Economists make simplifying assumptions in all economic models in order to focus on the most important economic variables in a given situation. 2. Current Account 3. Hi-VoltageEasySlimProductionvolume12,500bottles180,000bottlesLiquidmaterials1,400gallons37,000gallonsDrymaterials620pounds12,000poundsBottles12,500bottles180,000bottlesLabels3labelsperbottle1labelperbottleMachinesetups500setups300setupsMachinehours200MH3,750MH\begin{matrix} 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. NORM 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. 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 . Yoko can buy a chocolate bar, a can of drink and a packet of crisps. \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ itive comment between constructive feedback. Could the shutdown affect the government budget deficit? Those points or, A: In an economy, a statement is said to be a positive statement when it gives direct meaning and based, A: Production possibilities frontier shows different combinations of two goods that can be produced, A: The production possibility frontier (PPF) is a graph that shows the most significant number of, A: Production Possibility Frontier(PPF) is known as the locus of different possible combination of two, A: In Scenario C = 10 bananas and 80 apples are produced answered Which of the following is true regarding this economic model? 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. which is trading at $50 per share. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Answered: Which of the following is true | bartleby Similarly, when you look at the horizontal axis, you see that if the United Kingdom produces zero industrial robots, it can initially produce a maximum of 210 million bushels of corn per year. D 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. c. \text{Bottling department}\\ This PPF is not an economic model. With the new tool, the same allocation of time results in two trucks and 19 balls, so (2, 19) is a point on his new PPF. The optimal interest rate for the Federal Reserve to target MACRO Note that describing a statement as positive or normative is not the same as describing it as true or false. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. a. for any assignment or question with DETAILED EXPLANATIONS! 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. Economic models The following diagram presents a circular-flow model of a simple economy. \text{Liquid materials}\ldots\ldots\ldots & \text{1,400 gallons} & \text{37,000 gallons}\\ Economics is part of the humanities because it studies human decision-making. NORM 42 C Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. Every two period, A: Economic analysis based on different approaches to see a specific situation to find all the possible, A: Opportunity cost of NORM A) The technological advance reduced the amount of resources needed to produce 30 machines. The following diagram presents a circular-flow model of a simple economy. The effect of a cigarette tax on the quantity of cigarettes sold MICRO Kurt has worked hard on his assignments, but his performance is below expectations. Production of X Taxes Question: Which of the following is true regarding this economic model? Firms, in turn, earn revenue when households buy goods and services. When Alyssa (a household) supplies her labor to any firm, labor is an input (a factor of production) that flows from a household to a firm. breakfast at Dinah's Diner. Which of the following is true regarding this economic model? While many economic questions are open to debate, the field is largely in agreement on some points. G = g0 +g1Y 8 Switzerland - Wikipedia Based on this model, firms earn revenue when households purchase goods and services in product markets. You are meeting with your new remote team for the first time. Identify key aspects of international trade. demonstrate key economic concepts, Which of the following is true regarding this economic model? A consumer's optimal choice when buying a flat-screen TV MICRO The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. This PPF is not an economic model. This PPF is not an economic model. The disagreement between these economists is most likely due to differences in values . This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Showan efficient point, an inefficient point, and an infeasible point. \text{Mixing department}\\ 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 The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. The following dialogue shows an excerpt from their debate: It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Chapter 2 Econ.docx - Which of the following is true 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. Government should Impose taxes on the cigarette. B) It provides you an opportunity to share the latest company news with your remote team members. Suppose that Dmitri, an economist from a research institute in Texas, and Frances, an economist from a university in Massachusetts, are arguing over health insurance. Bright Day Company produces two beverages, Hi-Voltage and EasySlim. 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). NORM Profits, dividends and rent Check all that apply. 