Answer all problems below
After reading chapters 1 and 2, answer the following questions: 1. Give a concise and precise definition of economics? 2. Explain why it is necessary to study economics? 3. What are the two branches of economics? Explain their differences. 4. Define positiveormative economics and give an example of each. 5. Is resource limitation an economic problem for the United States and its citizens? 6. Name the four economic resources and their respective remuneration. 7. Why do economists disagree? Explain using normative and positive economics. 8. What is the importance of assumptions in the study of economics? Use a word-processing software, such as Microsoft Word, to type your assignments.Q-3. Build your own Business Plan Every business needs to have a written business plan. Whether it's to provide direction or attract investors, a business plan is vital for the success for your organization A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. Suppose you want to start up your own business after college graduate. Please make a comprehensive business plan for your business, which should include all the major elements of a business plan. (Answer in your own words)Question Completion Status. QUESTION 25 Allowing to Die is the same as O A. murder O B. withholding treatment O C. assisted suicide QUESTION 26 The Patient Determination Act 1991 gives patients the right to refuse_ O A. only some treatments O B. any treatments O C. neither QUESTION 27 Free Enterprise approach to business is often called O A the noncompetitive approach OB, the competitive approach O C. neither QUESTION 28 Advertising In business aims to create A. wants O B.needs O C. neither QUESTION 29 Affirmative Action can cause Reverse Discrimination O A true O B false C. alwaysif a. a. Most of the dissatisfied customers do not speak, but just vote by their feet. True ! False b. b. Involving a manager in recovery process results in insufficient recovery. True r False c. c. Early detection in service recovery is importants especially for the customers who do not complain. True r' False Open-ended Questions: 1. 1. Why is service recovery important? 1 2. Why restaurants are important in service failure studies? PROJECT 6: BASIC ECONOMICS AND FINANCE QUESTION 1 ECONOMICS J.I with the aid of a diagram, discuss the concept of scarcity, opportunity cost and unemployment for a hypothetical economy producing cars and potatoes. 1 2 Define price elasticity of demand and use a diagram to illustrate the relationship between price elasticity of demand and total revenue. 1201 QUESTION 2 FINANCE (30) INFORMATION Puff Adder Distributors Income Statements for the year ended 31 December 2019 and 2018 2019 2018 Sales (all credit) 2167500 1719040 Cost of sales (all credit) (1351539] [1181761) Gross profit 815961 537279 Operating expenses: (206031) (167969) Selling, general and administrative (120649) (107467) Other expenses (85382) (60502) Operating profit 609930 369310 Other income: 11458 9637 Interest Income 11458 9647 Profit before interest 621388 378947 Interest expense (61372) (72515) Profit before tax 560016 306432 Tax [244422) (182707) 315594 123725 Net profit after taxQUESTION 4 Identify the statement that illustrates a criticism of supply-side economics. Supply-side economics focus mainly on eliminating the trade-off between interest rates and investment spending Supply-side economics exaggerates the effects of tax cuts Supply-side economics exaggerates the effects of fluctuations in the price level Supply-side economics ignores the effects of a change in a component of demand QUESTION 5 Keynesian economists believe that People react to expectations quickly Unemployment is costlier than inflation The economy's self-correcting mechanism moves efficiently and quickly The Phillips curve is relatively steep
