45 Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. 8 Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. The project sponsor asks the project manager to spend less money on materials. 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. 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? The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. Production of X When the Current Account and the Capital Account are added together. a. Which of the following is true regarding this economic model? Course Hero is not sponsored or endorsed by any college or university. C) Sandwich constructive feedback between positive comments. 4/36=0.11 Alyssa's labor The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. c. Money b. b. False B) Ensure that team members understand the larger goals of the company Trade Surplus/Deficit 4. 20 Economists also make simplifying assumptions to focus on only the most important and generalizable, aspects of the economy. This PPF is not an economic model. Similarly, using combination C, Jacques is producing two trucks and 16 balls per day. A) It provides you an opportunity to acknowledge the assistance of a remote team member. Now, suppose Jacques is currently using combination C, producing two trucks per day. 7 Aggregate Supply and Aggregate Demand. This change is an example of the law of increasing opportunity costs. Identify the articles that correctly complete the following sentence. A consumer's optimal choice when buying a flat-screen TV MICRO This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Learn more about our help with Assignments: Thank you! Would you describe yourself as an extrovert or an introvert? It is immoral for a government to redistribute money from one person to another. and the Medical Clinic provides the medical services to Brian. I need help with understanding this. a; an A. There are three certainties in this world: Death, Taxes and Homework Assignments. 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? In order to best encourage their individual performance development, what should yo Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. 4). Based on this model, households earn income when firms purchase factors in factor markets. Unlimited The output per worker increased resulting in more television sets being produced. A: Opportunity cost is the loss when selecting one alternative over the other. Most questions about economics address the. This simple PPF model can still be used to model important economic concepts, such as opportunity cost, efficiency, feasibility, and technological change. Which of the following is true regarding this economic model? for any assignment or question with DETAILED EXPLANATIONS! G = g0 +g1Y c. Packet of crisps In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. PRODUCT C) Have regularly scheduled performance reviews. A) Set clear expectations for each team member, with SMART goals. 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 . Macroeconomics studies the application of economics across an economy. 4 Little Havana pays Yakov $450 per week to wait tables. . For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. Suppose Teresa earns $750 per week working as work as a flight attendant for Flyaway Airlines. 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. What does each point represent? 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. \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ 2 Breast cancer is the fifth most common cause of cancer death. The following dialogue shows an excerpt from their debate: Economics is part of the humanities because it studies human decision-making. Jack owns a convertible bond with a $1,000 face value that can be exchanged for F02000 The $250 Tim spends to purchase necklace from Classy's Jewelry Store I think government funding of health insurance is useful to ensure basic fairness. Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. For instance, if Japan is currently producing at point F and decides that it wants to produce more corn, it must produce fewer laptops. . She uses $10 to buy a box of aspirin at Pillmart Pharmacy. B800400 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. Suppose South Africa produces two types of goods: agricultural and capital. Indeed, one survey that 93% of economists agree with this proposition. Suppose Japan produces only two goods: corn and laptops. An increase in taxes raises the price of a product households and firms are both buyers.d. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. Therefore, the $200 is a payment that flows from a firm to a household. 3 In Scenario D = 15 bananas and 70 apples are. The optimal interest rate for the Federal Reserve to target MACRO Y = C+I+G Provide examples to support your points. 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. Which of the following is true regarding exchange rates? The minimum wage should be raised to $15 per hour. 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. * 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 following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. A normative statement is one that offers an opinion as to the way the world should be. 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? plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. When the government increases taxes, rates of tax evasion increase. 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 Dinah's Diner pays Brian $225 per week to work as a short-order cook. Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks: 1 gallon of root beer To make sense of all of the different aspects of an economy, economists must make, simplifying assumptions and generalizations in order to focus on only the most important economic, ideas. 37 4. Tim earns $200 per week working for Pillmart Pharmacy. Course Hero is not sponsored or endorsed by any college or university. Microeconomics studies decision-making at the individual level. The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. D Would you say its. 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. Consider the following production possibilities frontier model for an economy that produces only two. Why is it important for an economy to be on its production possibilities frontier? Jacques: Indeed, it's gotten crazy! 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. generalizable components of the topic of study. (A)r All three spend all their time washing cars. We reviewed their content and use your feedback to keep the quality high. b. 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. Because I don't. \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\ 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. The effects of government tax policy on long-term economic growth MACRO She buys the chocolate bar as she wants it more than the drink and the crisps. O This PPF is not an economic model. Taxes Economic models . 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. 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. (B)r All three spend half their time on eachactivity. 2. In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. Determine influences of aggregate supply and aggregate demand. 