Please answer all questions 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 3 Some researchers who utilise Legitimacy Theory posit that organisations will attempt to operate within the terms of their 'social contract". What is a social contract? Question 4 In 2006 the Australian Government established an inquiry into corporate social responsibilities with the aim of deciding whether the Corporations Act should be amended so as to specifically include particular social and environmental responsibilities within the Act. At the completion of the inquiry it was decided that no specific regulations would be added to the legislation, and that instead, 'market forces' would be relied upon to encourage companies to do the 'right thing' (that is, the view was expressed that if companies did not look after the environment, or did not act in a socially responsible manner, then people would not want to consume the organisations' products, and people would not want to invest in the organisation, work for them, and so forth. Because companies were aware of such market forces they would do the 'right thing' even in the absence of legislation). You are required to explain the decision of the government that no specific regulation be introduced from the perspective of: 1. Public Interest Theory 2. Capture Theory 3. Economic Interest Group Theory of regulation.D Answer Questions 7-11 using information below. Motorists can have one of two types of vehicle insurance - third-party insurance or full insurance. An insurance company has found that 23% of the motor vehicles have only a third-party insurance policy. On a given weekend, 35 motorists are involved in traffic accidents: Question 7 1 pts What is the probability that 9 motorists had only a third-party insurance? (Provide your answer to 4 decimal places) Question 8 1 pts What is the probability that less than 7 motorists had only a third-party insurance? (Provide your answer to 4 decimal places)Question 27 (1 point) On September 1, 2013, Mankato Manufacturing paid $3,600 for a one year insurance policy that will be in effect from Sept. 1, 2013 through August 31, 2014. What entry should Mankato Manufacturing make on September 1, 2013? O debit insurance expense $3600; credit cash $3600 O debit prepaid insurance $3600; credit cash $3600 O debit prepaid insurance $1200; credit insurance expense $1200 debit insurance expense $1200; credit prepaid insurance $1200In general, individuals in the lowest two quintiles of the income distribution (Include all that apply) Question 24 options: pay no social security taxes are subsidied in terms of the personal income tax pay modest positive average personal income tax rates C pay high personal income tax rates. C pay no personal income taxes Save
