Question

In: Economics

The price of an ALFA re-charging fee card is relatively high” This is an example of:...

The price of an ALFA re-charging fee card is relatively high” This is an example of: *

5 points

Positive Economics

Normative Economics

A prediction

None of the above

Microeconomics is concerned with: *

5 points

The economy as a whole

The study of individual (single) economic behavior

The electronics industry

The interactions within the entire economy

The situation in which there is not enough of something to satisfy all the desires for that thing is called: *

5 points

Scarcity

Abundance

Demand

Plethora

The opportunity cost of a good is: *

5 points

The time lost in finding it

The quantity of other goods sacrificed to get another unit of that good

The loss of interest in using savings

The expenditure on the good

Dancing” is considered as: *

5 points

Land

Labor

Capital

Entrepreneurship

Solutions

Expert Solution

The price of an ALFA re-charging fee card is relatively high" this is an example of Normative economics.because normative statements derive from opinion, judgement and a point of view.where positive economic statement is objective and fact based.

Microeconomic is concerned with the Study of individual (single) economic behaviour, in making the decisions regarding the allocation of limited resources.

Scarcity is the situation in which there is not enough of something to satisfy all the desires for that thing, all conceivable human wants, even at advance states of human technology.

The opportunity cost of a good is the quanity of other goods sacrificed to get another unit of that good. Opportunity cost is when an option ia chosen from alternatives.

The expenditure on the good dancing" is considered as labour. It includes an artist's creation of a painting as well as the work of a pilot flying the airplane ahead.

Rahul Sunny answered 2 years ago
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