16. The process of human influence on the substance of nature in order tocreate material goods and services necessary for the development of society is:a) production;b) economic analysis;c) economic reform;d) economic growth3;e) all answers are correct.Pa 12. The system of use and transformation of different resources created bypeople is:a) the monetary system;b) credit system;c) turnover3;d) the economy3Be) there is no right answer.

Question 16. Answer - d) economic growth

16. The process of human influence on the substance of nature in order to create material goods and services necessary for the development of society is: a) production; b) economic analysis; c) economic reform; d) economic growth; e) all answers are correct.

16. The process of human influence on the substance of nature in order to create material goods and services necessary for the development of society is: a) production; b) economic analysis; c) economic reform; d) economic growth; e) all answers are correct.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 1CQQ

See similar textbooks

Related questions

Q: 1. How is the preparation of a family budget an exercise in dealing with SCARCITY? What adjustments…

A: Since you have asked multiple questions, we would be answering the first one for you. To get answers…

Q: 7) Which of the following below is not among main targets of ergonomic? c.) Design a.) Comfort b.)…

A: Ergonomic is a discipline that concentrates on the associations between human movement and the parts…

Q: What does it mean "the opportunity of one action"? could you discuss with examples how the…

A: "The opportunity cost of an action is what you should give up when you decide to make that choice.…

Q: 1. What led to the concept of sustainable development? If sustainable development will be attained,…

A: The UN's overall paradigm for development is sustainable development. The Bruntland Commission…

Q: 1.Economics is considered practical science because: a.the output level of an economy is…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: based on the graph, describe the trend in electricity production from wind between 2009 and 2019. 2)…

Q: 12)Which of the following best illustrates the economic way of thinking? * a)The ability to use…

A: Economics refers to the study of behavior of human beings which explains how the people uses to…

Q: Economics A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each…

A: Given:Each plant works upto 250 days in a year Plant A can produce= 10 units of good X or 5 units of…

Q: . Discuss the Sixth principle of economics by Mankiw and why it is important to economic activity.

A: The Sixth principle of Economics by Mankiw is as follows : Markets are usually a good way to…

Q: .- What does the economic evaluation consist of?

A: Economic evaluation is the systematic identification, measurement, and valuation of the inputs and…

Q: 7. What are the four factors of production? Thanks

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: 57. The three broad types of productive resources are A. O Money, profit and interest B. O Capital,…

A: To find : What are three types of productive resources.

Q: Question 4. What does the economic environment consist of as far as marketers are concerned, and why…

A: The markets are considered to be the place where the meeting of the buyers, and sellers takes place.…

Q: Which economics studies the behavior of economic units, the interaction of consumers and firms

A: Definitions of all the options given above are: A) International Economics - It is the branch of…

Q: QUESTION 1 All of the following are categories of economic resources except: O Land O Interest rate…

A: Economic resources: the inputs used for producing and distributing goods and services.

Q: 11. What kind of approach is used by economists to explain how the economy works? A. Collaborative…

A: The following are the correct options for the given questions. 11) Scientific approach is used by…

Q: 1. As a business owner how would you satisfy the needs of your consumers based on the three…

A: A business modeli is a company's primary strategy for conducting profitable business.Models…

Q: 1: What is Economics, and Why Is It Important? 2: What is Studied in Microeconomics and…

A: Economics is multidisciplinary subject matter which deals with social science behaviour of society .…

Q: 1) "The world in which we live is complex and to understand it, human beings make use of some or…

A: Since you have posted multiple questions, as per the guidelines we can answer only 1 question per…

Q: More can be produced of both pizza and beer, without an increase in resources or improvement in…

A: A Production Possibility Frontier (PPF) is a curve which shows various combinations of the amounts…

Q: What does the economic study consist of?

A: Scarce resources are those resources that are finite and limited in nature. Resources are required…

Q: 19. The key factor in determining the model of the economic system is: a) political regime; b) the…

A: Market, command and mixed economy are type of economies.

Q: 6. Oman is using capital - intensive methods of production. This statement is related to _____. a.…

A: According to Lionel Robbins, "Economics is the science which studies human behaviour as a…

Q: 1. Which of the following two statements involves positive economic analysis and which normative?…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: [Rational Self-Interest): Discuss the impact of rational self-interest on each of the following…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: 1 discusses scarcity and opportunity cost. A mattress company can create mattresses to sell in…

A: Scarcity refers to the fact that there are never enough resources to meet all of humanity's needs.…

Q: Who are Homo Economicus?

A: Rational choice theory aims to comprehend the economy by considering one person's actions and…

Q: 1. Which of the following is NOT a normative statement? Select one: a. higher interest rates should…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The industrial revolution gave rise to capitalism and consumerism - True or False

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Find the attached file.

