Recently, the price of gasoline dropped to just under $3.50/gallon. Economic analysts currently are focusing on questions concerning the likely impacts of this price decrease on the demand for gasoline. The branch of economics that deals with these questions is called: (a) normative economics (b) positive economics (c) microeconomics (d) macroeconomics

Answers

Answer 1

Answer:

Answer:

The correct answer is (b) positive economics.

Explanation:

The positive or descriptive economy seeks to explain how the economy works based on reality, that is, empirically. Therefore, try to explain what it was, what it is and what it will be, explaining the consequences of different economic phenomena.

In making a positive economy, economists are considered to act as scientists, moving their moral considerations away from the reality analyzed. Thus, they focus on explaining the cause-effect relationships between facts and economic variables objectively.

The positive economy starts from an economic phenomenon and seeks to find its cause (what was) and its consequences (what will be). This is about establishing a chain of cause-effect relationships between the different economic phenomena, so that the consequences on the reality of any change in the variables studied can be known.

Related Questions

Randy works 50 weeks a year, averaging $500 a week in wages. He is offered a salaried position at $27,500 a year. If he accepts it, he will make ______
One advantage of the lifo method is thatA.) an equal cost is assigned to each unit so net income doesn't fluctuate as much as with other methods B.) flow of goods and flow of costs are the same C.) it matches current selling prices and current costs D.) ending inventory is valued at very old costs
Suggest one project that bricks construction could implement to address each key problem area listed in the scanario above
In the diagram above, what will happen if the government sets the minimum wage at Point B?a) There will be a shortage of workers. b) There will be a surplus of workers. c) The minimum wage will rise to meet equilibrium. d) The minimum wage will fall to meet equilibrium. Lowering the discount rate can promote full employment because a) employees are more likely to apply for multiple jobs b) employees are able to get better offers for hourly wages c) companies are more likely to expand and hire more workers d)companies are less likely to sign up employees for unemployment insurance How do member banks of the Federal Reserve differ from other depository institutions? a) They participate in the Federal Open Market Committee. b) They receive services from the regional Federal Reserve Bank. c) They are stockholders in their regional Federal Reserve Bank. d) They are subject to the banking regulations issued by the Federal Reserve. Which of the following circumstances usually comes before a period of economic contraction? a) Decreasing inflation b) High unemployment c) Low GDP d) Peak production Use this image to answer the following question. When the economy is operating at point C, the U.S. Congress is most likely to follow a) expansionary fiscal policy b) contractionary fiscal policy c) expansionary monetary policy During a cold winter, there is a natural-gas shortage. The government sets a price ceiling on natural gas so that people can continue to afford heating. If the price ceiling remains in effect, what will happen? a) Quantity demanded will exceed the quantity supplied. b) Quantity demanded will equal the quantity supplied. c) Quantity demanded and supplied will reach price equilibrium. d) Quantity demanded will be lower than the quantity supplied. e) Which of these could result from decreased federal spending? f) Advances in the space program g) Fewer social programs h) Increased national debt i) More government regulation
At times, someone with a good credit rating may not be able to get a loan. When this happens, the potential customer may be told to try again in the near future. What does this tell you about the bank’s reserves? How should the customer react to a situation like this?

A market structure with a large number of sellers who make differentiated products is called _____.perfect competition
monopolistic competition
oligopoly

Answers

The correct answer for the question that is being presented above is this one: "Monopolistic competition." A market structure with a large number of sellers who make differentiated products is called monopolistic competition. Monopolistic Competition refers to a type of imperfect competition such that many producers sell products that are differentiated from one another.

Which employees pay provisional tax, site and paye tax?

Answers

all employees pay all 3 types of tax however there are some employees that don't pay payee because they are earning minimum wage

What "S" venture capital film, founded in 1972 by Donald Velentine in Menlo Park, CA, shares its name with a large tree species that is one of the redwood tree types.

Answers

The "S" venture capital firm you are referring to is Sequoia Capital.

Any given demand or supply curve is based on the ceteris paribus assumption that ___________________. Group of answer choices When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.

Answers

Answer:

1. all else is held equal

2. quantity supplied

Explanation:

Given economics terminologies and definitions, it can be concluded that any given demand or supply curve is based on the ceteris paribus assumption that ALL ELSE IS HELD EQUAL

Also, it can be easily concluded that when economists talk about supply, they are referring to a relationship between the price received for each unit sold and the QUANTITY SUPPLIED.

The process by which an insurer decides whether to issue requested insurance is called: A) Underwriting B) Premium assessment C) Claim adjudication D) Policy endorsement

Answers

Explanation:

The process by which an insurer decides whether to issue requested insurance is called:

A) Underwriting

Which of the following is an example of the barter system

Answers

Barter system is a system of exchanging goods and services without using monetary currencies.

For example:
Farmer 1 has a cow and Farmer 2 has a chicken. Farmer 1 goes to Farmer 2 to barter with him. Farmer 1 offers 1 gallon of milk for one dozen of chicken eggs. Farmer 2 accepts the offer and goods are exchanged. That is a barter.

Answer:

in excange for rent you clean the ownsers house

Explanation:

Other Questions

bryce, a team leader, completed the performance analysis of his team members. before the team members could access them, bryce sent the reports to several senior managers via e-mail. why might bryce avoid using digital media to send the report, at least until his team members see it?

A large portion of any depositor's money is insured by the federal government in a bank or in a credit union.

Advertising can:___________ a) manipulate customers into buying a product. b) raise the cost of producing a product. c) assure a product does not fail. d) prevent economies of scale in manufacturing. e) increase demand for the product.

The highest level of LEED certification is _________.a. platinum b. gold c. certified d. silver