Question

In: Economics

Please answer all the ten question Question 11 An Increase in Income will Group of answer...

Please answer all the ten question

Question 11

An Increase in Income will

Group of answer choices

Shift the demand for an inferior good to the right

Have no impact on a normal good

Shift the demand for an inferior good to the left

Have no impact on an inferior good

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Question 12

A decrease in Income will

Group of answer choices

Shift the demand for an inferior good to the right

Shift the demand for an inferior good to the left

Have no impact on an inferior good

Have no impact on a normal good

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Question 13

I the price of beer (PB) = $10 and the price of Apples (PA) = $10 and your income (INC) = $100

and B= the number of beers that you buy and A=the number of Apples that you buy

If I put B on the vertical axis what is the equation for this budget without the values of the parameters entered?

Group of answer choices

A = -(PB/PA)(A) + INC/PA

B = -(PB/PA)(A) + INC/PB

A = -(PA/PB)(A) + INC/PA

B = -(PA/PB)(A) + INC/PB

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Question 14

If the price of beer (P_B) = $10 and the price of Apples (P_A) = $20 and your income (INC) = $100

and B= the number of beers that you buy and A=the number of Apples that you buy

What is the most amount of Apples that I can buy?

Group of answer choices

100

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Question 15

A market economy works best when there is no government intervention

Group of answer choices

True

False

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Question 16

What are the two problems with a command economy?

Group of answer choices

Incentive and Coordination

Supply and Demand

Opportunity Cost and Scarcity

Capital and Labor

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Question 17

Which of the following will shift the demand to the right?

Group of answer choices

An increase in price of a substitute

An increase in income if the good is an inferior good

An decrease in income if the good is a normal good

An increase in the price of a complement

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Question 18

If both demand and supply shift to the right the change in price will

Group of answer choices

Increase

be Ambiguous

Decrease

Stay the same

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Question 19

Economists generally claim the they do

Group of answer choices

Neither Postive or Normal Econ

Positive Economics

Natural Economics

Normal Economics

Question 20

Opportunity Cost

Group of answer choices

Is the same in economics as it is in accounting

Can never be 0

Can be negative

Is the cost of the next best thing you had to give up to do something

Solutions

Expert Solution

Question 11. An Increase in Income will Shift the demand for an inferior good to the left.

Question 12

A decrease in Income will Shift the demand for an inferior good to the right.

Question 13

I the price of beer (PB) = $10 and the price of Apples (PA) = $10 and your income (INC) = $100

and B= the number of beers that you buy and A=the number of Apples that you buy

If I put B on the vertical axis what is the equation for this budget without the values of the parameters entered?

Answer is B = -(PA/PB)(A) + INC/PB

Question 14

If the price of beer (P_B) = $10 and the price of Apples (P_A) = $20 and your income (INC) = $100

and B= the number of beers that you buy and A=the number of Apples that you buy

What is the most amount of Apples that I can buy?

Answer is 5 apples as 5×20=100.

Question 15

A market economy works best when there is no government intervention.

Answer is true.

Question 16

What are the two problems with a command economy?

Answer is supply and demand.

Question 17

Which of the following will shift the demand to the right?

Answer is An increase in price of a substitute.

Question 18

If both demand and supply shift to the right the change in price will be ambiguous because that depends on by what amount demand and supply has shifted to the right.

Question 19

Economists generally claim the they do positive Economics.

Question 20

Opportunity Cost Is the cost of the next best thing you had to give up to do something.

Rahul Sunny answered 1 year ago

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