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- MODIFIED TRUE or FALSE. Write “T” if the given statement is TRUE, correct and valid. Write “F”, if otherwise. If your answer is either “T” or “F” explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. Microeconomics is a branch of economics that deals with the decisions of individual households and firms. 2. Economic model is an abstract representation of the “unreal world” phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources.Economics is defined as the study of: Select one: Oa. central planning O b. government regulation c. how society manages its scarce resources Od.businessWhat is the best test of an economic theory? a. Whether it produces implications that are favored by the researcher. b. Its ability to predict real-world events, patterns, and changes. c. Its eloquence. d. The plausibility of its assumptions.
- . Which of the following is the discipline that studies the use of statistical tools to estimate economic models? a. Mathematical economics b. Econometrics c. Macroeconomics d. MicroeconomicsWhich statement is not true about the use of models in economics? 1. They are based on simplifying assumptions. 2. They are used to forecast economic variaables such as GDP growth. 3. They must closely mirror real life in order to be informative. 4. There are often multiple models that seek to explain the same economic phenomena. 5. They are usually represented graphicallyExplain the difference between Microeconomics and Macroeconomics. Justify your answer by giving reasons on their differences.
- 1. How is economics a science? 2. Why do economists make assumptions?i. Classify the following issues as relating to microeconomics or macroeconomics. a) a family's decision about how much income to save b) the effect of government regulations on automobile emissions c) the impact of higher national savings on economic growth d) a firm's decision about how many workers to hire ii. Classify each of the following statements as positive or normative. a) Society faces a short-run trade-off between inflation and unemployment. b) A reduction in the rate of money growth will reduce the rate of inflation. c) Society ought to require welfare recipients to look for jobs. d) Lower tax ates encourage more work and more saving. Page 1 of 3 Suppose that at the beginning of the year the Accountant of the School of Business defines and outlines what he considers to be his priority expenditure ii. areas as follows. item Cost(Ghs) Reference Textbooks 100,000 Office Spaces for lecturers 50,000 Refurbishment of School Auditorium 50,000 Projectors for Lecture Halls 40,000…Why is the answer different to the answers for this question? The questions are all the same.
- Analyze whether each of the following is primarily a microeconomic or macroeconomic issue. Justify each of the answers with a specific explanation (one to two sentences each). Briefly explain your answers. 4. A change in the country's immigration policy 5. A doctor's decision to retire. Please give correct and proper step by step explanation. Thank you .Question content area Part 1 Which of the following statements is true of theories in economics? Part 2 Theories in economics Part 3 A. are developed to explain observed phenomena free from restrictions imposed by a set of . B. are used to construct models from which quantitative predictions can be made. C. are . D. Both A and B are correct. E. None of the above.Economics is a discipline that is divided into two broad branches, which are they?