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
Related questions
Question
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 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
recession
terms of the next best
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
price
The government commands how
all resources are used
the
mechanism
and
government
All resources are allocated through
the price mechanism
8. A positive statement is one which:
• Is based on opinion
Is based on a value judgement
9. Which of the following is not a positive statement?
• Falling prices are good for
There are periods of growth and
recession
Cannot be tested or verified
Can be tested and verified
• Rising prices can encourage
production
• Falling prices can encourage
consumer spending
consumers
An increase in the price of houses
will affect real incomes
10. The following statements s normative
• Poverty is something society
should reduce
• Some of the earth's scarce
resources are nonrenewable
• Not all resources experience price
• An increase in house prices is
likely to lead toa reduction in
demand
rises
11. The rationing function of the price mechanism can be explained in which of the
following ways?
• Prices reflects the wants and needs
• Governments limiting the supply
of scarce resources during a time
of consumers
of war
• When prices are falling suppliers
are likely to supply more goods
• As resources are increasingly
used, price are driven up which
slows down the rate of usage](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F82b87c42-3ac9-4463-a7a1-dd9d7f588ba7%2F75ffc395-7422-44a4-8cf3-7db077a8fc25%2F3e0c1dd_processed.png&w=3840&q=75)
Transcribed Image Text: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
recession
terms of the next best
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
price
The government commands how
all resources are used
the
mechanism
and
government
All resources are allocated through
the price mechanism
8. A positive statement is one which:
• Is based on opinion
Is based on a value judgement
9. Which of the following is not a positive statement?
• Falling prices are good for
There are periods of growth and
recession
Cannot be tested or verified
Can be tested and verified
• Rising prices can encourage
production
• Falling prices can encourage
consumer spending
consumers
An increase in the price of houses
will affect real incomes
10. The following statements s normative
• Poverty is something society
should reduce
• Some of the earth's scarce
resources are nonrenewable
• Not all resources experience price
• An increase in house prices is
likely to lead toa reduction in
demand
rises
11. The rationing function of the price mechanism can be explained in which of the
following ways?
• Prices reflects the wants and needs
• Governments limiting the supply
of scarce resources during a time
of consumers
of war
• When prices are falling suppliers
are likely to supply more goods
• As resources are increasingly
used, price are driven up which
slows down the rate of usage
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Brief Principles of Macroeconomics (MindTap Cours…](https://www.bartleby.com/isbn_cover_images/9781337091985/9781337091985_smallCoverImage.gif)
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![ECON MACRO](https://www.bartleby.com/isbn_cover_images/9781337000529/9781337000529_smallCoverImage.gif)
![Brief Principles of Macroeconomics (MindTap Cours…](https://www.bartleby.com/isbn_cover_images/9781337091985/9781337091985_smallCoverImage.gif)
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![ECON MACRO](https://www.bartleby.com/isbn_cover_images/9781337000529/9781337000529_smallCoverImage.gif)