A: Question 1: Economics is the social science which implies different ways of implementing balance…

Q: 1. How can we apply the core principles of scarcity, choice, opportunity cost and cost-benefit…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

Q: What is sustainable development?

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: 14. The "big tradeoff" refers to A. producing capital goods instead of consumable goods. B. marginal…

A: Tradeoff means choice. An economy has a limited amount of resources to meet the unlimited wants of…

Q: What is a difference between “Musharaka and Mudaraba”?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1) Explain these three key economic ideas: People are rational, people respond to incentives, and…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Econcentrism encourages us to show the values of love, respect, and admiration towards our…

A: Disclaimer: Since you have asked multiple questions, we will answer the first one for you. If you…

Q: 9) In economics, the term physial capital A) refers to funds used by businesses to acquire goods and…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 1. The field of economics is studied under three heads, of which "subject-matter of economics" is…

A: Subject matter tells us about how matter we study in a subject like we do in Economics. However…

Question

16. The process of human influence on the substance of nature in order to
create material goods and services necessary for the development of society is:
a) production;
b) economic analysis;
c) economic reform;
d) economic growth3;
e) all answers are correct.
Pa

12. The system of use and transformation of different resources created by
people is:
a) the monetary system;
b) credit system;
c) turnover3;
d) the economy3B
e) there is no right answer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

39. Which of the following statements accurately represent ideas proposed by Adam Smith? a) the market system does not require any help from the government to survive. a) government should be weak. b) the government should protect domestic industry against foreign imports. c) the value of money is based on the goods it can buy d) selfishness is a good thing for society and the economy.
5) A remote island decides to create its own money using avocados. Considering the five useful benefits of money, why would this be a bad idea?
1. The advantages of using credit include a) access to more money than one has. b) immediate access to money. c) more money flows into the economy. d) all of the above. 2. In a command economy, the consumer(s) is/are a) private individuals. b) the family or community. c) the government. d) private corporations. 3. Which of the following countries have a mixed-market economy? a) China, North Korea, and Zaire b) Japan, United States, and Canada c) Aboriginal tribes of Australia d) All of the above
Tools 1. The opportunity cost of holding money Suppose you've just inherited $5,000 from a relative. You're trying to decide whether to put the $5,000 in a non-interest-bearing account so that you can use it whenever you want (that is, hold it as money) or to use it to buy a U.S. Treasury bond. The opportunity cost of holding the inheritance as money depends on the interest rate on the bond. For each of the interest rates in the following table, compute the opportunity cost of holding the $5,000 as money. Interest Rate on Government Bond Opportunity Cost (Dollars per year) (Percent) What does the previous analysis suggest about the market for money? The quantity of money demanded increases as the interest rate falls. The quantity of money demanded decreases as the interest rate falls. O The supply of money is independent of the interest rate.
1. What is opportunity cost and how does it affect the decision-making process for business decisions?2. how does opportunity cost affect the decision-making process for personal decisions? Please give a tangible example.3. Explain horizontal and vertical analysis and when you would use one over the other.4. Discuss a money management challenge in a business setting and how you would overcome it.5. Discuss a money management challenge in a personal setting and how you would overcome it.6. Pick a ratio and explain what it is and how it is used.7. What is fundamental analysis and where and when would it apply to a business decision.
B. Imagine that you are a Jeepney driver in a world without money. Explain why it would be tricky to obtain groceries, clothing, and a place to live
Which of the following areas are addressed in the study of economics? (check all that apply) A. Inflation ratesInflation rates. B. Pollution reduction policiesPollution reduction policies. C. The costs associated with a decisionThe costs associated with a decision. D. Financial marketsFinancial markets.
b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut. iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.
1. How does microeconomics relate to macroeconomics? 2. Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers. • The number of people at the most common ages for home-buying increases. • People gain confidence that the economy is growing and that their jobs are secure. • Banks that have made home loans find that a larger number of people than they expected are not repaying those loans. • Because of a threat of war, people become uncertain about their economic future. • The overall level of saving in the economy diminishes. • The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.
11. Macroeconomics is a study of economics that deals with which 4 major factors A) Households , firms , government and external sector B)Households , firms , government , and demand - supply C) Finns , government , free - market , and regulations D)None
e) there is no right answer. 20. The behavior of each subject of economic relations is motivated by his personal, egoistic interests in the economic system: a) market economy; b) command economy; c) a mixed economy; d) traditional economy; e) all answers are correct. 33uMM
6. When Patty uses money to buy her lunch, she is showing the use of money as a "store of value." Answer: Reason: