According to Adam Smith, the butcher, the baker, and the brewer do what they do because of Question 39 options: Religion calling Benevolence (kindness) Self-interest Laws of production
Q: What are the things that we can learned from Adam Smith's Wealth of Nation that related to modern…
A: Adam Smith is known as father of economics who gives a lot of theories related to economics which…
Q: Classify each of the statements as an example of positive or normative analysis.. The sugar quota in…
A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: As we look at contemporary real-world economic systems, it is evident that market socialism is an…
A: Answer-
Q: Marx says ““it is not the consciousness of men that determines their being, but, on the contrary,…
A: Marx says ““it is not the consciousness of men that determines their being, but, on the contrary,…
Q: Imagine that you are in your classroom with 30 other students and your professor places in front of…
A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…
Q: Which of the following statements are normative or positive? Explain your answer. Unemployment rate…
A: 1. Unemployment rate will increase for the next quarter. Positive Statement
Q: Laissez Faire The invisible hand metaphor is connected to Smith's belief in a laissez faire economy.…
A: The basic idea of economics is that the resources which the societies, and economies have with…
Q: Normative economics is: a. An investigation or statement about the norms and culture of other…
A: The study about the scarce allocation of resources among the people of the society is referred to as…
Q: Please help. Explain each Theory of mercantilism Adam Smith’s Laissez-Faire Theory Karx Marx’s…
A: Theory of Mercantilism : The Mercantilist maintained provided that the way from which any nation…
Q: Which of the following statements are positive, and which are normative? i. If interest rates…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Normative Statements Question 1 options: attempt to describe how the world actually is or…
A: Normative Statements are those statements that individuals make regarding any economic policies or…
Q: Label each of the following statements as positive or normative: v The power of population is so…
A: Positive statements are based on facts, actual data, and these statements can be checked whether it…
Q: If capital can only be used to produce shoes, land can only be used to produce beans, and labor is…
A: Given capital and land are immobile and can only produce shoes and beans respectively, labor would…
Q: Mahatma Gandhi once said “Happiness is when what you think, what you say, and what you do are in…
A: The great aim of life to have is happiness, it is something needed to be worked on every day. Being…
Q: The interactions of producers and consumers in individual markets are part of the study of…
A: Microeconomics and Macroeconomics are the two important branches of study of economics.
Q: Capitalist economies have these features, except __________. a. Profit motive b. Consumer's freedom…
A: Economic system majorly categorized as market economy and command economy. Market economy is belief…
Q: An economic system is an ongoing process whereby people exchange material goods and personal…
A: In an economy, an economic system refers to the ideology or an approach to run the market in an…
Q: According to the economic theory known as mercantilism
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: Adam Jones is the Father of Economics. Select one: True False
A: Economics is the study of how the scarce resources of society are exploited.
Q: It is clear that productive inefficiency is a waste since resources are used in a way that produces…
A: Allocative effeciency refers to an economic situation that is commonly found in the ideal…
Q: Using a Production Possibility Frontier where beef and corn are produced, depict the following…
A: Production possibility frontier: Production possibility frontier/curve is the graphical presentation…
Q: A traditional economic system which is simply explained as “producers consumers relationship” is…
A: The economics as a study is based upon the idea that the economies, or the societies around the…
Q: If the production possibilities frontier curve is linear and downward-sloping instead of bowed out,…
A: The production possibility frontier (PPF) is a diagramatical illustration of an economic model that…
Q: On the basis of your observations, which factors of production are scarce in your community? Give…
A: 1. Capital is scarce in my community. I have observed that major goods that are produced in my…
Q: The production possibilities curve illustrates the notion of opportunity cost because A. as more of…
A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…
Q: Classify each of the statements as an example of positive or normative analysis.. The sugar quota in…
A: The sugar quota in the United States costs consumers $6.08 billion a year. Correct Answer: Positive…
Q: Give a positive and a normative argument about why a business leader would oppose raising the…
A: Economics deals with the supply and demand of resources. Firms emerged as primary bodies responsible…
Q: In Hayek's The Use of Knowledge in Society, he asserts that the fundamental problem of society is:…
A: As a distinct key resource, knowledge represents a variety of economic and social development.…
Q: The boundary between the combinations of goods and services that can be produced and the…
A: Economics refer to the study of allocation of scarce resources in the most optimal way, when the…
Q: Elaborate on your opportunity costs, if you decide to stop studying now and start working.
