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- Choose the statement that does not describe Microeconomics. a. All of these O b. The purchasing decisions that an individual consumer makes. The effect of increasing the money supply on inflation. O d. The effect of an increase in the Tax on cigarettes on cigarette salesSelect the number of the question and the letter to indicate the answer you consider correctfor each question. 1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the good demanded willdecrease. 3. Which of the following most appropriately illustrates the law demand?a. Sellers increase the amount they sell because the price of the…Macroeconomics is the study of O A. how prices are determined in markets O B. the choices that individuals and businesses make as they interact in markets O C. the choices that businesses make. O D. the national economy and the global economy.
- QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normativeIn Oman, due to Covid 19 problems, there was an inflation in prices. Based on the given information, select the economic force which affected Oman. O a. Competition force O b. Macroeconomic force None of the options O d. Microeconomic forceWhen economists are trying to explain the world ,they are ut of Select one: uestion O a. All the answer are correct. O b. policy advisors O c. scientists d. auditors us page
- A reason to study economics is to Select one: make money in the stock market. O a. O b. learn a way of thinking. O c. to decide whether to buy a new house O d. get a high paying job.The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibilityThe expenses incurred on the variable factors are called O a. Fixed cost O b. Variable cost O . Scarcity O d. None of these Which of the following statement is related to Paul J Samuelson's definition on economics? O a. An economy is strong when there is more wealth available O b. The economy should choose different ways to grow in the future O c. Scarcity is the cause of problem of choice O d. The economy is trying to generate welfare for all the people
- Distinguish between the following concepts:I. Microeconomics and macroeconomicsII. II. Scarcity and choiceIII. Opportunity cost and scale of preference.b. With the aid diagrams show the differences between the following:I. Increase in demand and increase in quantity demand II. Decrease in supply and decrease in quantity suppliedIII. Price ceiling and price floorA business model explains: Select one: O a. How the organization creates value O b. How the organization captures value O c. How the organization delivers value O d. All of the aboveSelect the number of the question and the letter to indicate the answer you consider correctfor each question. Answers to all questions are to be recorded on the answer sheet. (Pleasenote - Do not submit the full question with a circle answer. ONLY the number and theletter).1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the…