which of the following is true regarding this economic model?

a. 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. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. How do you suppose that the wage set by a union compares to the wage in a competitive market? According to a circular flow diagram, which of the following flows FROM government TO households? Show theeffects of a drought. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. For future development of the economy, sustainable growth is important Breast cancer is the fifth most common cause of cancer death. Our discussion breaks down as follows: 1. You are meeting with your new remote team for the first time. Tariffs and import quotas generally reduce economic welfare. The following dialogue shows an excerpt from their debate: Employers should not be restricted from outsourcing work to foreign nations. Despite their differences, with which proposition are two economists chosen at random most likely to agree? This PPF is not an economic model. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. Scarcity is in relation to peoples 3. 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. Control. a. NORM It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. Data about these products follow. For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. Goods and services have a price because Indeed, one survey that 93% of economists agree with this proposition. Tim uses $250 to purchase necklace from Classy's Jewelry Store. 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 . d. Demands It would be harder to find two randomly chosen economists who both agree with either of the other propositions. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Taxes are too high. Which of the following is true regarding this economic model? 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. A normative statement is one that offers an opinion as to the way the world should be. Note that describing a statement as positive or normative is not the same as describing it as true or false. 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. Reduce the rate of inflation 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. Exchange rates are set by governments and do not change often. macroc.docx - 7 Aggregate Supply and Aggregate Demand Macroeconomics is the study of factors that affect the entire economy. A: Opportunity cost is the loss when selecting one alternative over the other. \text{Machine hours}\ldots\ldots\ldots & \text{200 MH} & \text{3,750 MH}\\ Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. Indeed, economies typically consist of millions of individuals interacting in, many different ways. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. \text{Labeling}\ldots\ldots\ldots & \text{Labels per bottle} & \text{6,525}\\ C. Holding cost per unit per year is independent of order quantity. NORM 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. All Americans should earn more than $25,000 per year. Demand rate is dependent on order quantity. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. A) Set clear expectations for each team member, with SMART goals. Chapter 2 Econ.docx - Which of the following is true She uses $9 to order a mojito cocktail at Little Havana. A consumer's optimal choice when buying a flat-screen TV MICRO The effect of a large government budget deficit on the economy's price level MACRO b. Capital Account 1. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. The $100 Shen spends to purchase tax services from A-Plus Accountants. Dinah's Diner pays Brian $225 per week to work as a short-order cook. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. u do first? B800400 ) An increase in real GDP per capita implies that income is more evenly distributed in the economy. The basic Economic problem is 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. c. Nothing is free What happens to this frontier if disease kills half of the economys cow population? 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live The minimum wage should be raised to $15 per hour. 27 (A)r All three spend all their time washing cars. \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. The shift in Jacques's PPF is reflected in a corresponding change in his opportunity costs. a. 15 In order to best encourage their individual performance development, what should yo 1 gallon of root beer Communism - Wikipedia Which of the following is true regarding this economic model? These simplifying assumptions allow scientists to focus on only the most important and. a; an 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. 2 demonstrate key economic concepts, Which of the following is true regarding this economic model? Econ 210 Ch 2 Flashcards | Quizlet Based on this model, households earn income when firms purchase factors in factor markets. This occurs at output combination E. 37 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. a; a, 10). 25 shares of WUF stock, Economic model are made to study certain specific variables and Stuart earns $8 per hour working at a fast-foodrestaurant.c. Could the shutdown affect the government budget deficit? Alyssa earns $650 per week working for Classy's Jewelry Store. b.) Answered: Which of the following is true | bartleby 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. We all laughed at the joke about_ honest man, even thou Housing prices rose very rapidly during 2002 to 2007. The $250 Tim spends to purchase necklace from Classy's Jewelry Store 4/2 = 2 pizza When the Current Account and the Capital Account are added together. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. Check all that apply. C. a fixed lead time. Which of the following is true regarding this economic model? For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. 0 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm and the Medical Clinic provides the medical services to Brian. