which of the following is true regarding this economic model?

-The $400 per week Sam earns working for Dinah's Diner. 60 9th - 12th grade. She uses $9 to order a mojito cocktail at Little Havana. Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. Define microeconomics and macroeconohdics. d. Customers demand products This PPF is not an economic model. Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. Creating a model with two countries that produce thousands of products would be methodologically unfeasible. Kurt has worked hard on his assignments, but his performance is below expectations. Explain. Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. False DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} Valerie earns $550 per week working for A-Plus Accountants. b. 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. Can of drink and packet of crisps B It takes, A: The PPF's shape and its position will depend on how costly it is to keep the environment clean, that, A: The nations around the world tend to operate on the basis of the basic economic model. a; a, 10). 0 an; a for any assignment or question with DETAILED EXPLANATIONS! Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. The project sponsor asks the project manager to spend less money on materials. Kyoko: I don't know about that. 40 The effect of government regulation on a monopolist's production decisions MICRO The incidence of the subsidy on the consumer will decrease. Therefore, point D must be unattainable, given current resources and technology. 3 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. Wants However, now that he has the tool, it means giving up two trucks. 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 a domestic currency depreciates, what happens to the purchases of. C600800 I need help with understanding this. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c . Why is it important for an economy to be on its production possibilities frontier? A) Sandwich a pos c. Fewer people want them 2. This site is using cookies under cookie policy . This PPF is not an economic model. 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. Alyssa's labor 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 . It implies that the interest, A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,, A: Answer a) In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Switzerland - Wikipedia News Hour at 7pm | News Hour at 7pm | By Ghana Broadcasting Corporation Such a framework is based on values and cannot be confirmed or refuted by evidence. 1 gallon of root beer Production of Y \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ 20 A) The technological advance reduced the amount of resources needed to produce 30 machines. While many economic questions are open to debate, the field is largely in agreement on some points. Under severe restrictions Employers should not be restricted from outsourcing work to foreign nations. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. 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. X What is the cost per bottle of EasySlim? The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. 3. 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. Explain why the situation faced by a labor union may resemble the situation faced by a monopoly firm. 15 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? 2 Jacques: Indeed, it's gotten crazy! 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. In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. 4). Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. 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. The output per worker increased resulting in more television sets being produced. \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\ Raising the minimum wage increases the rate of unemployment. The convers Economists are no different. Where c1+ b1+g1, A: The loss incurred or gain derived through engaging in a particular activity or choosing an, A: PPC shows the different combinations of production of two goods at a given level of resources and, A: Production possibility frontier (PPF) curve shows the different possible combination of two goods, A: A production possibility frontier (PPF), production possibility curve (PPC), production possibility, A: Ghe production possibility curve is the representation of the potential output of two goods that can, A: A country has a comparative advantage in the good which it produces at a lower opportunity cost than, A: Consider first what is the opportunity cost? 0 Given : Stuart earns $8 per hour working at a fast-foodrestaurant.c. Consider the following production possibilities frontier model for an economy that produces only two goods: corn and smartphones. Identify the correct sequence of step in the generation of an action potential. The $100 Shen spends to purchase tax services from A-Plus Accountants. When the Current Account and the Capital Account are added together. Notice that one point is the same on the initial PPF and the new PPF. O The fact that there are only twe goods produced in this theoretical economy, when, in reality, economes produce many moe types goods, means this model is generally useless. The following diagram presents a circular-flow model of a simple economy. Indeed, one survey that 90% of economists agree with this proposition. Question #95177. An economy consists of three workers: Larry, Moe,and Curly. She uses $10 to have. 25 shares of WUF stock, . In some circumstances, if taxes are lowered, government revenues actually increase. Which statement below about economics is false? She uses $8 to have breakfast at Dinah's Diner. 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. 2019 - The South African Department of Employment & Labour Disclaimer PAIA You are meeting with your new remote team for the first time. This PPF is not an economic model. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Which of the elements of this scenario represent a flow from a firm to a household? At these points, it is possible to increase the production of both goods because some resources are unemployed. Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. Keep up with the worlds newest programming trends. Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. Suppose Valerie earns $550 per week working as an analyst for A-Plus Accountants. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. This change is an example of the law of increasing opportunity costs. b. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. These resources could be used to produce more food. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. keep. You know the difficulty of remote team members forming bonds with each other. Moreover, a firm sells goods, when Dinah's Diner provides the breakfast to Crystal. Now, suppose Jacques is currently using combination C, producing two trucks per day. The new tool causes Jacques's PPF to pivot to the right. We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. A10000 4/36=0.11 d. Less able to be fulfills B. Breast cancer is the fifth most common cause of cancer death. A) It provides you an opportunity to acknowledge the assistance of a remote team member. E this economy always operates on its productions possibilities frontier. Which of the following is true regarding this economic model? A) Sandwich a pos An economic good or service that is scarce is one that is. 100 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. 7. Despite their differences, with which proposition are two economists chosen at random most likely to agree? * 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. A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. An economy. A) Set clear expectations for each team member, with SMART goals. Start your trial now! The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. Before he bought the tool, he would have to give up one truck. You know the difficulty of remote team members forming bonds with each other. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. B) Sandwich critical feedback between less critical feedback. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. produces 2 goods, computers and cell phones. Showan efficient point, an inefficient point, and an infeasible point. Most questions about economics address the. economies produce many more types of goods, means this model is generally useless. 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. (B)r All three spend half their time on eachactivity. 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm , 1. . e to acknowledge In the circular-flow model of an economy, households own all the factors of production. Bright Day Company produces two beverages, Hi-Voltage and EasySlim. Which of the following statements regarding economic growth is correct? Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. 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. As important. 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. All Americans should earn more than $25,000 per year. This PPF is not an economic model. 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. Data about these products follow. Cons. Kurt has worked hard on his assignments, but his performance is below expectations. Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks: What is the cost per bottle of Hi-Voltage? C) Have regularly scheduled performance reviews. \text{Machine hours}\ldots\ldots\ldots & \text{200 MH} & \text{3,750 MH}\\ which is trading at $50 per share. Therefore, spending his last 2 hours producing balls results in one additional ball. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? 2. 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. His opportunity cost of producing a second truck per day is 3 balls per day. . Based on this model, households earn income when firms purchase factors in factor markets. Question: Suppose Jacques is currently using combination D, producing one truck per day. Determine influences of aggregate supply and aggregate demand. Points located inside the production possibilities frontier, such as A and B, represent inefficient output combinations. a. Yakov uses $375 to purchase air travel to Hawaii from Flyaway Airlines. When using combination D, Jacques is producing one truck and 19 balls per day. Selena pays a storekeeper $1 for a quart of milk.b. Ana spends $9 to order a mojito cocktail. Macroeconomics is the study of factors that affect the entire economy. She uses $10 to have breakfast at Dinah's Diner. a; an 24 F02000 A) It provides you an opportunity to acknowledge the assistance of a remote team member. 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. This PPF is not an economic model. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption thut stl alows economists to Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. However, no model can include every detail of a system as complex as an, economy. GOOD POS. plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. generalizable components of the topic of study. Points located outside the production possibilities frontier, such as C and D, represent output combinations that are unattainable, given current resources and technology. In what sense is economics like a science? Chapter 2 Econ.docx - Which of the following is true OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods The optimal interest rate for the Federal Reserve to target MACRO Are any of the allocations calculated inpart a inefficient? Therefore, the $200 is a payment that flows from a firm to a household. Suppose South Africa produces two types of goods: agricultural and capital. 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. a. 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. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. \text{Labels}\ldots\ldots\ldots & \text{3 labels per bottle} & \text{1 label per bottle}\\ How do you suppose that the wage set by a union compares to the wage in a competitive market? The effect of a cigarette tax on the quantity of cigarettes sold MICRO B) Ensure that team members understand the larger goals of the company How should you approach Kurt regarding his work? Try Another Version Continue A normative statement is one that offers an opinion as to the way the world should be. You are meeting with your new remote team for the first time. This simple PPF model can still be used to model important economic concepts, such as opportunity cost, efficiency, feasibility, and technological change. These simplifying assumptions allow scientists to focus on only the most important and. Which of the following is true regarding this economic model? last year it produced 50 units of food and 30 machines. POS 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. \end{matrix} Alyssa earns $650 per week working for Classy's Jewelry Store. \text{Mixing department}\\ 5. 7 Aggregate Supply and Aggregate Demand. When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. Course Hero is not sponsored or endorsed by any college or university. However, they need to be checked by the moderator before being published. 7. Transcribed Image Text: 1. What does each point represent? . 4). Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? 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. Scarcity means that resources are: Multiple Choice Question d. Demands 27 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 . Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. The following diagram presents a circular-flow model of a simple economy. This could be a flow of dollars, inputs, or outputs. The effects of government tax policy on long-term economic growth MACRO

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