which of the following is true regarding this economic model?
0 You know the difficulty of remote team members forming bonds with each other. Which of the following is true regarding this economic model? Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. 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. Macroeconomics studies the application of economics across an economy. Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. Economics assumes that people, businesses and governments make good decisions We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. Start your trial now! Alyssa earns $650 per week working for Classy's Jewelry Store. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. Kyoko: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards. Which statement below about economics is false? There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Because the flu epidemic decreases the number of industrial robots the United Kingdom can produce, you should have moved the point to 60,000 industrial robots per year. Full Document. The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. It implies that the interest, A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,, A: Answer a) I need help with understanding this. Which of the following is true regarding this economic model? 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. b. All, A: Part (a) 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER 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. Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. . 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 occurs at output combination E. The effects of government tax policy on long-term economic growth MACRO b. Transcribed Image Text: 1. How should you approach Kurt regarding his work? Data about these products follow. Y = C+I+G (B)r All three spend half their time on eachactivity. POS u do first? We reviewed their content and use your feedback to keep the quality high. In what sense is economics like a science? 2. Reduce the rate of inflation Moreover, a firm sells goods, when Dinah's Diner provides the breakfast to Crystal. Trade Surplus/Deficit 4. This could be a flow of dollars, inputs, or outputs. 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. B Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. Showan efficient point, an inefficient point, and an infeasible point. His opportunity cost of producing a third truck per day is 5 balls per day. Consider the following production possibilities frontier model for an economy that produces only two goods: barley and tablets. Tariffs and import quotas generally reduce economic welfare. Suppose Teresa earns $750 per week working as work as a flight attendant for Flyaway Airlines. When using combination D, Jacques is producing one truck and 19 balls per day. The convers 4. You decide to start each meeting with a few minutes to say, "I'd lik Provide examples to support your points. Taxes A positive statement is one that seeks to describe the world as it is. For instance, if Japan is currently producing at point F and decides that it wants to produce more corn, it must produce fewer laptops. Which of the following is true regarding this economic model? When the government increases taxes, rates of tax evasion increase. False Identify the correct sequence of step in the generation of an action potential. 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. Resources are scarce in relation to peoples wants 27 keep. 7. We all laughed at the joke about_ honest man, even thou 4. O This PPF is not an economic model. Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. 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 . e to acknowledge C) Sandwich constructive feedback between positive comments. Considers the economy from the consumer's point of view Check all that apply. These simplifying assumptions allow scientists to focus on only the most important and. 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 Your comments have been successfully added. 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. Points located outside the production possibilities frontier, such as C and D, represent output combinations that are unattainable, given current resources and technology. 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. Based on this model, households earn income when firms purchase factors in factor markets. a. b. C) It provides team members an opportunity to acknowledge the assistance of another team member. Firms, in turn, earn revenue when households buy goods and services. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types of The $100 Shen spends to purchase tax services from A-Plus Accountants. 1 We all laughed at the joke about_ honest man, even thou Which of the elements of this scenario represent a flow from a firm to a household? This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Identify the articles that correctly complete the following sentence. Notice that one point is the same on the initial PPF and the new PPF. Define microeconomics and macroeconohdics. an; an B) Sandwich critical feedback between less critical feedback. 60 The assumptions behind the economic order quantity (EOQ) model include all of the following EXCEPT: A. a constant rate of demand. \text{Labeling}\ldots\ldots\ldots & \text{Labels per bottle} & \text{6,525}\\ Kyoko: I don't know about that. This simple PPF model can still be used to model important economic concepts, such as opportunity cost, efficiency, feasibility, and technological change. 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. 0/40=0 42 What is Production Possibility Frontier? DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} Circular Flow Diagram 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. Dinah's Diner pays Shen $325 per week to work as a short-order cook. Why or why not? z = C+I+G Which of the following statements regarding economic growth is correct? She uses $10 to have. 18 The following dialogue shows an excerpt from their debate: a. "What is the purpose of this? Explain. The incidence of the, Which of the following is NOT included on a RACI? \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\ c. Money Is there an analogous goal for labor unions? 40 POS His opportunity cost of producing a second truck per day is 3 balls per day. 2 an; an The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. B. -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. 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. 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. 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. Stuart earns $8 per hour working at a fast-foodrestaurant.c. C. Y B] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. The output per worker increased resulting in more television sets being produced. Demand rate is dependent on order quantity. c. Packet of crisps NORM 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. Select the statement below that is true for BOTH supply AND demand. Indeed, economies typically consist of millions of individuals interacting in, many different ways. In this case, the economists disagree due to differences in scientific judgments because they disagree about a factual matter: the responsiveness of saving rates to changes in tax regimes. 15 C) Sandwich constructive feedback between positive comments. D. a fixed purchase price per unit. a. Production of Y * This PPF is not an economic model. The effect of a cigarette tax on the quantity of cigarettes sold MICRO For future development of the economy, sustainable growth is important How do you suppose that the wage set by a union compares to the wage in a competitive market? Pillmart Pharmacy pays Tim $200 per week to work the cash register. Wages, interest and transfer payments PRODUCT. Course Hero is not sponsored or endorsed by any college or university. Moreover, a firm sells goods and services to a household in product markets when Pillmart Pharmacy provides the aspirin to Alyssa and Classy's Jewelry Store provides the necklace to Tim. C) Have regularly scheduled performance reviews. The following dialogue shows an excerpt from their debate: Dinah's Diner pays Sam $400 per week to work as a short-order cook. