Another name for economics can be the One way to distinguish positive from norma

Question

Another name for economics can be the

One way to distinguish positive from normative statements is to say that

Microeconomics studies

Macroeconomics differs from microeconomics in that

Goods and services are

The economist's assumption that consumers make choices in a way consistent with maximizing their satisfaction is called

The profit motive is important to a market-based economy because

One of the primary functions of an economic system is to

A market-based economic system allocates goods and services among demanders based on

Supply is defined as the

Demand is defined as the

If you were deciding whether to study an extra hour by comparing the benefit (material learned) to the cost (doing something else) for that hour, you are using

Which of the following is the best example of the use of marginal analysis?

Marginal cost is the

Explanation / Answer

One way to distinguish positive from normative statements is to say that

Correct Answer:- positive statements deal with "what is" while normative statements deal with "what ought to be."

Microeconomics studies

Correct Answer:- how individual consumers or households interact with firms in markets.

Answer:- Macroeconomics differs from microeconomics in that

Correct Answer:- macroeconomics looks at the national economy and microeconomics looks at individual parts of the national economy

Answer:- Goods and services are

Correct Answer:- all those things and activities that consumers, firms, and the government consider valuable.

Answer:- The profit motive is important to a market-based economy because

Correct Answer:- profits create a powerful incentive for companies to meet consumer demand.

Answer:- One of the primary functions of an economic system is to

Correct Answer:- provide a mechanism for allocating goods and services.            

Answer:- A market-based economic system allocates goods and services among demanders based on

Correct Answer:- price.

Answer:- Supply is defined as the

Correct Answer:- quantity of a good or service that sellers are willing and able to produce at various prices over a given period of time.

Answer:- Demand is defined as the

Correct Answer:- quantity of a good or service consumers are willing and able to purchase at various prices over a given time period.

Answer:- If you were deciding whether to study an extra hour by comparing the benefit (material learned) to the cost (doing something else) for that hour, you are using

Correct Answer:- marginal analysis.

Answer:- Which of the following is the best example of the use of marginal analysis?

Correct Answer:-

Wal-Mart estimates the cost of building a store in a new location and compares it to expected revenue generated.

Answer:- Marginal cost is the

Correct Answer:- cost of consuming or producing an additional unit.

Wal-Mart estimates the cost of building a store in a new location and compares it to expected revenue generated.

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