This is an answer check. I need help checking or answering my questions on my economics homework

Economics is best defined as the study of O prices and quantities. O inflation and interest rates. O how people make choices under the conditions of scarcity and the results of the choices. O graph drawing. O wages and incomes.Economic questions always deal with O financial matters. O political matters. O graphical matters. O insufficient resources. O choice in the face of limited resources.A rational person is one who O is reasonable. O makes choices that are easily understood. O possesses well-defined goals and seeks to achieve them. O believes the claims made by infomercials. O is highly cynical.Macroeconomics differs from microeconomics in that O the concept of scarcity applies to the microeconomics but does not apply to macroeconomics. O microeconomics studies individual markets while macroeconomics studies groups of markets, including the whole economy. O rational decisions are relevant to macroeconomics but not the microeconomics. O macroeconomics is the study of how people make choices under conditions of scarcity while microeconomics is concerned with the results of those choices for society. O macroeconomics explains such concepts as how prices are determined in markets while microeconomics explains the overall price level.When economists say there is no such thing as a free lunch, they mean that O we must pay money for everything we get. 0 it is against the law to accept goods or services without paying for them. Q the more lunch a person eats the more weight the person will gain. 0 each day we decide to eat lunch is another day we must pay out money. (Q) every choice we make involves a tradeoff. According to your notes, Donald Trump was elected on the premise of applying a Supply Side tar: reduction policy. What are the reasons why Art Latter, the author of the Laer Curve, suggests that this might be a good policy to follow? 0 Allows companies and the middle classes to reduce their taxes and pay less and have more money to consume. 0 Offers the country an incentive to increase its GDP growth above Recession Gap. 0 It offers companies the chance to use the additonal money to hire more middle class employees with the potential of increased wages. C] All of the above are true. 0 not study economics nor biology. Amy is thinking about going to the movies tonight. A ticket costs 7 dollars and she will have to cancel her dog-sitting job that pays 30 dollars. The cost of seeing the movie is O 7 dollars. 30 dollars. O 37 dollars. O 37 dollars minus the benefit of seeing the movie. O indeterminate.Question 8 3 pts Which of the following is a synonym for "marginal\" in economics? 0 extra 0 additional 0 one more 0 change 0 all of the above Economic surplus is O the benefit gained by taking an action. O the price paid to take an action. the difference between the benefit gained and the cost incurred of taking an action. O the wage someone would have to earn in order to take an action. O the amount one person gains at another's expense when negotiating.When each individual concentrates on performing the tasks and producing the goods for which he or she has the lowest opportunity cost, they are producing in accordance with the principle of O increasing opportunity cost. O decreasing opportunity cost. O comparative advantage. O scarcity O low-hanging fruit.According to your notes, why would the reduction of the US tax rate work when disposable spending fails increasing the US economy once the GDP goes past the Recessionary Gap? 0 Because it offers both businesses more money to spend and decrease unemployment. 0 Because it offers the middles classes more money in their wallets. Q It actually according to Laffer allows governments to increase tax returns when it is thought to do the opposite or reduce tax receipts. 0 All the above are true. 0 economic surplus; D dollars At the individual level, comparative advantage results from O differences in natural resources. 0 cultural differences. C: language differences. 0 the amount of resources available. {g differences in education or training. Production possibilities curves are downward sloping, reflecting the principle of scarcity. O comparative advantage. O increasing opportunity cost. O absolute advantage. O low-hanging-fruit.According to your notes, what do you suppose might have been one of the problems of our previous administration, on its policies and including on how it affected the U5 economy? 0 Obama as president experienced several absent minded professor episodes. 0 The Dbama presidency was one of continuous overspending which not only created an $11 Trillion increase in the National Debt, but also added little GDP growth of less than 2% a year. 0 President l[Zlbama was one of the best presidents in Foreign Affairs and especially in Iraq. 0 The previous president was not an advocate of reducing Energy towards Global Warming. Every time you go to the grocery store, you try to choose the shortest line. But all of the lines always seem to be the same length. Why? O The store manager tells the cashiers to speed up or slow down to maintain equal line lengths. O Everyone else is trying to choose the shortest line, too. The cashiers all work at the same speed. O Cashiers do not have an incentive to work faster. O All of the above are equally reasonable for equal line lengths.Economists use abstract models because 0 every economic situation is unique. so it is impossible to make generalizations. 