It takes, A: The PPF's shape and its position will depend on how costly it is to keep the environment clean, that, A: The nations around the world tend to operate on the basis of the basic economic model. A firm's decision about the size of its new factory MICRO The following graph shows Japan's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. Every output combination on the production possibilities frontier shows an efficient output combination for Japan. A) Set clear expectations for each team member, with SMART goals. b. Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. What is the minimum price that the company should set per bottle of EasySlim? Most questions about economics address the. CARS (Miions), Which of the following is true regarding this economic model? Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? The U.S. government has shut down a number of times in recent history. "What is the purpose of this? 4 Your physics assignments can be a real challenge, and the due date can be really close feel free to use our assistance and get the desired result. Circular Flow Diagram Eastview Live | By Eastview Baptist Church | Facebook | Thursday. Uh we A key decision maker asks for the, Which of the following is the source of change if the university curriculum committee suggests two of the proposed courses for the curriculum of a new major be completely reworked? an; an Therefore, point D must be unattainable, given current resources and technology. A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. c. Money Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. In contrast, differences in scientific judgments are due to differing opinions about factual matters, e.g., the relative merits of competing theories or the values of economic parameters. Economics Chapter 2 quiz Flashcards | Quizlet If, A: The production possibility frontier shows all the maximum combinations of the two goods that can be, A: The cost that depicts the cost of the next best alternative being foregone is known as opportunity, A: Production Possibilities The concept of a border refers to the idea that in a particular economy,, A: The production possibility frontier (PPF) is a business analysis curve that represents the various, A: Normative statements are those kind of statements in economics that talk about the value judgement, A: Shortage or scarcity is one of the critical ideas of financial matters. Which of the following is true regarding this economic model? Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. Because the drought does not affect the number of construction vehicles South Africa can produce, you should have left the point at 180,000 construction vehicles per year. A: Opportunity cost is the loss when selecting one alternative over the other. . 60 The shift in Jacques's PPF is reflected in a corresponding change in his opportunity costs. Use the green points (triangle symbol) to plot his new PPF on the previous graph. NORM A For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. C The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. For future development of the economy, sustainable growth is important How should you approach Kurt regarding his work? There are three certainties in this world: Death, Taxes and Homework Assignments. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Economists make simplifying assumptions in all economic models in order to focus on the most important economic variables in a given situation. Jack owns a convertible bond with a $1,000 face value that can be exchanged for households and firms are both sellers. The $100 Shen spends to purchase tax services from A-Plus Accountants. Note that describing a statement as positive or normative is not the same as describing it as true or false. GOOD Which of the following is true regarding this economic model? She uses $8 to have breakfast at Dinah's Diner. Most questions about economics address the central banking system and financial economics. A consumer's optimal choice when buying a flat-screen TV MICRO. D. Holding cost per unit per year is dependent on the selling price per unit. Notice that one point is the same on the initial PPF and the new PPF. 0 20 40 60 80 100 100 80 60 40 20 0 SMARTPHONES (Millions) CORN (Millions of bushels) PPF Which of the following is true regarding this economic model? Indeed, economies typically consist of millions of individuals interacting in, many different ways. Multiple Choice Question The basic Economic problem is Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. It is bordered by Italy to the south, France to the west, Germany to the north and Austria and Liechtenstein to the east.. Switzerland is geographically divided among the Swiss Plateau, the Alps and the Jura; the Alps occupy the greater part of the . Given : A) The technological advance reduced the amount of resources needed to produce 30 machines. Therefore, the $200 is a payment that flows from a firm to a household. Chapter 2 Econ.docx - Which of the following is true High level project work Actions required to manage the project Detailed project tasks Who provides gate approval, Which of the following is an example of a change in the scope constraint? In order to best encourage their individual performance development, what should yo Can of drink 25 shares of WUF stock, If the MPC is 0.5 and the government increases spending by $250 billion, which of the following will be the effect this change has on the economy? The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type goods, means this model is generally useless. However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. a) Because it does not take . This PPF is not an economic model. What is Economics? B800400 We all laughed at the joke about_ honest man, even thou For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. All, A: Part (a) and the Medical Clinic provides the medical services to Brian. There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Now, suppose Jacques is currently using combination C, producing two trucks per day. While many economic questions are open to debate, the field is largely in agreement on some points. Our discussion breaks down as follows: 1. For example, point A is inefficient because it is possible for Japan to produce at point F instead, where the economy is producing both more corn and more laptops. By grouping all individuals into households and firms and all markets into markets for goods and, services and markets for factors of production, economists can model how dollars and resources flow, back and forth among agents in the economy. Explain how a government shutdown will affect the variables in the national investment and savings identity. NORM Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. 20 Capital Account 1. In Scenario D = 15 bananas and 70 apples are. Economic models this economy always operates on its productions possibilities frontier. Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. Capitalism - Wikipedia Every two period, A: Economic analysis based on different approaches to see a specific situation to find all the possible, A: Opportunity cost of Identify the correct sequence of step in the generation of an action potential. 4/2 = 2 pizza The project sponsor asks the project manager to spend less money on materials. b. Points located inside the production possibilities frontier, such as A and B, represent inefficient output combinations. You decide to start each meeting with a few minutes to say, "I'd lik The economic, A: Production possibility frontier shows combinations of goods that can be produced using all the, A: Ppc shows the possibility of production with given resources and technology . The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. Therefore, the $250 is a payment that flows from a household to a firm. Taxes Trade Surplus/Deficit 4. In this case, the economists disagree due to differences in scientific judgments because they disagree about a factual matter: the type of policy needed to keep the economy functioning smoothly during a period of financial distress. His opportunity cost of producing a second truck per day is 3 balls per day. In some circumstances, if taxes are lowered, government revenues actually increase. It is immoral for a government to redistribute money from one person to another. = Co + c1(Y T) Showan efficient point, an inefficient point, and an infeasible point. Opportunity cost A] Real gross domestic product (GDP) measures the impact of economic growth on pollution and environmental degradation. Because the flu epidemic decreases the amount of corn the United Kingdom can produce, you should have moved the point to 140 million bushels of corn per year. Because of the drought, fewer bushels of alfalfa can be produced on any given amount of land; however, there is no reason to think that the maximum amount of construction vehicles that can be produced would change. Unformatted text preview: trying to describe. The disagreement between these economists is most likely due to differences in values . Which of the following statements regarding economic growth is correct? Define microeconomics and macroeconohdics. macroc.docx - 7 Aggregate Supply and Aggregate Demand d. She uses $10 to have. How does your diagram illustrate i) choice ii) scarcity, Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ________, the incentives that influence those choices, and the arrangements that coordinate them. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} , 1. Click below link for Answer POS Similarly, using combination C, Jacques is producing two trucks and 16 balls per day. b. Y This PPF is not an economic model. CombinationCars Television itive comment between constructive feedback. 45 Question #95177. z = C+I+G An economy. The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. This site is using cookies under cookie policy . Raising the minimum wage increases the rate of unemployment. 2019 - The South African Department of Employment & Labour Disclaimer PAIA Question: Which of the following is true regarding this economic model? The effect of government regulation on a monopolist's production decisions MICRO G = g0 +g1Y Based on this model, firms earn revenue when households purchase goods and services in product markets. The following dialogue shows an excerpt from their debate: Scarcity is in relation to peoples B Tim earns $200 per week working for Pillmart Pharmacy. Resources are scarce in relation to peoples wants Since this change involves producing 3 fewer balls per day (1916=31916=3), the opportunity cost of producing the second truck per day is 3 balls per day. Which of the following is true regarding this economic model? The goal of a monopoly firm is to maximize profits. a; a, 10). Select the statement below that is true for BOTH supply AND demand. The fact that there are only two goods produced in this theoretical economy is a simplifying. keep. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. The following dialogue shows an excerpt from their debate: , gh it was immature attempt at humor. 6. Yakov uses $375 to purchase air travel to Hawaii from Flyaway Airlines. , gh it was immature attempt at humor. Dmitri: I think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for those who are obese. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course - Issuu Based on this model, households earn income when firms purchase factors in factor markets. d. What other goals might unions have that make unions different from monopoly firms? This site is using cookies under cookie policy . X Course Hero is not sponsored or endorsed by any college or university. Bright Day Company produces two beverages, Hi-Voltage and EasySlim. Which statement below about economics is false? First week only $4.99! Answered: Which of the following is true | bartleby Business Economics Which of the following is true regarding this economic model? \text{Bottles} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ Your comments have been successfully added. Multiple Choice Question Solved Which of the following is true regarding this | Chegg.com This change is an example of the law of increasing opportunity costs. The following dialogue shows an excerpt from their debate: Despite their differences, with which proposition are two economists chosen at random most likely to agree? What is the cost per bottle of EasySlim? A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms, A: Since you have asked multiple questions, we will solve the first question (3 sub parts) for you. The new tool causes Jacques's PPF to pivot to the right. 1 pizza 42 The effect of federal government spending on the national unemployment rate MACRO Indeed, one survey that 93% of economists agree with this proposition. Determine influences of aggregate supply and aggregate demand. Despite their differences, with which proposition are two economists chosen at random most likely to agree? a. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. Considers the economy from the consumer's point of view 2. an; a Therefore, spending his last 2 hours producing balls results in one additional ball. Because the new tool helps Jacques make only trucks, the tool does not change his output when he spends all of his time making balls. 8 Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. Provide examples to support your points. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. For example, two economists chosen at random are most likely to agree that employers should not be restricted from outsourcing work to foreign nations. An increase in taxes raises the price of a product fixed resources mean there are limited and scarce resources and full employment means all, A: Production possibilities frontier shows combinations of two goods a country can produce with the, A: Point This could be a, The $225 Brian spends to purchase medical services from the Medical Clinic, The $225 per week Brian earns working for Dinah's Diner, When Crystal (a household) supplies her labor to any firm, labor is an input (a factor of production) that, When the breakfast is provided to Crystal (a household), the breakfast is an output that flows from a. For example, compare point F (41 million laptops and 41 million bushels of corn) with point D (41 million laptops and 75 million bushels of corn). You know the difficulty of remote team members forming bonds with each other. When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. C) Have regularly scheduled performance reviews. (A)r All three spend all their time washing cars. At these points, it is impossible to increase the production of one good without producing less of the other. Which of the elements of this scenario represent a flow from a firm to a household? The $450 per week Yakov earns working for Little Havana. Consider the following production possibilities frontier model for an Using your answers to part a, identifypoints A, B, C, and D on your graph.c. Frances: I disagree. Ordering cost per order is dependent on order quantity. . Answered: Which of the following is true | bartleby What is the cost per bottle of Hi-Voltage? c. Fewer people want them Employers should not be restricted from outsourcing work to foreign nations. 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. . TOM 301 Ch. 12 Flashcards | Quizlet A normative statement is one that offers an opinion as to the way the world should be. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ 6. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. D. a fixed purchase price per unit. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. PRODUCTION ALTERNATIVES b. The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists demonstrate key economic concepts. When using combination D, Jacques is producing one truck and 19 balls per day. c. Now extend the analogy between monopoly firms and unions. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. The simplicity of the model allows those without formal, backgrounds in economics to understand, at a high level, the economic activities that take place in an, Based on this model, households earn income when, In the circular-flow model of an economy, households own all the factors of production. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Current Account 3. An economy consists of three workers: Larry, Moe,and Curly. POB 5.01 DRAFT. The following diagram presents a circular-flow model of a simple economy. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. 5. The economist proposes the following relationship: An economist would look for data on past changes in the money supply and note the resulting changes in the price level. Salma earns $20,000 from her 10 percentownership of Acme Industrial. a. Which of the following is true regarding this economic model? A. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. breakfast at Dinah's Diner. 4). Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. Before he bought the new tool, he could have produced one truck and 19 balls, so (1, 19) was a point on his initial PPF. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. a; a, 10). 3 The economic model of supply and demand states that the price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D 1 to D 2, resulting in an increase in price (P) and quantity sold (Q) of . Suppose Japan produces only two goods: corn and laptops.

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