However, they need to be checked by the moderator before being published. While many economic questions are open to debate, the field is largely in agreement on some points. 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? 36 Firms, in turn, earn revenue when households buy goods and services. 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. The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. Scarcity is in relation to peoples Macroeconomics. She uses $10 to have. Vaccination is a method of fighting Covid -19 an; a Which of the following is a normative statement? Therefore, spending his last 2 hours producing balls results in one additional ball. POS Define microeconomics and macroeconohdics. For instance, if Japan is currently producing at point F and decides that it wants to produce more corn, it must produce fewer laptops. O This PPF is not an economic model. 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. Without a bailout of severely distressed financial firms, the economy will experience a deep recession. Which of the following is TRUE regarding the economic order quantity (EOQ) model? \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ 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 . Show theeffects of a drought. a. You are meeting with your new remote team for the first time. However, no model can include every detail of a system as complex as an, economy. Rent ceilings reduce the quantity and quality of available housing. Jacques: Indeed, it's gotten crazy! Calculate how much of each service is producedunder the following circumstances, which welabel A, B, C, and D:r All three spend all their time mowing lawns. Indeed, one survey that 90% of economists agree with this proposition. 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 . It implies that the interest, A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,, A: Answer a) Tim uses $250 to purchase necklace from Classy's Jewelry Store. The disagreement between these economists is most likely due to differences in values . 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. In this case, the economists disagree due to differences in values because they disagree about a normative issue: the extent of the moral obligation that one human or citizen has to another. Economic models The following diagram presents a circular-flow model of a simple economy. Which of the following is true regarding this economic model? NORM The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. 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. 3 This PPF is not an economic model. An economy consists of three workers: Larry, Moe,and Curly. Given : Economics assumes that people, businesses and governments make good decisions All, A: Part (a) Identify key aspects of international trade. 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm * 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. Use the diagram in part a to illustrate this. For instance, when you look at the vertical axis, you see that if South Africa produces zero bushels of alfalfa, it can initially produce a maximum of 180,000 construction vehicles per year. Identify the correct sequence of step in the generation of an action potential. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course Wages, interest and transfer payments 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? Indeed, one survey that 93% of economists agree with this proposition. (B)r All three spend half their time on eachactivity. b. 25 shares of WUF stock, 6. A) Set clear expectations for each team member, with SMART goals. A10000 POS . b. B) It provides you an opportunity to share the latest company news with your remote team members. , 1. Wants and demands Draw a circular-flow diagram. Selena pays a storekeeper $1 for a quart of milk.b. \text{Bottles} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ The effects of government tax policy on long-term economic growth MACRO BARLEY (Miions of busheis) c. Now extend the analogy between monopoly firms and unions. Because I don't. Which of the following is true regarding this economic model? 8 An economic good or service that is scarce is one that is. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. -The $400 per week Sam earns working for Dinah's Diner. Suppose Japan produces two types of goods: agricultural and capital. 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. 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. Bright Day Company produces two beverages, Hi-Voltage and EasySlim. \text{Labels}\ldots\ldots\ldots & \text{3 labels per bottle} & \text{1 label per bottle}\\ In order to construct such a model, an economist would need real life data regarding countries that, Scientists, of all types, make assumptions in their models to simplify the complex world they are, View We all laughed at the joke about_ honest man, even thou Tariffs and import quotas generally reduce economic welfare. She uses $9 to order a mojito cocktail at Little Havana. 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. Opportunity cost The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. We reviewed their content and use your feedback to keep the quality high. . 40 The project sponsor asks the project manager to spend less money on materials. Housing prices rose very rapidly during 2002 to 2007. A. Microeconomics studies decision-making at the individual level. breakfast at Dinah's Diner. 7. How do you suppose employment differs in the two cases? . 0 While many economic questions are open to debate, the field is largely in agreement on some points. 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. C. a fixed lead time. Which of the elements of this scenario represent a flow from a firm to a household? Firms, in turn, earn revenue when households buy goods and services. itive comment between constructive feedback. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. assumption that still allows economists to demonstrate key economic concepts. . 4 I need help with understanding this. FACTOR D4001200 Click below link for Answer Showan efficient point, an inefficient point, and an infeasible point. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER Considers the economy from the consumer's point of view It would be harder to find two randomly chosen economists who both agree with either of the other propositions. POS. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. Now, suppose Jacques is currently using combination C, producing two trucks per day. The following diagram presents a circular-flow model of a simple economy. Indeed, one survey that 93% of economists agree with this proposition. 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. His opportunity cost of producing a third truck per day is 5 balls per day. 0 O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types of -The effect of an increase in the money supply on the rate of inflation, ECON 102- Problem Solving: Thinking Like an E, Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. B 2. a; a, 10). 2023 BrainRouter LTD. All rights reserved. Pillmart Pharmacy pays Tim $200 per week to work the cash register. B800400 The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. 40 C600800 Scarcity means that resources are: 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. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. While many economic questions are open to debate, the field is largely in agreement on some points. 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. What is Production Possibility Frontier? Identify the articles that correctly complete the following sentence. 5. Such a framework is based on values and cannot be confirmed or refuted by evidence. \text{Department} & \text{Driver} & \text{Cost}\\ The disagreement between these economists is most likely due to differences in scientific judgements. Suppose Jacques is currently using combination D, producing one truck per day. Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. C) Sandwich constructive feedback between positive comments. D. Holding cost per unit per year is dependent on the selling price per unit. A) Set clear expectations for each team member, with SMART goals. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. Valerie earns $550 per week working for A-Plus Accountants. Exchange rates are stable and predictable. 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. 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. d. Less able to be fulfills , gh it was immature attempt at humor. . C) Sandwich constructive feedback between positive comments. 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. Each works 10 hours a day and can produce two services: mowing lawns and washing cars.In an hour, Larry can either mow one lawn or washone car; Moe can either mow one lawn or wash twocars; and Curly can either mow two lawns or washone car.a. CARS (Miions), Which of the following is true regarding this economic model? 2 Suppose South Africa produces two types of goods: agricultural and capital. In order to best encourage their individual performance development, what should yo e to acknowledge The effect of a cigarette tax on the quantity of cigarettes sold MICRO The $100 Shen spends to purchase tax services from A-Plus Accountants. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. Which of the following is true regarding this economic model? 60 and the Medical Clinic provides the medical services to Brian. A It addresses decision-making. At these points, it is impossible to increase the production of one good without producing less of the other. 4/36=0.11 The effect of a large government budget deficit on the economy's price level MACRO Course Hero is not sponsored or endorsed by any college or university. Which of the following is true regarding exchange rates? Suppose the United Kingdom produces two types of goods: agricultural and capital. For future development of the economy, sustainable growth is important 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. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Despite their differences, with which proposition are two economists chosen at random most likely to agree? This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Dinah's Diner pays Shen $325 per week to work as a short-order cook. a; a, 10). a. \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ Trade Surplus/Deficit 4. last year it produced 50 units of food and 30 machines. Can of drink and packet of crisps However, now that he has the tool, it means giving up two trucks. However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. . Economists make simplifying assumptions in all economic models in order to focus on the most important economic variables in a given situation. 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? c. Fewer people want them In what sense is economics like a science? Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. Suppose Jacques buys a new tool that enables him to produce twice as many trucks per hour as before, but it doesn't affect his ability to produce balls. an; a 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. 2019 - The South African Department of Employment & Labour Disclaimer PAIA Additional data from its two production departments follow. Production of Y 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. Jack owns a convertible bond with a $1,000 face value that can be exchanged for Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. Based on this model, firms earn revenue when households purchase goods and services in product markets. Therefore, the $200 is a payment that flows from a firm to a household. The goal of a monopoly firm is to maximize profits. 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. You can specify conditions of storing and accessing cookies in your browser. C) Have regularly scheduled performance reviews. Which of the following is true regarding this economic model? She uses $8 to have breakfast at Dinah's Diner. A) It provides you an opportunity to acknowledge the assistance of a remote team member. A) Sandwich a pos Full Document.
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