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.Question 28 2.7 pts The following journal entry describes which of the following transactions? Prepaid Insurance 1,200 Cash 1,200 B. An insurance customer has paid us in advance. D. None of the above transactions describe the journal entry. C. Insurance expense for insurance expired is 1,200. A. Purchased insurance coverage, paid in advance.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 taxMANCOSA: HIGHER CERTIFICATE IN SUPPLY CHAIN MANAGEMENT Puff Adder Distributors Balance Sheets the year ended 31 December 2019 and 2018 2015 Assets Non-current assets 269400 Current assets: 160380 217416 Inventories 93126 81471 Accounts receivable 38514 Cash and cash equivalents 2874 Total assets 429780 418247 Owners' equity and liabilities Owners' equity 211745 Non-current liabilities 67403 Current liabilities 141463 Accounts payable Other current liabilities 429780 Total owners' equity and liabilities ver the two-yeatQUESTION 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
