please answer all questions

Question 1 Normative economics often involves which one of the following? Not yet answered O a. Statistics Marked out of 1.00 O b. Numbers Flag question O c Opinions O d. Facts Question 2 Not yet answered The refers to the various quantities of a commodity offered for sale at various prices. Marked out of 1.00 O a. Supply Flag question O b. Scarcity O c. Demand O d. Law of Supply Question 3 Which of the following is/are an essential feature of the market? ( Not yet answered a Price Marked out of 1.00 Flag question b. Buyers c. Sellers d. All of these vention 42 Which statement describes opportunity cost? wered O a. The cost of the next best alternative sacrificed arked out of O b. The cost associated with economic activity Flag question O c. The sum of total fixed costs and total costs O d. The cost of self-employed resources 43 Which of the following is a normative statement? O a. All of these and out of 00 Fag Question O b. The unemployment rate increased last month O c The unemployment rate is too high O d. 40% of the public believes that the unemployment rate is too high The price elasticity of demand for a commodity is said to be unitary because 2. Zero percentage change in quantity demanded b. Percentage change in quantity demanded less than the percentage change c. Percentage change in quantity demanded than the percentage change price Dettage che did the percentage dange 45 8 It will take 20 minutes for Ibrahim to travel from his home going to his work using his car, however, he chose to take a taxei for which he consumed 30 minutes to reach his office What type of cost is presented in the scenario? ut of O a Opportunity cost ution Ob Social cost O c. Implicit cost O d. Transfer cost 9 Japan is producing products using machines and not workers. The central economic problem discussed in this context is O a. How to produce b. What to produce O c. All of these d. How much to produce 10 students of economics, you now that the me ped to an employee it fied by the metha 11 Question 46 If a firm will produce an additional unit of good or services, determine what will happen to their costs? Not yet answered Marked out of 100 O a. Total cost will decrease Flag question O b. Total cost will be equal O c Total cost will increase O d. Total cost will be the same Que 47 ity If an increase in the price of good X decreases the quantity demanded of good Y then O a. the cross elasticity of demand is negative. O b. the cross elasticity of demand is positive O good X is an inferior good Od good Y is an inferior good Price elasticity of demand is expressed in O. Percentage change in demand divided by percentage changes O. Percentage change in priceded by percentage changes demand Percentage change in demand . Percentage changes The of Supply westion 33 ot yet nswered If a firm sells its output on a market that is characterized by many sellers and buyers, a homogeneous product resource mobility and perfect knowledge, then the firm is a Marked out of 00 O a. a monopolist Flag question O b. an oligopolist O c. a monopolistic competitor O d. a perfect competitor Question 34 Not yet Identify the type of central economic problem that is related to problem of choice of what to produce in a country, answered Marked out of 1.00TL O a. How to attain economic growth? Flag question O b. Full utilization of resources. O c What goods and services ought to be produced and how much to produce? O d. How to distribute these goods and services? moon 21 Khalid is learning about the aggregate supply, aggregate demand national income, employment levels, etc. of Oman. Identify which course he is studying? ed out of Flag question O a Health economics O b. Macroeconomics O c Microeconomics O d. Industrial economics 22 The cost formachineries , land and building used by the firm are called are out of O a. Variable cost Ob Fixed cost OcTotal cost O d. Factors of cost 23 The town of Uganda has three gas stations. The came of these bons rake decisions together about when to and lower gas pecesit would bit difficult for another gas station to enter this met which structure best describes the market for at ind Monopolistico Perfect competition Olgopol d. Money