A: Opportunity cost is the next best alternative foregone.
Q: A university student faces the decision of how to spend one hour tonight. She could babysit her…
A: Opportunity cost is the worth of what you lose while picking either at least two choices.
Q: The production possibilities curve can best be described as representing the economics principle of…
A: In economics, the production possibility curve is one of the effective economic measure to be used…
Q: Which of the following is NOT true of a pure command economy? A. Capital and labor are…
A: An economic system is a way for governments or communities to distribute and organise resources,…
Q: The labor supply curve is fundamentally a representation of the trade-off people face between which…
A: Labor supply curve represents the relationship between the wage rate in the market and total number…
Q: Which of these statements does not apply to market economies? Select one: a. Prices influence how…
A: An economic system is referred to as a market economy. The interactions of a country's individual…
Q: Scarcity is a problem because... Group of answer choices There are not enough resources to produce…
A: Scarcity refers to shortage of resources in response human wants.
Q: A point outside the production possibilities curve is attainable, but there is not full employment…
A: PPC (Production Possibility Curve) refers to the different combinations of two commodities that can…
Q: Mr. Yusuf enjoys economic freedom; He owns a factory which produces steel products. There are no…
A: There are 3 major types of economic system. These are, command economy, capitalist economy and mixed…
Q: In market economies, most decisions are made by ___, while in command economies, most economic…
A: Command economy: - a command economy is a controlled economy where all economic decisions are taken…
Q: Which of the following is not a way to the us government intervenes in the economy a. Minimum wage…
A: Certain public products and services are provided by the government because there is no market for…
Q: An economic system is an ongoing process whereby people exchange material goods and personal…
A: Economic System: The economic system is defined as a system used by the government and societies to…
Q: The price system is sometimes criticized in that it a. results in allowing the rich get a…
A: Price system is market based and therefore depends on demand and supply.It requires minimum…
Q: Choose the one that is correct about capitalist economic system. a. Private ownership of factors of…
A: . The main features of capitalism are economic freedom, voluntary exchange, private property rights,…
Q: Resources are scarce because which of the following are limited: Question 10 options: A)…
A: Economics deals with the allocation of scarce resources among alternative uses to satisfy human…
Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…
A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…
According to Adam Smith, the butcher, the baker, and the brewer do what they do because of
Question 39 options:
|
|
Religion calling |
|
|
Benevolence (kindness) |
|
|
Self-interest |
|
|
Laws of production |
Step by step
Solved in 3 steps
- Opportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.What is an opportunity cost? Give an example from class or make up your own.A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
- What is economics? A social science that teaches one how to cope with scarcity. A discipline that quantifies the values of assets. A quantitative science to analyze business cycles. A science that teaches firms and individuals how to maximize profits.Advantages of market economyEconomics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.
- You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now?You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5% interest. Which of the following is the opportunity cost of spending $100 now?You have exactly $50 to spend on some music. For the albums you are considering, the followin table lists the value to you, in dollars, as well as the price you must pay to acquire it. Album Price Sign of the Times (Prince) $25 Blood on the Tracks (Bob Dylan) $25 What's Going On (Marvin Gaye) $25 Nevermind (Nirvana) $25 Value $60 $67 $98 $85 What is the cost, in dollars, of paying $50 for an autographed copy of BTS' album Map of the So 7? Round your answer to two decimal places and do not enter the currency sign. If you answer is -$1.275, enter 1.28.
- APPLIED ECONOMICS Making Decisions. If we cannot have everything we want, then we must choose what we want the most. Why must a society face the choices about what, how, and for whom to produce? (Please focus the explanation to "WHAT").What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and moneyBeing able to make an item at a lower cost than anyone else can make it is an advantage? True or False