Kyoko: I don't know about that. Which of the following is true regarding this economic model? However, they need to be checked by the moderator before being published. Consider the following production possibilities frontier model for an Economics models can accurately pinpoint changes in exchange rates. Additional data from its two production departments follow. 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live The project sponsor asks the project manager to spend less money on materials. NORM Y = C+I+G How do you suppose that the wage set by a union compares to the wage in a competitive market? Alyssa's labor Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. 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. 4). Cons. Course Hero is not sponsored or endorsed by any college or university. b. \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ C 20 36 Make a chart of Gretel's schedule, with driving times and service times. . Hi-VoltageEasySlimProductionvolume12,500bottles180,000bottlesLiquidmaterials1,400gallons37,000gallonsDrymaterials620pounds12,000poundsBottles12,500bottles180,000bottlesLabels3labelsperbottle1labelperbottleMachinesetups500setups300setupsMachinehours200MH3,750MH\begin{matrix} I think government funding of health insurance is useful to ensure basic fairness. \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ Despite their differences, with which proposition are two economists chosen at random most likely to agree? * This PPF is not an economic model. 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. B) Sandwich critical feedback between less critical feedback. . His opportunity cost of producing a second truck per day is 3 balls per day. The output per worker increased resulting in more television sets being produced. An economy. \end{matrix} a. 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 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. 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. Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. 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. an; an 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. Production of X A. 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). 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. First week only $4.99! 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? Exchange rates are set by governments and do not change often. 2. In some markets, however, the supply of labor is determined by a union of workers. If Hi-Voltage sells for $3.75 per bottle, how much profit does the company earn per bottle of Hi-Voltage that it sells? This could be a flow of dollars, inputs, or outputs. A: Opportunity cost is the loss when selecting one alternative over the other. Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? What Is Rational Choice Theory? - Investopedia Which of the elements of this scenario represent a flow from a firm to a household? 42 Learn more about our help with Assignments: Thank you! 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? Now, suppose Jacques is currently using combination C, producing two trucks per day. Data about these products follow. The new tool causes Jacques's PPF to pivot to the right. 6. In Scenario D = 15 bananas and 70 apples are. Recall that each point on the production possibilities frontier shows the maximum quantity of corn Japan can produce if it also wants to produce the given quantity of laptops. B) Ensure that team members understand the larger goals of the company 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. Brian uses $225 to purchase medical services from the Medical Clinic. We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. Macroeconomics. Tim spends $250 to purchase necklace from Classy's Jewelry Store. Capital Account 1. B800400 Transcribed Image Text: 1. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Circular Flow Diagram NORM . There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. . a. Jacques: Indeed, it's gotten crazy! In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. \text{Labeling}\ldots\ldots\ldots & \text{Labels per bottle} & \text{6,525}\\ goods, means this model is generaly useless. Consider the following production possibilities frontier model for an economy that produces only two. The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type goods, means this model is generally useless. 45 These resources could be used to produce more food. Determine the cost of each product line using ABC. Based on this model, households earn income when firms purchase factors in factor markets. Which of the following statements regarding economic growth is correct? When the government increases taxes, rates of tax evasion increase. For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. Therefore, point D must be unattainable, given current resources and technology. When the Current Account and the Capital Account are added together. 2. The assumptions behind the economic order quantity (EOQ) model include all of the following EXCEPT: A. a constant rate of demand. 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. Which of the following is true regarding this economic model? which is trading at $50 per share. 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. 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. The young person's choice maximizes lifetime welfare 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. C. Holding cost per unit per year is independent of order quantity. The $450 per week Yakov earns working for Little Havana. 4. 18 Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. False Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. 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. O 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. The optimal interest rate for the Federal Reserve to target MACRO 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. plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. Full Document. Multiple Choice Question Indeed, one survey that 93% of economists agree with this proposition. CombinationCars Television Answer in Macroeconomics for Michelle #95177 Microeconomics studies decision-making at the individual level. 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. . 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm c. Packet of crisps Little Havana pays Yakov $450 per week to wait tables. Economists are no different. 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. G = g0 +g1Y In some circumstances, if taxes are lowered, government revenues actually increase. For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. In the circular-flow model of an economy, households own all the factors of production. A positive statement is one that seeks to describe the world as it is. b. which is trading at $50 per share. Our discussion breaks down as follows: 1. 7. 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER . A consumer's optimal choice when buying a flat-screen TV MICRO. Check all that apply. 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 . It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Does this vary based on the situation? Dinah's Diner pays Sam $400 per week to work as a short-order cook. These decisions provide people with the greatest benefit or satisfaction . The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. Dinah's Diner pays Shen $325 per week to work as a short-order cook. Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? You know the difficulty of remote team members forming bonds with each other. What is Economics? A) The technological advance reduced the amount of resources needed to produce 30 machines. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ His opportunity cost of producing a third truck per day is 5 balls per day. 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. This PPF is not an economic model. E2001600 B) It provides you an opportunity to share the latest company news with your remote team members. Tim earns $200 per week working for Pillmart Pharmacy. Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c c. Money Wants and demands Which of the following statements regarding economic resources is true: answer choices . Stuart earns $8 per hour working at a fast-foodrestaurant.c. The $100 Shen spends to purchase tax services from A-Plus Accountants. Bright Day Company produces two beverages, Hi-Voltage and EasySlim. The basic Economic problem is BARLEY (Miions of busheis) Suppose Japan produces two types of goods: agricultural and capital. e to acknowledge 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. 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. How do you suppose employment differs in the two cases? Based on this model, households earn income when firms purchase factors in factor markets. 9th - 12th grade. 1 gallon of root beer b. 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. What is Production Possibility Frontier? NORM Yoko can buy a chocolate bar, a can of drink and a packet of crisps. macroc.docx - 7 Aggregate Supply and Aggregate Demand Because I don't. 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 NORM Which of the following is NOT true about economics? Explain. While many economic questions are open to debate, the field is largely in agreement on some points. Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. 4 . Firms, in turn, earn revenue when households buy goods and services. Jack owns a convertible bond with a $1,000 face value that can be exchanged for Explain how a government shutdown will affect the variables in the national investment and savings identity. 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 .
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