--%>
Assignment Help - homework help

Illustration of the difference in relative prices

In a current Wendy’s TV commercial, a police officer hands a driver a speeding ticket for $75. The response of driver is something to the consequence of as, “Oh gentleman! 75 crispy chicken nuggets!” The response of driver is mainly specific an illustration of the differences among: (i) positive and normative economics. (ii) rational self-interest and marginal social benefits. (iii) nominal prices and relative prices. (iv) productive and allocative efficiencies. (v) scarcity and human wants.

Select the accurate answer.

   Related Questions in Econometrics

  • Q : Effects of reduced production on Income

    Can someone help me in finding out the right answer from the given options. Relative to the market system, allocation of resources and goods strictly according to requirements or to equivalent shares will most likely outcome in: (1) Decreased production. (2) Accelerat

    		•
  • Q : Allocative Mechanisms of market system

    Though all economies are mixed, the allocative mechanism relatively gaining more dominant utilization in most nations all over the globe throughout recent decades is: (1) Queuing. (2) The government. (3) Tradition. (4) Arbitrary selection. (5) The market system.

    		•
  • Q : Economics “Due to lower grain prices,

    “Due to lower grain prices, consumers can expect retail prices of choice beef to begin dropping slightly this spring with pork becoming cheaper after midsummer,” the Agriculture Department predicted. “This reflects increasing supply,” the department said. Does the statement use the term “supply” cor

    		•
  • Q : Involvement of Queuing I have a problem

    I have a problem in economics on Involvement of Queuing. Please help me in the following question. Queuing entails: (i) Fundamental skills for play pool. (ii) Low opportunity costs for the busy people. (iii) Assembly-line forms of the production. (iv) First-come, firs

    		•
  • Q : Reduced form equations Which of the

    Which of the following econometric models are linear in parameters or variables (state if they are linear in both)? Explain briefly what kind of data transformation would be needed to estimate the parameters of these models. i) Yi = ?1 + ? 2 Xi 2+ ?3 Xi 3 + ui ii) Yi= ß1 + ß2 ln X + ui iii) Y

    		•
  • Q : Maximum output in absence of

    In the nonattendance of diminishing returns, the maximum output of food from the flower pot (or land) and limitless amounts of other resources would be sufficient to feed: (1) The grasshopper. (2) One skinny family. (3) One mouse. (4) All of the world.

    Q : Income Distribution-Distributing goods

    Distributing all the goods strictly according to people's requirements is likely to outcome in: (i) the requirements of decision makers receiving much high priority. (ii) Low levels of output since people contain few incentives to generate. (iii) A fe

    		•
  • Q : Brute Force-Allocative Mechanisms The

    The profits to consumers foregone whenever hostile nations spend huge sums on national defense are a symptom of inefficiencies related with the allocative method of: (1) Brute force. (2) Tradition. (3) Queuing. (4) The market-place. (5) Arbitrary selection.

  • Q : Operating in an economically efficient

    Can someone please help me in determining the right answer from the following question. The society is least probable to be operating in an economically efficient fashion when: (1) Whenever one individual gains then the other necessarily loses. (2) Br

    		•
  • Q : Diminishing Returns for different kinds

    The Standard economic suppositions recommend that the production possibilities frontiers are concave from beneath [from origin] mainly because: (i) People desire additional units of a good less the more of good they encompass. (ii) The relative produc

    		•