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Q: 3. Calculate the total benefit on consumers and the total benefit on producers.
A:
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Q: 5. Which of the following is an example of an intermediate good? a) the dough you buy to fix…
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Q: 1. Give an example of good or commodity that is intagible and explain why it is so?
A: 1. An intangible good is said to be a sort of good that does not have a physical essence.
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A: 3)A tractor purchased is a final good. Therefore answer is (d).
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Q: 1. Why do we have markets and, according to economists, what roles should government play in them?
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Q: 1) Explain these three key economic ideas: People are rational, people respond to incentives, and…
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Q: (Objectives of the Economic Decision Makers) In economic analysis, what are the assumed objectives…
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Q: 1. Define and give an example of a common resource. Without government intervention, will people use…
A: A common resource is rival and nonexcludable. An example would be fish in ponds and lakes.
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Q: Does an individual consumer really have a voice in answering the basic four economic questions…
A: The four basic economic questions and how they are answered in a capitalist economy are given as…
1. Identify strategies that can be implemented by a consumer to maintain his or her standard of living after retrenchment.
a. What is the role of the consumer and the government in helping to encourage locally produce goods and services?
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- 1. What goods and services should be produced to meet consumers' needs? In what quantity? When should they be produced?David wants to buy a house and lot in a city with a 10% sales tax. He has at most $88,000 to spend. In what price range should he look? a. less than $80,000 b. less than $85,000 c. less than $78,000 d. less than $82,000A transfer payment is Select one: a.a form of government spending that is not made in exchange for a currently produced good or service. b.the benefit that a person receives from an expenditure by government minus the taxes that were collected by government to fund that expenditure. c.a payment for moving expenses a worker receives when he or she is transferred by an employer to a new location. d.a payment that is automatically transferred from your bank account to pay a bill or some other obligation.
- Individual or firms who desire products and services in the market for consumption or business. a. Consumers c. Government b. Creditors d. Supplier PLEASE ANSWER25. Compared with the effect of growth in population and resulting changes in its structure, growth of per capita income is likely to have a much bigger effect on demand for food because: A. Rich people buy more food B. Rich people buy better quality food C. Rich people consume more diversified food D. All the above 26. Some critics of modern agriculture argue that the interface between the environment and food production is likely to create critical constraints on future food production. They support their arguments by all the following, except: A. The world has already expanded agricultural production into areas that cannot sustain it B. Yields from current production methods have reached their plateau C. Countries around the globe are switching to production methods that do not use fertilizers and chemicals and are maintaining the same yields as from methods that use more and more fertilizers and chemicals D. Intensive agriculture has led to degradation of land and water…Select the number of the question and the letter to indicate the answer you consider correctfor each question. Answers to all questions are to be recorded on the answer sheet. (Pleasenote - Do not submit the full question with a circle answer. ONLY the number and theletter).1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the…
- Explain the difference between real and personal property. Choose the correct choice below. A. Personal property is generally any property that can be moved from one location to another. Real property is land and anything erected or growing on it. B. Real property is classified as either tangible or intangible. Personal property can be only intangible. C. Real property is intangible property such as a copyright, patent, or franchise. Personal property can be seen or touched D. Personal property unlike the real property is used in a business to produce incomesusan decision about how much income to save is it microeconomics or macroeconomics and provide a justification for your choice1. Is tourism sustainable? if yes state the reason/ if no state the reasons 2. outline steps that can be taken in making tourism sustainable 3. give at least three recommendations