. A theory is an abstraction from reality. What does this statement mean?

2 Which of the following definitions of economics is combining Wealth, Welfare and Problems of Choice? a. Wealth Definition b. Scarcity definition. c. Welfare Definition d. Growth Definition

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In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.

Question. Describe Henry Ford through the lens of trait-theory. Make sure you include the following points:• A short description of his achievements.• Two traits that Henry Ford displays very often.• Two cognitive factors that Henry Ford displays very often.

"The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of statement is this? a. normative b. negative c. positive d. subjective e. biased <1

When economists are trying to explain the world ,they are ut of Select one: uestion O a. All the answer are correct. O b. policy advisors O c. scientists d. auditors us page

1. Define positive and normative economics. 2. Is the following positive statements or normative statements?  The government should send families $1000 per child even if they do not pay taxes. Rich people are healthier than poor people? Growth in Barbados is slower than growth in Bermuda? The Caribbean should pursue a free trade agreement with the USA?  Income taxes are hurting the poor and should be eliminated? 3. a. What is market equilibrium?     b. What can cause market disequilibrium? 4 . Under a country's production possibilities frontier when is an economic outcome said to be (a) efficient and (b) inefficient?