economic terms with answers?

1.] Concerns about coronavirus cause the price of face masks to rise signicantly. 0n the nightly news it is remarked, \"Speculators are at it again and consumers are paying the price.\" Why might the increase in the price for face masks increase economic efciency? 2.] In heaven, all goods and services immediately appear at your disposal simply by wishing for them. Still though, you are constricted by your ability to do one thing at a time. Is there an economy in heaven? Why or why not? 3.] Let's suppose you bought a new car and after the fact a friend told you that you had \"paid too much\". From an economic perspective, what does that mean? Would such a statement have relevance to an economist? Why or why not? 4.] \"If we increase the supply of housing, all other things equal, we will decrease the price of housing. This is a good policy, because cheaper housing makes people better off.\" Is this statement correct? Why or why not? What part of the statement is normative and what part of the statement is positive? 5.] A man breaks into your house and steals several items. Upon breaking in he destroys a lock to get into the house. Upon leaving he knocks over, and breaks, a vase that was given to you by your great grandmother who you loved very much. The man is caught and all of your goods are returned to you. As a part of the sentencing he is required to reimburse you for the vase he broke and any damage clone to your house when breaking in. The judge awards you $5 for the lock [the cost of the lock at a hardware store) and $50 dollars for the vase [the cost of a very similar vase at a retail store). Was the compensation fair for the lock? For the vase? Why or why not? B