1 Resources are scarce in relation to peoples demands Alyssa's labor . Which of the following is TRUE regarding the economic order quantity (EOQ) model? The effect of government regulation on a monopolist's production decisions MICRO Dinah's Diner pays Sam $400 per week to work as a short-order cook. C) Sandwich constructive feedback between positive comments. Firms, in turn, earn revenue when households buy goods and services. News Hour at 7pm | News Hour at 7pm | By Ghana Broadcasting Corporation There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. . Which of the following is true regarding this economic model? The opportunity cost, A: Two economies - A & B POS In order to best encourage their individual performance development, what should yo It would be harder to find two randomly chosen economists who both agree with either of the other propositions. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. 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? u do first? CARS (Miions), Which of the following is true regarding this economic model? Identify the correct sequence of step in the generation of an action potential. Suppose that Yakov, an economist from a business school in Georgia, and Ana, an economist from a school of industrial relations, are arguing over government bailouts. e to acknowledge 0 Therefore, spending his last 2 hours producing balls results in one additional ball. Y What is the cost per bottle of EasySlim? B A. Explain. You decide to start each meeting with a few minutes to say, "I'd lik 1. Such a framework is based on values and cannot be confirmed or refuted by evidence. a.) C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. Which of the following is a normative statement? In some markets, however, the supply of labor is determined by a union of workers. We all laughed at the joke about_ honest man, even thou She uses $10 to have breakfast at Dinah's Diner. Opportunity cost is the loss of a quntity of a good, A: It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. Indeed, economies typically consist of millions of individuals interacting in, many different ways. which is trading at $50 per share. d. Less able to be fulfills Can of drink and packet of crisps c. Fewer people want them Ordering cost per order is dependent on order quantity. I = bo + b1Y Indeed, one survey that 93% of economists agree with this proposition. 15 40 households are sellers, and firms are buyers.b. As a result of this year the society wants to produce 55 units of food and 30 machines which of the following statements is true? Multiple Choice Question Economists therefore adopt simplifications to explain concepts and create insights into how the real economy works. Which of the following is true regarding this economic model? These decisions provide people with the greatest benefit or satisfaction . In this scenario, households sell factors of production in factor markets when Alyssa supplies her labor to Classy's Jewelry Store and when Tim supplies his labor to Pillmart Pharmacy. What is Economics? The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. You are meeting with your new remote team for the first time. A) It provides you an opportunity to acknowledge the assistance of a remote team member. C) Have regularly scheduled performance reviews. Tariffs and import quotas generally reduce economic welfare. Which of the following is true regarding this economic model? A. She uses $8 to have breakfast at Dinah's Diner. macroc.docx - 7 Aggregate Supply and Aggregate Demand Rent ceilings reduce the quantity and quality of available housing. Cons. Yakov uses $375 to purchase air travel to Hawaii from Flyaway Airlines. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. POB 5.01 | Business Quiz - Quizizz Use the diagram in part a to illustrate this. Answered: Which of the following is true | bartleby Make a chart of Gretel's schedule, with driving times and service times. a. Employers should not be restricted from outsourcing work to foreign nations. Positive statements may be false (for example, "You are the king of Spain"), and normative statements may reflect the value judgments of a large majority of people (for example, "It is wrong to kill innocent children"). B. a fixed ordering cost per year. FACTOR This occurs at output combination E. Suppose that Jacques, an economist from an AM talk radio program, and Kyoko, an economist from a nonprofit organization on the West Coast, are arguing over saving incentives. GOOD Microeconomics studies decision-making at the individual level. Tim spends $250 to purchase necklace from Classy's Jewelry Store. e to acknowledge The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Course Hero is not sponsored or endorsed by any college or university. The project sponsor asks the project manager to spend less money on materials. Ana spends $9 to order a mojito cocktail. Suppose Jacques is currently using combination D, producing one truck per day. Dinah's Diner pays Brian $225 per week to work as a short-order cook. a; a, 10). last year it produced 50 units of food and 30 machines. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Which of the following is NOT true about economics? While many economic questions are open to debate, the field is largely in agreement on some points. Suppose South Africa produces two types of goods: agricultural and capital. Unformatted text preview: trying to describe. d. Customers demand products Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. Suppose Japan produces two types of goods: agricultural and capital. a; an c. Now extend the analogy between monopoly firms and unions. Which of the following is true regarding this economic model? A) It provides you an opportunity to acknowledge the assistance of a remote team member. and the Medical Clinic provides the medical services to Brian. It's quite easy to prove that you are not the king of Spain, but to argue that it is wrong to kill innocent children, you must appeal to a larger moral framework. C. a fixed lead time. A normative statement is one that offers an opinion as to the way the world should be. For instance, when you look at the vertical axis, you see that if the United Kingdom produces zero bushels of corn, it can initially produce a maximum of 90,000 industrial robots per year. Which of the following statements regarding economic growth is correct? \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ Because the drought decreases the amount of alfalfa South Africa can produce, you should have moved the point to 20 million bushels of alfalfa per year. Suppose the United Kingdom produces two types of goods: agricultural and capital. You can specify conditions of storing and accessing cookies in your browser. Therefore, microeconomists are more likely to create models to analyze the decisions of firms (such as pricing) and those of consumers (such as shopping choices), as well as how government policies affect those decisions. Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. How do you suppose employment differs in the two cases? Frances: I disagree. Economists are no different. 28, A: Production possibilities frontiers are used to represent the trade-off that occurs between the, A: The production possibility frontier shows the maximum amount of two goods an economy is able to, A: e. The gains are constant that is 10 books with varying opportunity costs. The fact that there are only two goods produced in this theoretical economy, when, in reality. Vaccination is a method of fighting Covid -19 DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} Suppose Japan produces only two goods: corn and laptops. Considers the economy from the consumer's point of view & \text{Hi-Voltage} & \text{EasySlim}\\ In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. There are three certainties in this world: Death, Taxes and Homework Assignments. Start your trial now! Consider the following production possibilities frontier model for an economy that produces only two goods: corn and smartphones. 2 If Hi-Voltage sells for $3.75 per bottle, how much profit does the company earn per bottle of Hi-Voltage that it sells? produces 2 goods, computers and cell phones. . Demand rate is dependent on order quantity. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. 4). Salma earns $20,000 from her 10 percentownership of Acme Industrial. Identify the articles that correctly complete the following sentence. (A)r All three spend all their time washing cars. 2. B) Sandwich critical feedback between less critical feedback. . How should you approach Kurt regarding his work? The fact that there are only two goods produced in this theoretical economy is a simplifying. Therefore, the $200 is a payment that flows from a firm to a household. This site is using cookies under cookie policy . An economy consists of three workers: Larry, Moe,and Curly. Similarly, when you look at the horizontal axis, you see that if South Africa produces zero construction vehicles, it can initially produce a maximum of 30 million bushels of alfalfa per year. Why or why not? Using your answers to part a, identifypoints A, B, C, and D on your graph.c. \text{Labels}\ldots\ldots\ldots & \text{3 labels per bottle} & \text{1 label per bottle}\\ Solved Which of the following is true regarding this | Chegg.com Communism (from Latin communis, 'common, universal') [1] [2] is a left-wing to far-left sociopolitical, philosophical, and economic ideology within the socialist movement, [1] whose goal is the establishment of a communist society, a socioeconomic order centered around common ownership of the means of production, distribution, and exchange that . 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. What Is Rational Choice Theory? - Investopedia 100 Since this change involves producing 5 fewer balls per day (1611=51611=5), the opportunity cost of producing the third truck per day is 5 balls per day. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. A) Sandwich a pos 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. The following dialogue shows an excerpt from their debate: Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks: 2019 - The South African Department of Employment & Labour Disclaimer PAIA b. His opportunity cost of producing a second truck per day is 3 balls per day. Question: The $250 Tim spends to purchase necklace from Classy's Jewelry Store 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. (D)b. Graph the production possibilities frontier for thiseconomy. b. Would you describe yourself as an extrovert or an introvert? C. Holding cost per unit per year is independent of order quantity. Points located outside the production possibilities frontier, such as C and D, represent output combinations that are unattainable, given current resources and technology. B800400 PRODUCTION ALTERNATIVES \text{Department} & \text{Driver} & \text{Cost}\\ You can specify conditions of storing and accessing cookies in your browser. 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. a. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. This chapter has assumed that labor is supplied by individual workers acting competitively. However, they need to be checked by the moderator before being published. 