3:18 . . I .... WA Business Assignment #1 . . . X Read Only - You can't save changes to this file. Save a copy X READ ONLY - This is an older file format. To make changes, ma... more Upgrade a copy 5-/ Explain why economics is considered a social science. . . . .. ..... . ...... 6-/ How does the study of microeconomics differ from that of macroeconomics? Give one example each of an issue studied in microeconomics and in macroeconomics. . . .. ....... ....... . . .. ...." . . . . ..... ....... 7-/ What is a production possibilities frontier? What do points along the frontier represent? What do points inside and outside the frontier represent? ....... Question 2: Select the Best Answer, Choose the Only One Right Answer.3:18 4 WA Business Read Only You can't save changes to this file. READ ONLY This is an older file format. To make changes, ma... m Save a copy Upgrade a copy [ Student name: Student id: lnslrucl ions: . The due date for this assignment is on Sunday 2/10/2022, at 11:30 p.m., and the assignment should be submitted electronically through Blackboard. ** The assignment will NOT be accepted after this date. . Rubric for Assignments focuses on: Hand on time and completeness , Ability to search, solve. and analyze - Quality ofinformation - Discussions - Fem-tat ofthe receipted evaluation. . This assignment is out of 10 marks. If you have any questions, please contact me via my email: ajqazaq@iau.edu.sa Question 1: Answer the following 1-] What is scarcity, and why is it a fundamental concept in economics? 4-] What is the difference between positive economic analysis and normative economic analysis? Give one example each of a positive and normative economic issue or question or statement. 5-/ Explain why economics is considered a social science. 3:18 4 WA Business Read Only You can't save changes to Save a copy this file. READ ONLY This is an older file format. To make changes, ma... m re Upgrade a copy Question 1: Answer the following 1-] What is scarcity, and why is it a fundamental concept in economics? II 4-/ What is the difference between positive economic analysis and normative economic analysis? Give one example each of a positive and normative economic issue or question or statement. 6-] How does the study of microeconomics differ from that of macroeconomics? Give one example each of an issue studied in microeconomics and in macroeconomics. 7-/ What is a production possibilities frontier? What do points along the frontier represent? What do points inside and outside the frontier represent? 3:18 . . I .... WA Business X Read Only - You can't save changes to Save a copy this file. X READ ONLY - This is an older file format. To make changes, ma... more Upgrade a copy Question 2: Select the Best Answer, Choose the Only One Right Answer. Figure 1.: Roadsters SUVS 1. Refer to Figure 1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 2. Refer to Figure 1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 3. Refer to Figure 1. is (are) unattainable with current resources. A) Point A. B) Point B. C) Point C. D) Points A and C. 4. Refer to Figure 1. is (are) technically efficient. A) Point A. B) Point B. C) Point C. D) Points A and C. 5. In a production possibilities frontier model, a point the frontier is productively inefficient. A) along. B) inside. C) outside. D) at either intercept of