Countries like finlamd and norway are unlikely to suffere from the scarcity problem as defined in economic theory? 2. in the economic circular flow model, capital formation is a flow that is mainly linked to firms? 3. equilibrium in any market can be described as the point where demand is equal to supply.
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true or false
1. Countries like finlamd and norway are unlikely to suffere from the scarcity problem as defined in economic theory?
2. in the economic circular flow model, capital formation is a flow that is mainly linked to firms?
3. equilibrium in any market can be described as the point where demand is equal to supply.
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- 19. One research is being conducted about how gold prices change due to the changing preferences of individual consumers. Research such as these belong to the study of ______________. a. International economics b. Microeconomics c. Public economics d. Macroeconomics35. Which type of scarcity is macroeconomics not concerned of? a.inadequacy of water supply in one region in the country b.insufficient resources available for fishing c.shortage of manpower to fill up the available jobs in the country d.shortage of jobs for the available labor force1. In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not? 2. Should an economic model describe reality exactly?
- 1. Explain the Malthusian trap using graphs. 2. Is technological progress enough to free an economy from the Malthusian trap? Use graphs to answer the question.1. Classify the following topics as relating to microeconomics or macroeconomics. a. A family’s decision about how much income to save b. The effect of government regulations on auto emissions c. The impact of higher national saving on economic growth d. A firm’s decision about how many workers to hire e. The relationship between the inflation rate and changes in the quantity of money 2. Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off between inflation and unemployment. b. A reduction in the rate of money growth will reduce the rate of inflation. c. The Federal Reserve should reduce the rate of money growth. d. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more savingii. Identify each of the following topics as being part of microeconomics or macroeconomics: d.factors influencing the rate of economic growth. e.factors influencing the demand for tractors. f.the impact of tax policy on national saving.
- The statement that describes the term Scarcity is __________________ a. the government is spending too much b. a shortage of resources, goods or services c. No wants are found in the economy d. there is too much competition in the marketQuestion 2 The importance of an economic model is that it allows us to: a. build an accurate mathematical model to simulate the workings of the entire economy. b. ensure that opportunity costs are maintained on a larger scale. Oc focus on the effects of only one change at a time. d. build an accurate model of how the economy should work.Why isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…
- 1. Which of the following is not a normative statement?a. The military budget should increase at the same rate as GDP.b. The government should play a limited economic role, ensuring that private contracts are enforced.c. Integrated schooling has increased the level of literacy among minority groups.d. A tax on imported oil should be used to reduce the government deficit.1. Identify each of the following statements as either positive (P) or normative (N) a. The federal government's budget this year is the largest in history. b. The national debt is at a manageable level and therefore is nothing to worry about. c. The price of gasoline is higher than it needs to be. d. Rising Canadian exports are creating many new jobs in the country. 2. Identify which of the following topics would likely appear in a microeconomics course and which in a macroeconomics course. a. The price of iPods b. Unemployment rates c. The presence of monopolies d. The rate of economic growth 3. a. If society produces 1000 units of butter, how many guns can it produce? 6. If society is at "b" on the PPC, what is the cost of 1000 more units of butter? 400 c. Is opportunity cost greater for move from "c" to "d" compared to a move from "b" to "c"? 300 150 2000 Quantity of butter per period 1000 3000 eanng MeGreyenan Lam Quantity of guns per periodDirection: Write T if the statement is correct, and F if the statement is incorrect. _____ 4. As a consequence of the Treaty (or Treaties) of Westphalia, secular political power was stripped from religious authorities. _____ 5. The United Nations main mandate is to preserve global security, which it does particularly through the Security Council. _____ 6. The global economy refers to the interconnected worldwide economic activities that take place between multiple countries. _____ 7. International Finance refers to the exchange of goods and services between different countries, and it has also helped countries to specialize in products which they have a comparative advantage in. _____ 8. The specialization of goods production in most countries has led to advantageous economic factors such as lower average costs and lower prices for customers. _____ 9. Due to the presence of regionalism, it has become easier for countries to attract short-term and long-term investment.…