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The most basic concept in economics is O wealth. O scarcity. O income. O spending.
Step by step
Solved in 3 steps
- 1. Which of the following is NOT a purpose of having an Economy? O Predict what might happen next. O Change what might happen. O Invest in what is happening. O Explain what is happening. 2. Which of the following is NOT a function of having an Economy? O Consumption of products. O Production of products. O Distribution of products. O Breakdown of products.In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.Identify the scarcity definition of economics from the following. a. None of these O b. ways to reduce wants to remove the problem of scarcity. O c. the choices we make because of shortage of resources. O d. the distribution of surplus goods to those in need.
- Which of the following is related to the use of economics? O a. how people use unlimited resources to satisfy limited wants O b. how businesses use unlimited resources to satisfy unlimited consumer wants Oc how people use scarce resources to satisfy unlimited wants O d. how people use unlimited resources to satisfy their unlimited wantsThe three central questions in economics are... O A. What? How? When? O B. What? How? For Whom? O C. For whom? How? Why? O D. When? Why? How?The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as O marginal effects. scarcity constraints. O opportunity costs. O secondary effects.
- The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibilitypeople are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normativeare examples of goods and are examples of services. O A. Haircuts; shoes O B. Shoes; haircuts OC. Weather forecasts; interest rates O D. Donations to flood victims; football games
- 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 salesQUESTION 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 normativeA reason to study economics is to Select one: make money in the stock market. O a. O b. learn a way of thinking. O c. to decide whether to buy a new house O d. get a high paying job.