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption thut stl alows economists to \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ Unlimited Y = C+I+G All, A: Part (a) Which of the following is TRUE regarding the economic order quantity (EOQ) model? Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. 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. b. A) Sandwich a pos The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. There are three certainties in this world: Death, Taxes and Homework Assignments. an; a Which of the following is true regarding this economic model? Because I don't. 4. , 1. Capitalism - Wikipedia Without a bailout of severely distressed financial firms, the economy will experience a deep recession. c. Money Tim spends $250 to purchase necklace from Classy's Jewelry Store. When using combination D, Jacques is producing one truck and 19 balls per day. PRODUCTION ALTERNATIVES Does this vary based on the situation? 4 This PPF is not an 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. Firms, in turn, earn revenue when households buy goods and services. These decisions provide people with the greatest benefit or satisfaction . 0 Therefore, Jacques's increased ability to produce trucks increases his opportunity cost of producing balls. 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] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. Identify the articles that correctly complete the following sentence. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. Doctors should encourage women aged 60 to 69 to be screened for breast cancer. b. What is the cost per bottle of Hi-Voltage? C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Transcribed Image Text: 1. Suppose Jacques is currently using combination D, producing one truck per day. Why or why not? 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. 60 Why is it important for an economy to be on its production possibilities frontier? Production of X NORM Suppose that Dmitri, an economist from a research institute in Texas, and Frances, an economist from a university in Massachusetts, are arguing over health insurance. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. 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. 2. 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. Economics Chapter 2 quiz Flashcards | Quizlet We all laughed at the joke about_ honest man, even thou Define microeconomics and macroeconohdics. An economy consists of three workers: Larry, Moe,and Curly. Moreover, a firm sells goods, when Dinah's Diner provides the breakfast to Crystal. The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. goods and services. Purchase of goods and services Suppose Teresa earns $750 per week working as work as a flight attendant for Flyaway Airlines. 9th - 12th grade. 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. Which of the following statements regarding economic resources is true: answer choices . * This PPF is not an economic model. View True A An increase in taxes raises the price of a product The fact that there are only two goods produced in this theoretical economy is a simplifying. POS The circular-flow diagram illustrates that, in marketsfor the factors of production,a. A. OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods PRODUCT. Firms, in turn, earn revenue when households buy goods and services. This PPF is not an economic model. Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. Our experts will gladly share their knowledge and help you with programming projects. b. 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. Given : 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. Based on this model, households earn income when firms purchase factors in factor markets. Additional data from its two production departments follow. Y B. In order to best encourage their individual performance development, what should yo 4/36=0.11 In some markets, however, the supply of labor is determined by a union of workers. First week only $4.99! An economy. Creating a model with two countries that produce thousands of products would be methodologically unfeasible. BARLEY (Miions of busheis) If Hi-Voltage sells for $3.75 per bottle, how much profit does the company earn per bottle of Hi-Voltage that it sells? The young person's choice maximizes lifetime welfare 60 True POS 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. Which of the following is a normative statement? Draw a circular-flow diagram. B) Sandwich critical feedback between less critical feedback. Course Hero is not sponsored or endorsed by any college or university. a; an Under severe restrictions 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? The following diagram presents a circular-flow model of a simple economy. a.) Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. B) It provides you an opportunity to share the latest company news with your remote team members. Dinah's Diner pays Sam $400 per week to work as a short-order cook. Course Hero is not sponsored or endorsed by any college or university. itive comment between constructive feedback. b. 6. * 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. 24 -The $400 per week Sam earns working for Dinah's Diner. Which of the following is true regarding this economic model? Jacques: Indeed, it's gotten crazy! 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. Firms, in turn, earn revenue when households buy goods and services. Bright Day Company produces two beverages, Hi-Voltage and EasySlim. 2. Points located inside the production possibilities frontier, such as A and B, represent inefficient output combinations. 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 \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ Wants How do you suppose employment differs in the two cases? Indeed, one survey that 90% of economists agree with this proposition. A) Set clear expectations for each team member, with SMART goals. 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.

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