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. Which of the elements of this scenario represent a flow from a household to a firm? \text{Mixing department}\\ d. Less able to be fulfills Without a bailout of severely distressed financial firms, the economy will experience a deep recession. Indeed, economies typically consist of millions of individuals interacting in, many different ways. You can specify conditions of storing and accessing cookies in your browser. The goal of a monopoly firm is to maximize profits. Use the diagram in part a to illustrate this. The following dialogue shows an excerpt from their debate: Wants households are buyers, and firms are sellers.c. POS Show theeffects of a drought. 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. Economics models can accurately pinpoint changes in exchange rates. The new tool causes Jacques's PPF to pivot to the right. These simplifying assumptions allow scientists to focus on only the most important and. How do you suppose that the wage set by a union compares to the wage in a competitive market? It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Explain. 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. \text{Liquid materials}\ldots\ldots\ldots & \text{1,400 gallons} & \text{37,000 gallons}\\ Macroeconomics is the study of factors that affect the entire economy. For example, two economists chosen at random are most likely to agree that employers should not be restricted from outsourcing work to foreign nations. \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ 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 . 0/40=0 Shen uses $100 to purchase tax services from A-Plus Accountants. u do first? 7. A positive statement is one that seeks to describe the world as it is. Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. 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. Stuart earns $8 per hour working at a fast-foodrestaurant.c. Housing prices rose very rapidly during 2002 to 2007. u do first? The opportunity cost, A: Two economies - A & B Which of the following is true regarding this economic model? Kurt has worked hard on his assignments, but his performance is below expectations. Which of the following statements regarding economic growth is correct? Such a framework is based on values and cannot be confirmed or refuted by evidence. \end{matrix} In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. Cons. 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? Macroeconomics studies the application of economics across an economy. this economy always operates on its productions possibilities frontier. 6. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. a; a, 10). O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption thut stl alows economists to 3. an; an Using your answers to part a, identifypoints A, B, C, and D on your graph.c. Question: BARLEY (Miions of busheis) . Which of the following is true regarding this economic model? \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ Wages, interest and transfer payments Determine the cost of each product line using ABC. Which of the following is true regarding this economic model? b. You are meeting with your new remote team for the first time. Which of the following is NOT true about economics? B) It provides you an opportunity to share the latest company news with your remote team members. 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. c. FACTOR \text{Labels}\ldots\ldots\ldots & \text{3 labels per bottle} & \text{1 label per bottle}\\ Profits, dividends and rent You decide to start each meeting with a few minutes to say, "I'd lik What is the minimum price that the company should set per bottle of EasySlim? This PPF is not an economic model. A 25 shares of WUF stock, Tim spends $250 to purchase necklace from Classy's Jewelry Store. a) Because it does not take . 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. Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. 7. 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. An economy. economies produce many more types of goods, means this model is generally useless. CARS (Miions), Which of the following is true regarding this economic model? Show and explain why. \text{Department} & \text{Driver} & \text{Cost}\\ Based on this model, households earn income when firms purchase factors in factor markets. Explain why the production possibilities frontierhas the shape it does.d. The effect of federal government spending on the national unemployment rate MACRO , 1. 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. Diego d. Draw a circular-flow diagram. Question: Which of the following is true regarding this economic model? 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. POS 6. What is Production Possibility Frontier? An economy consists of three workers: Larry, Moe,and Curly. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} Data about these products follow. . B) It provides you an opportunity to share the latest company news with your remote team members. A) Sandwich a pos She uses $10 to have. We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. This PPF is not an economic model. Current Account 3. The disagreement between these economists is most likely due to differences in scientific judgements. Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. Multiple Choice Question Exchange rates are influenced by the market and subject to volatility. These decisions provide people with the greatest benefit or satisfaction . \text{Utilities}\ldots\ldots\ldots & \text{Machine hours} & \text{1,422}\\ The convers It addresses decision-making. Therefore, the $250 is a payment that flows from a household to a firm. Economic models The following diagram presents a circular-flow model of a simple economy. This PPF is not an economic model. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. Which of the elements of this scenario represent a flow from a firm to a household? Which of the following is true regarding this economic model? View B) Sandwich critical feedback between less critical feedback. C) It provides team members an opportunity to acknowledge the assistance of another team member. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. b. Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. While many economic questions are open to debate, the field is largely in agreement on some points. Ana spends $9 to order a mojito cocktail. Wants and demands Brian uses $225 to purchase medical services from the Medical Clinic. Unformatted text preview: trying to describe. 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. b. 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. Our discussion breaks down as follows: 1. 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. Which one of the following factors could have caused the Rightward shift in the curve from AD0 to AD, Suppose Ghana produces cocoa and timber, and the following hypothetical data is provided for 2016 an, If 8 million kegs are sold, MB exceeds MC, which means that. Are any of the allocations calculated inpart a inefficient? C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Which of the following statements regarding economic resources is true: answer choices . Identify the correct sequence of step in the generation of an action potential. B. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. a. Scarcity means that resources are: Dinah's Diner pays Sam $400 per week to work as a short-order cook. What is Economics? 9th - 12th grade. A] Real gross domestic product (GDP) measures the impact of economic growth on pollution and environmental degradation. households and firms are both sellers.

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