d. Less able to be fulfills However, now that he has the tool, it means giving up two trucks. There are three certainties in this world: Death, Taxes and Homework Assignments. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Would you say its. 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). The convers These decisions provide people with the greatest benefit or satisfaction . 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. 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. This PPF is not an economic model. Provide examples to support your points. Diego This occurs at output combination E. 1 pizza At these points, it is possible to increase the production of both goods because some resources are unemployed. It is immoral for a government to redistribute money from one person to another. breakfast at Dinah's Diner. Select the statement below that is true for BOTH supply AND demand. 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. 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. Ana spends $9 to order a mojito cocktail. 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. According to a circular flow diagram, which of the following flows FROM government TO households? Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. itive comment between constructive feedback. u do first? The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. D Consider the following production possibilities frontier model for an economy that produces only two goods: corn and smartphones. 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. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? CombinationCars Television As important. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. A: Opportunity cost is the loss when selecting one alternative over the other. However, no model can include every detail of a system as complex as an, economy. Question: Which of the following is true regarding this economic model? Therefore, point D must be unattainable, given current resources and technology. In the circular-flow model of an economy, households own all the factors of production. Balance of Payments 2. an; an Rent ceilings reduce the quantity and quality of available housing. plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. 1. How do you suppose that the wage set by a union compares to the wage in a competitive market? Indeed, economies typically consist of millions of individuals interacting in, many different ways. Our experts will gladly share their knowledge and help you with programming projects. 2 You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Would you describe yourself as an extrovert or an introvert? What is Production Possibility Frontier? ) An increase in real GDP per capita implies that income is more evenly distributed in the economy. Why is it important for an economy to be on its production possibilities frontier? Firms, in turn, earn revenue when households buy goods and services. z = C+I+G Kyoko: You really think households would change their saving behavior enough in response to this to make a difference? Households, earn their income when firms purchase or rent these factors of production to use them to produce. FACTOR. . 25 shares of WUF stock, Identify the articles that correctly complete the following sentence. Little Havana pays Yakov $450 per week to wait tables. 4). Which of the following is TRUE regarding the economic order quantity (EOQ) model? This could be a flow of dollars, inputs, or outputs. b. When the Current Account and the Capital Account are added together. An increase in taxes raises the price of a product d. Customers demand products B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. a. 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. Y What happens to this frontier if disease kills half of the economys cow population? 24 C) It provides team members an opportunity to acknowledge the assistance of another team member. The following dialogue shows an excerpt from their debate: First week only $4.99! 60 Shen uses $100 to purchase tax services from A-Plus Accountants. Which of the following is true regarding this economic model? Economics models can accurately pinpoint changes in exchange rates. 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. 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? You are meeting with your new remote team for the first time. Explain. (B)r All three spend half their time on eachactivity. Tariffs and import quotas generally reduce economic welfare. POS This PPF is not an economic model. for any assignment or question with DETAILED EXPLANATIONS! 9th - 12th grade. Based on this model, firms earn revenue when households purchase goods and services in product markets. 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 economy always operates on its productions possibilities frontier. 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. You know the difficulty of remote team members forming bonds with each other. 15 POS Can of drink A) The technological advance reduced the amount of resources needed to produce 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. The $250 Tim spends to purchase necklace from Classy's Jewelry Store 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. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. 80 Wages, interest and transfer payments & \text{Hi-Voltage} & \text{EasySlim}\\ Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} 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. Y = C+I+G 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. last year it produced 50 units of food and 30 machines. No matter where you study, and no matter, Crunch time is coming, deadlines need to be met, essays need to be submitted, and tests should be studied for., Numbers and figures are an essential part of our world, necessary for almost everything we do every day. She uses $9 to order a mojito cocktail at Little Havana. 