WRITE YOUR ANSWERS QUICKLY ILL MARK BRAINLIEST IF ITS QUICK AND RIGHT
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Answer:
1) assumes that all macroeconomic variables like national income, savings, etc are constant. The most important tools in the microeconomic toolbox are – demand and supply.
2) A normative statement is one that makes a value judgment. Such a judgment is the opinion of the speaker; no one can “prove” that the statement is or is not correct. Here are some examples of normative statements in economics: We ought to do more to help the poor.
3) Centrally planned economy is controlled by government driven by the motive of social welfare. market economy is controlled by market forces for profit maximisation. ... it is driven by both profit maximisation nd social welfare.
4) When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.
5) Growth of resources shifts PPC towards left. Answer: False: Growth of resources increases the capacity of economy to produce more. It shifts PPC towards right and not left.