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The decision by eBay to shut down the 5-million-dollar kidney sale was an example of normative economics . Question options:
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The decision by eBay to shut down the 5-million-dollar kidney sale was an example of normative economics

.

Question  options:True or false


Since water is more important to sustaining life than diamonds, the twin forces of supply and demand dictate that water be just as expensive as diamonds True or false



                              Former President Theodore Roosevelt's comment that you had to be able to do what you can, with what you have, where you are would be a good way to describe Microeconomics.

Question 13 options: true or false


  According to the reading, nonrivalry exists when one person's consumption of a good directly reduces or diminishes another person's opportunity for consumption true or false


Goods that we purchase are considered private goods which means we can do whatever we want with them within the limits of the law

true or false


Which of the following is used by economists as an example of a perfectly competitive market. eBay

QVC

NAFTA


Which of the following best describes positive economics?

Question 9 options:It is when the economy is doing very well.

It is the way things are.

It is the way things could be.


In relation to Question 7, what is the one key variable that answers the three fundamental questions about Microeconomics and what drives the economy?

Question 8 options: Demand

Supply

Prices


Which of the following is not one of the three fundamental questions of Microeconomics and what drives the economy?

Question 7 options Who gets the goods and services?

What should those goods and services cost?

How are those goods and services produced



Who are the two types of actors in the economy?

Question 6  options:Republicans and Democrats

Managers and workers

Technical and nontechnical employees



From those listed below, which one best describes what Microeconomics is all about?

Question 5 options  :It is all about how public goods are bought and sold.

It is all about inflation.

It is all about selling surplus goods in a down economy


What two properties are needed to make 'goods' public


Nonrivalry and nonexcludability

Low competition and a captive market

A strong economy and a Bullish stock market

Supply and demand




Regarding voting in democratic societies, which of the following is a 'public good'?

Question 3 options  :voting early and voting often

being able to choose not to vote

informed voting



Which of the following best describes the idea of the division of labor

All of the separate tasks are done by one person at specific times. Thus, the worker divides the labor.

None of the answers are correct.

This explains the differences between 'blue collar' and 'white collar' employees



The following section is True/False. Do not read more into each statement or question than what is written.

Who is considered to be one of the most famous economists of all time

Benjamin Franklin

Adam Smith

Alfred Knopf

John Locke

Step-by-step answer

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