||. Identify each of the following as either a positive or a normative statement. Write PS if the statement is a Positive Statement and NS if the statement is a Normative Statement before the number. 1. The government should provide basic healthcare to all citizens. 2. Government-provided universal healthcare increases public expenditures. 3. Other things held constant, an increase in price reduces the quantity demanded. 4. The government should give ABS-CBN a franchise to continue its operation. 5. GDP posts 6.4% growth in the 4th quarter of 2019. III. Application of Approaches in Economic Analysis 1) Given the demand schedule below, a. Compute the coefcient of determinationfslope and derive the demand function. b. The quantity demanded when price is zero (0) is the in the demand function and the in the demand curve. c. The sign of the coefcient of determination is always because of the relationship of the dependent variable and the independent variable 2) Given the supply function: 8 = 50 + 2P a. Determine the quantity supplied and ll up the column in the schedule using the same market prices in given table below. Show the computations. 3) Compute and fill up the column for the shortage and surplus in the market. Show the computations. Demand and Supply Schedule Quantity of Price Quantity Demanded Quantity Supplied Shortage/Surplus 0 100 5 85 8 76 10 70 15 65 20 40 4) Draw the demand and supply curves in same quadrant. Follow the rules in graphing and label appropriately every part.|. Underline the correct answer. There are three forms of economic resources or factors of production. 1. (Land, Capital) includes natural resources that can be extracted from water, air, and land itself specically, mineral deposits. 2. (Labor, Entrepreneurial ability) pertains to the physical or mental talents that are utilized to produce goods and services. Lastly, 3. (investment, capital) refers to the goods that are used for production of other goods and services. However, these resources are 4. (unlimited, limited) in relation to our needs and wants. Furthermore, 5. (luxury goods, basic goods) are not necessary for our basic existence while 6. (luxury goods, basic goods) are goods which stay with us through a lifetime. In reality, when one of your needs is satised, you still look for more. It is because needs and wants are 7. (unlimited, limited). Thus, 8. (Economics, Macroeconomics) deals with the efcient allocation of scarce resources in producing goods and services to satisfy human wants and needs. Economists view things through a unique perspective. 9. (Marginal Analysis, Rational Behavior) means that the same person may make different choices under different circumstances but looking for opportunity to increase his utility. In addition, 10. (Marginal analysis, Rational Behavior) involves in the comparison of additional benefits and additional costs. Lastly, 11. (Scarcity, Rational Behavior) limits options and necessities that we make choices Moreover, there are methodologies used in understanding economy. 12. (Applied Economics, Descriptive Economics) is simply the compilation of data that describe phenomena or facts. Those data from surveys and interviews are 13. (secondary data, primary data). While data taken form released book, journal, or previously conducted researches are 14. (secondary data, primary data). When the facts are brought into order and tied up to provide meaning, placed in correct relation, and generalized from them, 15. (economic theory, economic policy) arises. These are used to formulate policies in solving economic problems, thus becoming 16. (theoretical economics, policy economics). Moreover, when we consider someone's value judgment about what economy should to be, we are using 17. (normative economics, positive economics). But when we deal with facts and principles to remove our value judgment, we are using 18. (normative economics, positive economics). On the other hand, economy can also be explained through reasoning. The process of reasoning from the particular to the general is called 19. (deductive reasoning, inductive reasoning. On the other hand, reasoning from general to particular is called 20. (deductive reasoning, inductive reasoning)