Economics Select one: O a. is concerned with unlimited wan O b. is a social science. O c. is concerned with limited resourc O d. All of the above are correct.
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- Economics studies choices that arise from one fact. What is that fact? A. Our resources are unable to satisfy all our wants. B. Some families are too big. OC. Businesses produce too many varieties of most goods.explains that the two most important assumptions of economics are scarcity and cost. Please explain each in your own words and give one example each, one from the film and one of your own that helps clarify the meaning and relevance of these two assumptions.Which of the following is the best definition of economics? Select one: O a. The study of how consumers spend their income. O b. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. Oc. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how the Jamaican government allocates tax dollars.
- 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.Economics QuestionWhich of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. Ob. In large measure, economics is the study of how people make choices. O c. Economics is a behavioral science. O d. Economic analysis can be used to explain how both individuals and societies make decisions.
- Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. O b. Economics is a behavioral science. O c. Economic analysis can be used to explain how both individuals and societies make decisions O d. In large measure, economics is the study of how people make choices.a) Trade-offs are important part of economic decision making. You are supposed to Analyze and explain any three trade-offs that you face in your life. b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends? c) You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask you go play cricket at the weekend. What do you think is the true cost of spending your weekend playing cricket with friends?Carefully define the following terms and explain their importance to the study of economics. A. Opportunity cost B. scarcity
- After reviewing major/relevant material in microeconomics, your group has begun brainstorming the possible topics that you would like to do. 1. Find two different dependent variables that you would like to explain and 2. Find at least three independent variables that can help you to explain. 3. What the possible economic theories/concepts/graphs that support your choice of the variables are. Note: this task pertains to microeconomics concepts.Concept Question 1.4 Suppose a student is trying to decide whether or not to take another economics class. Which of the following is not an aspect of the economic way of thinking that would apply in this decision-making process? OA. Responding to incentives. OB. Flipping a coin OC. Self-interest. OD. Rationality. Question Help CQuestion 3 The difference between positive and normative economics is best summarized as saying that positive economics is descriptive, while normative economics is prescriptive. O positive economics is pessimistic, while normative economics is optimistic. O positive economics is objective, while normative economics is biased. O positive economics is biased, while normative economics is objective.