0 every economic situation is essentially the same. so specic details are unnecessary. O exceptions to the model prove that people are irrational. (j) they are useful for describing general patterns of behavior. O computers have allowed economists to develop abstract models. According to your notes, what did both John F. Kennedy and Ronald Reagan do that was criticized by the press and the House but that later became one of their greatest achievements as Presidents? O Both created more bureaucratic red tape to reduce business spending. O Both tried to support greater increases in the Military Industrial Complex. O Both reduced taxes which increased GDP and increased consumer optimistic spending. O Both got us further in the war in other countries.If a market is not in equilibrium, which of the following is always true? O The quantity exchanged is below equilibrium quantity. O The quantity exchanged is above equilibrium quantity. O The price is above the equilibrium price. O The price is below the equilibrium price. O No transaction can be made that will benefit both a buyer and seller.According to your notes, how can the government reducing your tax rate help your family? Q You have more money to spend on consumption towards goods or services of your own choice. Q You have more money to ei'ler save or pay off your personal debts. 0 Instead of having government decide on how you need to aid the poor or support the disadvantaged it now offers you more choice on how you want to spend your money and towards your very own favorite charities. 0 All the above are true. The rate at which prices in general are increasing is called: O the inflation rate the unemployment rate O average labor productivity O the standard of living O the trade balanceIf the price of a hot dog is $2 and the price of a hamburger is $4, then 30 hot dogs contribute as much to the GDP as hamburgers? 0 5 O 15 O 30 O 60 O 10Gross domestic product (GDP) equals the of final produced within a country during a given period of time. O market value; goods O market value; services market value; goods and services O quantity; goods O quantity; goods and servicesNet exports equal: the value added of exports O exports minus imports O the market value of exports O exports plus imports O exports minus depreciationThe number of unemployed divided by the labor force equals the: O labor-force participation rate O employment rate O unemployment rate O duration rate O unemployment spell rateThe number of people unemployed and employed equals the: 0 working age population 0 labor force @I employment rate Q unemployment rate 0 participation rate Discouraged workers are counted as: O unemployed O employed O out of the labor force O part-time workers O chronically workersThe situation when the price of most goods and services are falling over time is called O inflation O disinflation O a boom deflation O an expansionThe percentage change in the price level is the: O nominal interest rate O real interest rate O Consumer Price Index O rate of relative price changes O rate of inflationThe price of a good or service in comparison to the prices of other goods and services is the _ price. 0 nominal 0 base - year . monetary:r 0 current 0 relative Countries with large amounts of capital per worker tend to have _ levels of real GDP per person and levels of average labor productivity. O high; high high; low O low; low O low; average O low; highThe provisions of free public education is an example of a government policy designed to promote economic growth by: O increasing human capital increasing physical capital O improving technology O increasing the availability of natural resources O improving the legal environmentAdam Smith advocated Laissez-Faire policies because he believed it was in the best interests of: O capitalists, whom he regarded as dynamic and more progressive than others in society O the proletariat, who would receive higher wages O the government, which would profit from higher taxes the society as a whole O England because it would create a means for it to rule the worldThe Soviet socialist economy fell apart primarily because: it was based on barter rather than on a monetary exchange O individuals are not motivated by self interest workers lacked incentives to work and production became inefficient O markets failed to develop O its space program falteredThe below extra credit question is worth 4 points if answered correctly. The points will be manually added by the instructor after the midterm exam period has completed. A trade deficit occurs when: ) government spending exceeds government revenue government revenue exceeds government spending exports equal imports O exports exceed imports O exports are less than imports