which of the following is true regarding this economic model?

You know the difficulty of remote team members forming bonds with each other. Jack owns a convertible bond with a $1,000 face value that can be exchanged for 2. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ 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. Ana spends $9 to order a mojito cocktail. 2023 BrainRouter LTD. All rights reserved. B800400 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. d. Demands However, they need to be checked by the moderator before being published. O This PPF is not an economic model. 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. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types of Which of the following statements regarding economic growth is correct? View D . \text{Department} & \text{Driver} & \text{Cost}\\ What is the cost per bottle of Hi-Voltage? Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? 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? \text{Labels}\ldots\ldots\ldots & \text{3 labels per bottle} & \text{1 label per bottle}\\ 100 NORM PRODUCT d. Chocolate bar 45 Y Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. The convers . 40 This could be a flow of dollars, inputs, or outputs. As important. Scarcity means that resources are: Which of the elements of this scenario represent a flow from a firm to a household? The goal of a monopoly firm is to maximize profits. \end{matrix} The disagreement between these economists is most likely due to differences in values . At these points, it is possible to increase the production of both goods because some resources are unemployed. The effect of a large government budget deficit on the economy's price level MACRO Households, earn their income when firms purchase or rent these factors of production to use them to produce. Which of the following is true regarding exchange rates? POS. C) Have regularly scheduled performance reviews. 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 . Multiple Choice Question Raising the minimum wage reduces the number of employment opportunities for low skilled workers. u do first? Suppose Jacques is currently using combination D, producing one truck per day. 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. b. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. This could be a flow of dollars, inputs, or outputs. 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 . Check all that apply. Which of the following is true regarding this economic model? & \text{Hi-Voltage} & \text{EasySlim}\\ What is the cost per bottle of EasySlim? \text{Bottles} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ In order to best encourage their individual performance development, what should yo Which of the following is true regarding this economic model? 4/2 = 2 pizza 42 We reviewed their content and use your feedback to keep the quality high. Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form. 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 . Scarcity is in relation to peoples This PPF is not an economic model. Can of drink According to a circular flow diagram, which of the following flows FROM government TO households? Unformatted text preview: trying to describe. E PRODUCTION ALTERNATIVES 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. Start your trial now! Question: Which of the following is true regarding this economic model? . Indeed, one survey that 90% of economists agree with this proposition. She buys the chocolate bar as she wants it more than the drink and the crisps. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} The $100 Shen spends to purchase tax services from A-Plus Accountants. which is trading at $50 per share. Therefore, the $250 is a payment that flows from a household to a firm. households are buyers, and firms are sellers.c. "What is the purpose of this? The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. Again, consider combination D, and consider the effects of moving from there to combination E. Both before and after Jacques buys the tool, he can produce 19 balls if he devotes 6 hours to producing them and 20 balls if he devotes 8 hours to producing them. b. 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. NORM B] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. (A)r All three spend all their time washing cars. Suppose Valerie earns $550 per week working as an analyst for A-Plus Accountants. generalizable components of the topic of study. Exchange rates are stable and predictable. Now, suppose Jacques is currently using combination C, producing two trucks per day. Exchange rates are influenced by the market and subject to volatility. POB 5.01 DRAFT. a. B Identify the articles that correctly complete the following sentence. goods and services. All, A: Part (a) Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Would you say its. Diego -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. Economists make simplifying assumptions in all economic models in order to focus on the most important economic variables in a given situation. 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. Resources are scarce in relation to peoples demands Without a bailout of severely distressed financial firms, the economy will experience a deep recession. 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. Breast cancer is the fifth most common cause of cancer death. The incidence of the, Which of the following is NOT included on a RACI? Frances: I disagree. The effect of federal government spending on the national unemployment rate MACRO The fact that there are only two goods produced in this theoretical economy is a simplifying. A normative statement is one that offers an opinion as to the way the world should be. 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: Opportunity cost is the loss when selecting one alternative over the other. B Which of the following is TRUE regarding the economic order quantity (EOQ) model? How should you approach Kurt regarding his work? Therefore, spending his last 2 hours producing balls results in one additional ball. e to acknowledge Why or why not? Full Document. 24 In what sense is economics like a science? 60 Tim uses $250 to purchase necklace from Classy's Jewelry Store. A firm's decision about the size of its new factory MICRO 2019 - The South African Department of Employment & Labour Disclaimer PAIA 4/36=0.11 For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. Keep up with the worlds newest programming trends. Taxes It would be harder to find two randomly chosen economists who both agree with either of the other propositions. itive comment between constructive feedback. A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. Determine influences of aggregate supply and aggregate demand. However, no model can include every detail of a system as complex as an, economy. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. C. 20 CARS (Miions), Which of the following is true regarding this economic model? 0 a. Based on this model, households earn income when firms purchase factors in factor markets. A) The technological advance reduced the amount of resources needed to produce 30 machines. In order to best encourage their individual performance development, what should yo answered Which of the following is true regarding this economic model? Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. Stuart earns $8 per hour working at a fast-foodrestaurant.c. Question #95177. His opportunity cost of producing a second truck per day is 3 balls per day. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. Dinah's Diner pays Sam $400 per week to work as a short-order cook. -The $400 per week Sam earns working for Dinah's Diner. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c For example, two economists chosen at random are most likely to agree that employers should not be restricted from outsourcing work to foreign nations. Make a chart of Gretel's schedule, with driving times and service times. Purchase of goods and services Does this vary based on the situation? Housing prices rose very rapidly during 2002 to 2007. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Consider the following production possibilities frontier model for an economy that produces only two. 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. Kyoko: You really think households would change their saving behavior enough in response to this to make a difference? Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. Moreover, a firm sells goods, when Dinah's Diner provides the breakfast to Crystal. While many economic questions are open to debate, the field is largely in agreement on some points. The effects of government tax policy on long-term economic growth MACRO C 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. 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. a; an This change is an example of the law of increasing opportunity costs. Identify key aspects of international trade. Which of the following is NOT true about economics? Draw a productionpossibilities frontier for a society that produces food and clothing. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. , gh it was immature attempt at humor. for any assignment or question with DETAILED EXPLANATIONS! FACTOR A consumer's optimal choice when buying a flat-screen TV MICRO. economies produce many more types of goods, means this model is generally useless. a. A. Little Havana pays Yakov $450 per week to wait tables. Select the statement below that is true for BOTH supply AND demand. d. Yakov uses $375 to purchase air travel to Hawaii from Flyaway Airlines. Balance of Payments 2. The assumptions behind the economic order quantity (EOQ) model include all of the following EXCEPT: A. a constant rate of demand. a; a, 10). D. a fixed purchase price per unit. Because I don't. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. In some markets, however, the supply of labor is determined by a union of workers. 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. a. Explain the different points on the curve. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course Which of the following is true regarding this economic model? Define microeconomics and macroeconohdics. households and firms are both buyers.d. C) It provides team members an opportunity to acknowledge the assistance of another team member. Raising the minimum wage increases the rate of unemployment. 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. 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 this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. O This PPF is not an economic model. True 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? Dinah's Diner pays Brian $225 per week to work as a short-order cook. 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. Which of the following is TRUE regarding the economic order quantity (EOQ) model? Switzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe. 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. 60 , 1. Show theeffects of a drought. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. Explain why the situation faced by a labor union may resemble the situation faced by a monopoly firm. POS The disagreement between these economists is most likely due to differences in scientific judgements. households are sellers, and firms are buyers.b. Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. \text{Utilities}\ldots\ldots\ldots & \text{Machine hours} & \text{1,422}\\

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