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. Macroeconomics studies the application of economics across an economy. A) It provides you an opportunity to acknowledge the assistance of a remote team member. This chapter has assumed that labor is supplied by individual workers acting competitively. \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ 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. C) It provides team members an opportunity to acknowledge the assistance of another team member. Which of the following is a normative statement? , gh it was immature attempt at humor. Wants b. Check all that apply. b. A normative statement is one that offers an opinion as to the way the world should be. Because I don't. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. Current Account 3. There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Production of X The incidence of the subsidy on the consumer will decrease. 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. She uses $8 to have breakfast at Dinah's Diner. Multiple Choice Question a. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ 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. 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 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. Scarcity means that resources are: Goods and services have a price because \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ In the circular-flow model of an economy, households own all the factors of production. Therefore, macroeconomists tend to create models to analyze how aggregate phenomena such as growth, inflation, and unemployment respond to policy decisions of governments and central banks, changes in aggregate spending or savings, and supply or demand shocks. Which of the following is true regarding this economic model? D. a fixed purchase price per unit. Try Another Version Continue C. Holding cost per unit per year is independent of order quantity. B Which of the following is TRUE regarding the economic order quantity (EOQ) model? e to acknowledge 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. keep. Could the shutdown affect the government budget deficit? Jack owns a convertible bond with a $1,000 face value that can be exchanged for Reduce the rate of inflation 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. Multiple Choice Question Raising the minimum wage increases the rate of unemployment. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. The following dialogue shows an excerpt from their debate: Cons. The following diagram presents a circular-flow model of a simple economy. A) It provides you an opportunity to acknowledge the assistance of a remote team member. True an; a Which of the following statements regarding economic growth is correct? Start your trial now! Explanation: PPF model the production possibility frontier states that two types of goods can be produced, at any given time of production, and for certain resources provided. The project sponsor asks the project manager to spend less money on materials. Draw a circular-flow diagram. Course Hero is not sponsored or endorsed by any college or university. Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. I = bo + b1Y The convers Is there an analogous goal for labor unions? . A. "What is the purpose of this? Macroeconomics. PRODUCTION ALTERNATIVES The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. The shift in Jacques's PPF is reflected in a corresponding change in his opportunity costs. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. Exchange rates are set by governments and do not change often. 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 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. When the government increases taxes, rates of tax evasion increase. . His opportunity cost of producing a third truck per day is 5 balls per day. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. 5. Alyssa's labor Explain why the situation faced by a labor union may resemble the situation faced by a monopoly firm. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, 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? 42 The disagreement between these economists is most likely due to difference sin scientific judgement. 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. Scarcity is in relation to peoples O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption thut stl alows economists to 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. However, they need to be checked by the moderator before being published. I need help with understanding this. Unlimited 6. Which of the following is NOT true about economics? . Course Hero is not sponsored or endorsed by any college or university. The basic Economic problem is While many economic questions are open to debate, the field is largely in agreement on some points. OIn order to construct such a model, an economist wouid need real e data regarding countes that produce only tw goods The fact that there are only two goods produced in this theoretical economy is a simpifying aumption tht st aows ecinomsts demonstrate kery economic concepts. B 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. Circular Flow Diagram The effect of government regulation on a monopolist's production decisions MICRO C Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. 2. How should you approach Kurt regarding his work? Suppose Jacques is currently using combination D, producing one truck per day. Doctors should encourage women aged 60 to 69 to be screened for breast cancer. In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. 25 shares of WUF stock, Based on this model, firms earn revenue when households purchase goods and services in product markets. d. What other goals might unions have that make unions different from monopoly firms? CARS (Miions), Which of the following is true regarding this economic model? Given : 0 How should you approach Kurt regarding his work? a; an Bright Day Company produces two beverages, Hi-Voltage and EasySlim. 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. \text{Labeling}\ldots\ldots\ldots & \text{Labels per bottle} & \text{6,525}\\ Unformatted text preview: trying to describe. C) Have regularly scheduled performance reviews. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. 4). This year and experience a Technological advance and its machine making industry. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. 40 Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. O This PPF is not an economic model. Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. b. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. Jack owns a convertible bond with a $1,000 face value that can be exchanged for Every two period, A: Economic analysis based on different approaches to see a specific situation to find all the possible, A: Opportunity cost of What is the cost per bottle of Hi-Voltage? and the Medical Clinic provides the medical services to Brian. Salma earns $20,000 from her 10 percentownership of Acme Industrial. D4001200 an; an In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Dinah's Diner pays Shen $325 per week to work as a short-order cook. Which of the following is true regarding exchange rates? It would be harder to find two randomly chosen economists who both agree with either of the other propositions. The effect of federal government spending on the national unemployment rate MACRO All Americans should earn more than $25,000 per year. False Brian uses $225 to purchase medical services from the Medical Clinic. Suppose Japan produces only two goods: corn and laptops. * 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. b. Control. The effects of government tax policy on long-term economic growth MACRO 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. Which of the following is true regarding this economic model? Consider the following production possibilities frontier model for an economy that produces only two goods: barley and tablets. \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\ 27 . OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods When a domestic currency depreciates, what happens to the purchases of. What is Economics? Because of the improvement in soil quality, more bushels of barley can be produced on any given amount of land; however, there is no reason to think that the maximum amount of cars that can be produced would change. In some circumstances, if taxes are lowered, government revenues actually increase. This site is using cookies under cookie policy . This could be a flow of dollars, inputs, or outputs. c. Money In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. 3. Tim uses $250 to purchase necklace from Classy's Jewelry Store. 2. which is trading at $50 per share. 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. Which of the elements of this scenario represent a flow from a firm to a household? This change is an example of the law of increasing opportunity costs. B) It provides you an opportunity to share the latest company news with your remote team members. , gh it was immature attempt at humor. Question: What is the common difference between the allocation of joint costs to ( a ) joint products and ( b ) by-products? Microeconomics studies decision-making at the individual level. This PPF is not an economic model. Moreover, a firm sells goods, when Dinah's Diner provides the breakfast to Crystal. Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. 3. 4. Additional data from its two production departments follow. Explain how a government shutdown will affect the variables in the national investment and savings identity. It is a concave curve which shows the combination of the, A: Economics is a branch of social science that deals with the production, distribution, and, A: PPF shows the different combinations of two goods that can be produced with available resources. economies produce many more types of goods, means this model is generally useless. The disagreement between these economists is most likely due to differences in scientific judgements. 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 . The $450 per week Yakov earns working for Little Havana. Determine the cost of each product line using ABC. B) Sandwich critical feedback between less critical feedback. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. In this case, while much of the practical application of the production possibilities frontier (PPF) model is lost when only two goods are allowed, many key insights can more easily be demonstrated due to the simplicity of the model. a. produces 2 goods, computers and cell phones. This PPF is not an economic model. 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER You know the difficulty of remote team members forming bonds with each other. 40 Firms, in turn, earn revenue when households buy goods and services. households and firms are both buyers.d. Creating a model with two countries that produce thousands of products would be methodologically unfeasible. PPF model the production possibility frontier states that two types of goods can be produced, at any given time of production, and for certain resources provided. 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"). POS Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. Kurt has worked hard on his assignments, but his performance is below expectations. (D)b. Graph the production possibilities frontier for thiseconomy. a. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Economics is part of the humanities because it studies human decision-making. Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. Our discussion breaks down as follows: 1. a. Such a framework is based on values and cannot be confirmed or refuted by evidence. B800400 Kyoko: I don't know about that. A consumer's optimal choice when buying a flat-screen TV MICRO. PPF a. Firms, in turn, earn revenue when households buy goods and services. Tariffs and import quotas generally reduce economic welfare. She uses $10 to have breakfast at Dinah's Diner. . False The fact that there are only two goods produced in this theoretical economy is a simplifying. Notice that one point is the same on the initial PPF and the new PPF. Macroeconomics is the study of factors that affect the entire economy. \text{Mixing department}\\ Identify the correct sequence of step in the generation of an action potential. True Suppose Valerie earns $550 per week working as an analyst for A-Plus Accountants. Vaccination is a method of fighting Covid -19 -The $400 per week Sam earns working for Dinah's Diner. Switzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe.

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