Who answers the three key economic questions in a traditional economic system? O custom & tradition O individual producers and consumers O a central authority O government and individuals
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A: The following are the two major branches of economics: 1. Microeconomics 2. Macroeconomics
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A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
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A: In command economy all the production and allocation decisions are centralised.
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A: Terms like trade-off, opportunity cost, choosing more or less, and so on are the economic concept.
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A: market economy is the structure of market where all economic decision is taken by the market forces…
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A: Economics is a social science. It makes use of a systematic structure to formulate theories, such…
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A: Positive statements are those statements that are based on facts and can be checked whether it is…
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A: Production possibility curve is used to present various combination of two goods that can be…
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A: Since you have posted multiple questions , I have solved the first one for you.
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- Which of the following is not a strength of a market economy? OA. It can adjust to change over time O B. it gives producers and consumers a great deal of freedom O C. it has decentralized decision making OD. there is equitable distribution of resourcesIf the price of chili increases, there will be of chili cheese fries. an increase in the quantity supplied a decrease in the quantity supplied a decrease in the supply an increase in the supplypeople are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normative
- Could a nation be producing in a way that is allocatively efficient, but productively inefficient?To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.Fasst
- Each person is assign O Security Stability Which of these economic goals is most important in a market economy? O Equity O Efficiency Job an 5 Which of these economic goals is most important in a command economy? = age REMLER DE RUThe production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in productionThe supply curve is Choose the best options from the choices below. sloping, which means that of a good will be supplied at higher prices. O a. upward; less O b. downward; less Oc upward; more O d. downward; more From the following find the difference between Positive and Normative statements? O a. normative statements can be tested whereas positive statements cannot O b. positive statements and normative statements can be graphed Oc normative statements state "what is" and positive statements state "what ought to be." Od. positive statements can be tested whereas normative statements cannot
- As discussed in the lecture, if producers limit the supply of a product (like chickens) they are counting on what to dirive prices up? Multiple Cholce Producer-producer nvalty Consumer-consumer rivoiry Producer-consumer mairy None of the abowThe three central questions in economics are... O A. What? How? When? O B. What? How? For Whom? O C. For whom? How? Why? O D. When? Why? How?a. Consider the following statement: "The market system is a profit-and-loss system." This statement is O false, because the market system does much more than provide profits and losses. O true, because consumers purchase only what they want, producers will earn profits. O true, because producer decisions are motivated by the attempt to earn profits. O false, because consumers purchase only what they want, producers will earn profits.