Multiple choice. Please just pick the answer. I don't need an explanation. I JUST NEED ANSWERS FOR ALL OF THEM 5. Adam Smith, the founding father of economics, likened the price mechanism to aninvisible hand• A machineA computer6. Opportunity cost is best defined as:• How an economy suffers when in a• A herd of animals• An American political philosopher• The cost of decision expressed inrecessionterms of the next bestalternatives• The financial costs association inthe production of goods andservices• The cost of a decision expressedin monetary terms.7. A mixed economy is an economy in which• Resources are allocated throughpriceThe government commands howall resources are usedthemechanismandgovernmentAll resources are allocated throughthe price mechanism8. A positive statement is one which:• Is based on opinionIs based on a value judgement9. Which of the following is not a positive statement?• Falling prices are good forThere are periods of growth andrecessionCannot be tested or verifiedCan be tested and verified• Rising prices can encourageproduction• Falling prices can encourageconsumer spendingconsumersAn increase in the price of houseswill affect real incomes10. The following statements s normative• Poverty is something societyshould reduce• Some of the earth's scarceresources are nonrenewable• Not all resources experience price• An increase in house prices islikely to lead toa reduction indemandrises11. The rationing function of the price mechanism can be explained in which of thefollowing ways?• Prices reflects the wants and needs• Governments limiting the supplyof scarce resources during a timeof consumersof war• When prices are falling suppliersare likely to supply more goods• As resources are increasinglyused, price are driven up whichslows down the rate of usage

5. Adam Smith, the founding father of economics, likened the price mechanism to an invisible hand • A machine A computer 6. Opportunity cost is best defined as: • How an economy suffers when in a • A herd of animals • An American political philosopher The cost of decision expressed in terms of the next best recession alternatives • The financial costs association in the production of goods and services • The cost of a decision expressed in monetary terms. 7. A mixed economy is an economy in which • Resources are allocated through the price mechanism and government • The government commands how all resources are used

5. Adam Smith, the founding father of economics, likened the price mechanism to an invisible hand • A machine A computer 6. Opportunity cost is best defined as: • How an economy suffers when in a • A herd of animals • An American political philosopher The cost of decision expressed in terms of the next best recession alternatives • The financial costs association in the production of goods and services • The cost of a decision expressed in monetary terms. 7. A mixed economy is an economy in which • Resources are allocated through the price mechanism and government • The government commands how all resources are used

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3PA

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