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- . Which of the following is the discipline that studies the use of statistical tools to estimate economic models? a. Mathematical economics b. Econometrics c. Macroeconomics d. MicroeconomicsWhy economics is a relevant subject, and why it's important?1. How is economics a science? 2. Why do economists make assumptions?
- b. Briefly explain the objective of mathematics in economics. You can give your own examples.a. In what ways is economics a science and why do economists make? b. What is the importance of the circular-flow diagram?Economic Models? a. are essential representations of the real world b. are used to explain how people think c. are never used for making economic projections or predictions d. are used to explain how people behave
- How can we apply economics to everyday life situations? Define Economics? Identify reasons for studying economics?What are the key elements of the scientific method and how does this method relate to economic principles and laws?6. A Rolling Stones song, one of the top-rated rock-and-roll songs of all time, was titled "You Can't Always Get What You Want." In a microeconomic setting, the title suggests: a. Unrealistic expectations. b. Fairness in the market. c. Scarcity. d. Greed.
- 12. Why is it important for us to use models when studying economics?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 savingIs economics a science? Why, or why not? include the definitions of “science” and “economics” explain in simple way so i understand it's not essay just like paragraph of 150 words