25 shares of WUF stock, Show theeffects of a drought. Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. Identify characteristics of foreign exchange and currency. c. Packet of crisps POB 5.01 DRAFT. 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. Eastview Live | By Eastview Baptist Church | Facebook | Thursday. Uh we POS However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. In other words, for each point on his PPF, the vertical coordinate is the same as before, but the horizontal coordinate is twice its initial value. Our experts will gladly share their knowledge and help you with programming projects. While many economic questions are open to debate, the field is largely in agreement on some points. 20 Kurt has worked hard on his assignments, but his performance is below expectations. Given : Transcribed Image Text: 1. Which of the following statements regarding economic growth is correct? B] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. a; a, 10). ) An increase in real GDP per capita implies that income is more evenly distributed in the economy. (B)r All three spend half their time on eachactivity. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ . This PPF is not an economic model. "What is the purpose of this? 60 ECON 102- Problem Solving: Thinking Like an E, Chapter 4: The Market Forces of Supply and De, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. 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. . There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. 1 pizza The incidence of the subsidy on the consumer will decrease. \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ a. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. From the previous analysis, you can determine that as Jacques increases his production of trucks, his opportunity cost of producing one more truck increases . Course Hero is not sponsored or endorsed by any college or university. , gh it was immature attempt at humor. Which of the elements of this scenario represent a flow from a firm to a household? The points on the production possibilities frontier represent all combinations of output produced using all of the nation's available resources and its current technology, such that the nation cannot produce more of one good without producing less of the other. The output per worker increased resulting in more television sets being produced. F02000 What is the common difference between the allocation of joint costs to ( a ) joint products and ( b ) by-products? 7 Aggregate Supply and Aggregate Demand. \text{Machine hours}\ldots\ldots\ldots & \text{200 MH} & \text{3,750 MH}\\ b. 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. Scarcity is in relation to peoples B However, no model can include every detail of a system as complex as an, economy. economies produce many more types of goods, means this model is generally useless. Which of the following is true regarding this economic model? When the Current Account and the Capital Account are added together. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. 4. All Americans should earn more than $25,000 per year. Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. Jack owns a convertible bond with a $1,000 face value that can be exchanged for 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. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. Try Another Version Continue Breast cancer is the fifth most common cause of cancer death. You know the difficulty of remote team members forming bonds with each other. True We all laughed at the joke about_ honest man, even thou , gh it was immature attempt at humor. This PPF is not an economic model. b. This change is an example of the law of increasing opportunity costs. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. A10000 a; an Econ 210 Ch 2 Flashcards | Quizlet keep. Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. d. Demands * 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. Identify the articles that correctly complete the following sentence. Because I don't. A: The production possibility frontier shows the different combination of two goods that can be, A: The wants and desires of the individuals in the economy are unlimited but resources available to, A: The production possibilities frontier (PPF) is a downward sloping curve which is concave to the, A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for. \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ Capital Account 1. Because point F is on Japan's production possibilities frontier, you can see that if Japan is producing 41 million laptops, it can produce at most 41 million bushels of corn. In the circular-flow model of an economy, households own all the factors of production. goods, means this model is generaly useless. Households, earn their income when firms purchase or rent these factors of production to use them to produce. The new tool causes Jacques's PPF to pivot to the right. b. Control. C600800 Y = C+I+G Learn more about our help with Assignments: Thank you! It is immoral for a government to redistribute money from one person to another. generalizable components of the topic of study. Which one of the following factors could have caused the Rightward shift in the curve from AD0 to AD, Suppose Ghana produces cocoa and timber, and the following hypothetical data is provided for 2016 an, If 8 million kegs are sold, MB exceeds MC, which means that.
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