This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is the economic way of thinking, and why is it important? What will be an ideal ... (Read 38 times)

EY67

  • Hero Member
  • *****
  • Posts: 531
on: Jun 29, 2018
What is the economic way of thinking, and why is it important?
 
  What will be an ideal response?

Question 2

Suppose there is a simultaneous increase in the demand for wheat and increase in the supply of wheat. Which of the following will occur as a result of these simultaneous events?
 
  A) Both the market clearing price and equilibrium quantity will rise.
  B) The market clearing price will fall, but the equilibrium quantity will rise.
  C) The market clearing price may rise, fall, or stay the same, but the equilibrium quantity will rise.
  D) The market clearing price will fall, but the equilibrium quantity may rise, fall, or stay the same.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

josephsuarez

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jun 29, 2018
Answer to Question 1

The economic way of thinking provides a framework for analyzing solutions to economic problems. Since economic problems confront all of us much of the time, knowledge of economics will enable one to arrive at better decisions, and enable one to evaluate many public policy questions in a systematic manner.

Answer to Question 2

C


EY67

  • Member
  • Posts: 531
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ktidd

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Critical thinking involves analysis in which the nurse examines patient data available from a variet Critical thinking involves analysis in which the nurse examines patient data available from a variet
This young child is pulling at the ear and acting fussy, two important signs of otitis media. This young child is pulling at the ear and acting fussy, two important signs of otitis media.
Still thinking Still thinking
The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha The recent mass upheavals in Tunisia, Egypt, Libya, Yemen, and Syria gave political scientists a cha
Remote sensing and GIS are important tools Remote sensing and GIS are important tools
economic question economic question
Video: Alzheimer's Disease

For a complete list of videos, visit our video library