Question

C. State whether the following statements are True or False
1. Scarce means are called wealth.
2. Study of microeconomics assumes that macro variables remain constant.
3. Macroeconomics studies economic problems at the level of the economy as a whole.
4. Normative statements involve value judgement,
5. In centrally planned economy, economic decisions are driven by the motive
of profit maximisation.​

Answer 1

$\huge{\mathtt{\purple{A}\green{N}\pink{S}\blue{W}\purple{E}\green{R}\pink{!}\blue{!}}}$

1. Scarce means are called wealth. → true
2. Study of microeconomics assumes that macro variables remain constant. → true
3. Macroeconomics studies economic problems at the level of the economy as a whole. → true
4. Normative statements involve value judgement. → true
5. In centrally planned economy, economic decisions are driven by the motive of profit maximisation. → false

Answer 2

Explanation:

1 . True

2. True

3. True

4. True

5 . False