimited resources. (b) How to reduce our wants until we are satisfied (c) How society manages its scarce resources. (d) How to fully satisfy our unlimited wants.Q) .For a given question to be considered an economic question, it would need to involve:(a)money.(b)business.(c)a graph.(d)limited resources only.(e)limited resources and making a choice. Explain this with correct choice.1. Microeconomics is often called A) price theory. B) decision science. C) scarcity. D) resource theory. 2. Which of the following statements is a normative statement? A) Minimum wage reduces employment. B) Minimum wages causes surplus in labor market. C) Minimum wage will improve the living of junior works more than senior workers. D) Minimum wage should be welcomed by the low income class.
- 17. From an economic perspective, why should the best teacher in the world never teach?(A) Because the top guy never simps for the education system.(B) Because with his talents, he can make more money in another job.(C) Because teaching will become superfluous in the near future with the implementation of artificial intelligence (AI).(D) Because the teaching profession is expected to undergo administrative changes inthe near future, and he would do better as a school administrator.16. Explain positive and normative statement with examples for each?1. Economics can be defined as: a. The science of mathematics in an economy’s context. b. A social science concerned with the production, consumption and distribution of goods and services. c. A social science concerned with tourism and all its facets. d. A subset of tourism, recreation and mathematics. 2. Which of the following will shift the demand curve for four-star hotel accommodation in New York to the right? e. A rise in the value of the US dollar against other currencies. f. A fall in incomes of consumers. g. A successful advertising campaigns. h. A terrorist threat to New York.
- 3. Answer the problem and provide solutions.1.Economics is considered practical science because: a.the output level of an economy is mathematically derived. b.the consumers are assumed to make rational decisions. c.the allocation of the scarce resources is done through optimization. d.the marketing strategies are determined by statistical techniques. e.the economic models incorporates every detail of a real-life scenario. 2.The demand for salt in a particular region can significantly increase if: a.the gross income level of the people living in that region increases. b.the price of the salt decreases. c.the price of sugar increases. d.he number of residents increases. e.the cost of producing salt declines. 3.An oil company purchases a fleet of fuel carriers for distribution purpose. This is an example of: a.upstream integration. b.downstream integration. c.conglomerate merger. d.business liquidation. e.horizontal integration.5. Can i get help with this practice question i am working on.