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Viktor [21]
3 years ago
8

Recently, the price of gasoline dropped to just under $3.50/gallon. Economic analysts currently are focusing on questions concer

ning the likely impacts of this price decrease on the demand for gasoline. The branch of economics that deals with these questions is called: (a) normative economics (b) positive economics (c) microeconomics (d) macroeconomics
Business
1 answer:
amid [387]3 years ago
4 0

Answer:

The correct answer is (b) positive economics.

Explanation:

The positive or descriptive economy seeks to explain how the economy works based on reality, that is, empirically. Therefore, try to explain what it was, what it is and what it will be, explaining the consequences of different economic phenomena.

In making a positive economy, economists are considered to act as scientists, moving their moral considerations away from the reality analyzed. Thus, they focus on explaining the cause-effect relationships between facts and economic variables objectively.

The positive economy starts from an economic phenomenon and seeks to find its cause (what was) and its consequences (what will be). This is about establishing a chain of cause-effect relationships between the different economic phenomena, so that the consequences on the reality of any change in the variables studied can be known.

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Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to
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d. Equilibrium price will increase, equilibrium quantity will decrease"

Explanation:

"Ceteris paribus" all things being equal; the higher the price, the lower the quantity demanded. If there are speculations about possible increment in price of wheat in near future time, it will result into panic buying of wheat in the market today and that will definitely increase the equilibrium price of the wheat and decrease the equilibrium quantity of wheat demanded.

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Although most people want maximum attainment of every economic goal, there is the operating reality of ________________________
bixtya [17]

Although most people want to maximum attainment of every economic goals, there is the operating reality of opportunity cost that causes us to give up some of one thing if we want more of another.

<h3>What is Opportunity Cost?</h3>

Opportunity cost is a concept in economics and it refers to the cost of something that has to be given up to enjoy something better. This can be for example the benefits of second best alternatives (when the first best is chosen) or alternative use of something, which is not decided on (the cost of not using land for farming and using it for building a house instead).

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The advantage could be monetary benefits.

Therefore, we can conclude that Although most people want to maximum attainment of every economic goals, there is the operating reality of opportunity cost that causes us to give up some of one thing if we want more of another.

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The first Year of your business’s operations

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Ayayai Inc. had the following balance sheet at December 31, 2019.
Mrrafil [7]

Answer:

(a) Increase in cash = $50,200

(b) Total Assets =  Liabilities and Stockholders' Equity = $298,900

Explanation:

Note: There are errors as date and name inconsistency in the requirements in this question. The requirements are therefore correctly stated before answering the question as follows:

(a) Prepare a statement of cash flows for the year 2020 for Ayayai Inc.

(b) Prepare the balance sheet as it would appear as of December 31, 2020.

The explanation of the answer is now provided as follows:

(a) Prepare a statement of cash flows for the year 2020 for Ayayai Inc.

Note: See part (a) of the attached excel file for the statement of cash flows for the year 2020 for Ayayai Inc.

In the attached excel file, we have:

Increase in cash = $50,200

(b) Prepare the balance sheet as it would appear as of December 31, 2020.

Note: See part (b) of the attached excel file for the balance sheet as it would appear as of December 31, 2020.

In the attached excel file, we have:

Total Assets =  Liabilities and Stockholders' Equity = $298,900

Download xlsx
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