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. Explain the different points on the curve. The following dialogue shows an excerpt from their debate: The optimal interest rate for the Federal Reserve to target MACRO The young person's choice maximizes lifetime welfare The fact that there are only two goods produced in this theoretical economy, when, in reality. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. Suppose that Jacques, an economist from a university in Arizona, and Kyoko, an economist from a school of industrial relations, are arguing over government bailouts. demonstrate key economic concepts, Which of the following is true regarding this economic model? Economists are no different. 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. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. 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. While many economic questions are open to debate, the field is largely in agreement on some points. Therefore, point D must be unattainable, given current resources and technology. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Housing prices rose very rapidly during 2002 to 2007. 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. PRODUCTION ALTERNATIVES You are meeting with your new remote team for the first time. Would you say its. Frances: I disagree. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. c. Fewer people want them Suppose Jacques is currently using combination D, producing one truck per day. Answered: Which of the following is true | bartleby Business Economics Which of the following is true regarding this economic model? A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. 1 gallon of root beer This chapter has assumed that labor is supplied by individual workers acting competitively. Rent ceilings reduce the quantity and quality of available housing. In the circular-flow model of an economy, households own all the factors of production. Firms, in turn, earn revenue when households buy goods and services. Based on this model, firms earn revenue when households purchase goods and services in product markets. Studying more hours leads to an increase in your GPA. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Which of the elements of this scenario represent a flow from a firm to a household? B) Ensure that team members understand the larger goals of the company Now, suppose Jacques is currently using combination C, producing two trucks per day. You are meeting with your new remote team for the first time. This PPF is not an economic model. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Valerie earns $550 per week working for A-Plus Accountants. Check all that apply. Most questions about economics address the central banking system and financial economics. The convers I = bo + b1Y 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. The basic Economic problem is generalizable components of the topic of study. 1. Suppose Japan produces only two goods: corn and laptops. A) It provides you an opportunity to acknowledge the assistance of a remote team member. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. 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? 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 C. Holding cost per unit per year is independent of order quantity. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Tim spends $250 to purchase necklace from Classy's Jewelry Store. Capital Account 1. The incidence of the subsidy on the consumer will decrease. For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. Which of the following is true regarding this economic model? Macroeconomics studies the application of economics across an economy. a. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. itive comment between constructive feedback. A normative statement is one that offers an opinion as to the way the world should be. 4. 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. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Suppose South Africa produces two types of goods: agricultural and capital. 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. GOOD B. a fixed ordering cost per year. How should you approach Kurt regarding his work? PRODUCT e to acknowledge 3. An increase in taxes raises the price of a product Alyssa's labor POS Microeconomics studies decision-making at the individual level. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. Can of drink \text{Liquid materials}\ldots\ldots\ldots & \text{1,400 gallons} & \text{37,000 gallons}\\ \text{Bottles} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ False Most questions about economics address the. . There are three certainties in this world: Death, Taxes and Homework Assignments. goods, means this model is generaly useless. d. What other goals might unions have that make unions different from monopoly firms? PPF Economics is part of the humanities because it studies human decision-making. Unlimited An economy consists of three workers: Larry, Moe,and Curly. "What is the purpose of this? Selena pays a storekeeper $1 for a quart of milk.b. You know the difficulty of remote team members forming bonds with each other. 6. 25 shares of WUF stock, I think government funding of health insurance is useful to ensure basic fairness. Taxes are too high. Wants and demands Scarcity means that resources are: Which of the following is true regarding this economic model? Jack owns a convertible bond with a $1,000 face value that can be exchanged for 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. Make a chart of Gretel's schedule, with driving times and service times. assumption that still allows economists to demonstrate key economic concepts. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. -The $400 per week Sam earns working for Dinah's Diner. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. 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. Switzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe. 25 shares of WUF stock, u do first? The shift in Jacques's PPF is reflected in a corresponding change in his opportunity costs. Which of the following statements regarding economic growth is correct? Multiple Choice Question The minimum wage should be raised to $15 per hour. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. An economic good or service that is scarce is one that is. Suppose Japan produces two types of goods: agricultural and capital. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. The following diagram presents a circular-flow model of a simple economy. Which of the following is a normative statement? 6. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. Multiple Choice Question 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. The new tool causes Jacques's PPF to pivot to the right. a; a, 10). While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. 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. 37 POS There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Balance of Payments When we are discussing international trade, we are focusing on the flow of goods and services, as well as capital, among countries. Wants , gh it was immature attempt at humor. 60 These resources could be used to produce more food. Before he bought the tool, he would have to give up one truck. 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 some markets, however, the supply of labor is determined by a union of workers. Additional data from its two production departments follow. c. Nothing is free Current Account 3. Kurt has worked hard on his assignments, but his performance is below expectations. 21 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. Economic models Breast cancer is the fifth most common cause of cancer death. 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. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. Show and explain why. d. Customers demand products
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