What is the best test of an economic theory?   a. Whether it produces implications that are favored by the researcher.   b. Its ability to predict real-world events, patterns, and changes.   c. Its eloquence.   d. The plausibility of its assumptions.

Q: discuss and analyze a current event in economics.

A: Economics is the study of the scarcity of resources and unlimited wants. The unlimited wants can be…

Q: country has the following items in its balance of payments:   £ millions Exports of goods 120…

A: Balance of payment is defined as a statement of all the transactions which are made between one…

Q: Normative economic statements MUST a. be precise b. quantify data c. have no bias d. be objective e.…

A: The economics is the study of individual behavior and how they allocate the goods and services…

Q: Making Decisions. If we cannot have everything we want, then we must choose what we want the most.…

A: As we know that we face scarcity of resources in terms of having unlimited wants and less resources…

Q: Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods (B)…

A: Macroeconomics is a critical part of economics that varies from microeconomics in its degree and the…

Q: Most economists believe that economic analysis _____ be made completely free of judgment, in part…

A: In an economy, economists are the people to study the behavior of markets, consumers, producers and…

Q: Economics is defined as the study of: Select one: O a. central planning b. government regulation c.…

A: Economics have two main branches that are microeconomics and macroeconomics.

Q: Differentiate economics as a social science and applied science?

A: Economics is a social science that studies the interactions between individuals and society.…

Q: Why mainstream economics has intentionally misinterpreted the pioneers of economic theory?

A: The economics is the social science that studies the allocation of scarce resources and how the…

Q: classify the following as microeconomics or macreconomics and provide a justification for your…

A: Economics deals with the allocation of limited resources to maximize the welfare of the economy. It…

Q: Which of the following is not correct? Group of answer choices a Positive statements can, in…

A: Positive statements are mere facts and it cannot be judgemental.Therefore to confirm or refuse it…

Q: Describe the three major tasks of economics. Number one is description number two is evaluation and…

A: Economics is the study of the production and consumption of goods and services after the…

Q: Which of the following is not correct about most economic models? A) They are composed of equations…

A: An economic model is a simplistic representation of an economic phenomenon. It is a theoretical…

Q: Economic models A) are people who act out the behavior of firms and households so that economists…

A: Because of economic models,economists are able to understand economic terms and relate it to reality…

Q: Econometrics may be defined as the social science in which the tools of economic theory,…

A: When talking about econometrics, it can be said that it is the significant part of economics that is…

Q: Economic models A are complicated because human behavior is complicated. B are simplifications of…

A: When talking about economic models, it can be said that these models are developed using…

Q: The models of microeconomics

A: According to the question we need to determine the Models used in Microeconomics.These models are…

Q: What is incrementalism? How does it impact decision making? How does it differ from the…

A: Incrementalism was first evolved during the 1950s by the American political scientist Charles E.…

Q: Generally, the study of economics has to do with   Question 24 options:   How resources are not…

A: Economics is classified as a social science because it makes an effort to apply scientific methods…

Q: Microeconomics differs from macroeconomics in that microeconomics focuses on:     government…

A: Economics is the study of how people make choices in the situation of scarcity. The people make…

Q: From these possibile issues, which is a microeconomic one? The Chinese economy experiences rapid…

A: Microeconomics is a branch of economics that investigates how individuals and firms make decisions…

Q: An economic model is a complex version of reality used to analyse real world economic situation…

A: According to the given question The economic model is basically an mathematical framework or a…

Q: Which statement is not true about the use of models in economics? 1.  They are based on simplifying…

A: Answer -The statement no.3 " They must closely mirror real life in order to be informative" is not…

Q: Which of the following statements is true of theories in​ economics?

A: An economic theory is a set of ideas and principles that outline how different economies function.…

Q: A. is a very narrow field of study. B. is a way of analyzing decision-making processes caused by…

A: Economics is concerned with how economic agents get maximum satisfaction from limited resources with…

Q: Now that we've talked a little about what economics is, let's consider the concept of value. When we…

A: Circular flow of money shows how money moves within society, from producer to laborer in form of…

Q: If scarcity and misallocation are two different concepts, how can either concept be used to better…

A: Scarcity defines the gap between the limitless wants and the limited resources. This situation can…

Q: Read the following statements and then answer the question that follows. Economics concerns itself…

A: Modern economics is the social study of an economy's resource management and efficient allocation.…

Q: In what ways do human decision making differ from rational conventional economic theory

A: The rational behaviour is a decision-making process in which chgoices are made in order to obtain…

Q: MODIFIED TRUE or FALSE. Write “T” if the given statement is TRUE, correct and valid. Write “F”, if…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of…

A: Knowledge is distributed into various streams. This is done for the simplicity of gaining knowledge.…

Q: According to the "Scientific Method," what is the economics profession expected to do? Multiple…

A: In economics, the scientific method is used to analyze data, spot trends, and forecast outcomes.…

Q: Microeconomics is a brach of economics that studies:   a. The determination of national income…

A: Microeconomics is a branch of economics that studies the behaviour of individual economic units such…

Q: Are there any merits to Thomas Maltus' economic theories?  Why did Malthus' predictions fail to come…

A: While Malthus' theories have some merits and continue to inform discussions about population…

Q: Which of the following is the best description of the study of economics? Economics is the…

A: please find the answer below.

Q: Economics is mainly classified into ......................... a)     Macroeconomics b)     Business…

A: Option (c).

Q: Models are used to describe cause-and-effect relationships a. True b. False

A: Models are the versions developed to visualise the real world scenario.