In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. 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. 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. a. 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. 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. Which of the following is true regarding this economic model? Kurt has worked hard on his assignments, but his performance is below expectations. \text{Machine hours}\ldots\ldots\ldots & \text{200 MH} & \text{3,750 MH}\\ This could be a flow of dollars, inputs, or outputs. For future development of the economy, sustainable growth is important B Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. A 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. d. Less able to be fulfills 18 True -The $400 per week Sam earns working for Dinah's Diner. e to acknowledge For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. What is the minimum price that the company should set per bottle of EasySlim? D. a fixed purchase price per unit. 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. Economic models The following diagram presents a circular-flow model of a simple economy. Dinah's Diner pays Sam $400 per week to work as a short-order cook. 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 ALTERNATIVES Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? A. keep. Question: Which of the following is true regarding this economic model? Hi-VoltageEasySlimProductionvolume12,500bottles180,000bottlesLiquidmaterials1,400gallons37,000gallonsDrymaterials620pounds12,000poundsBottles12,500bottles180,000bottlesLabels3labelsperbottle1labelperbottleMachinesetups500setups300setupsMachinehours200MH3,750MH\begin{matrix} 7. Is there an analogous goal for labor unions? Which of the following statements regarding economic growth is correct? 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. Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. Employers should not be restricted from outsourcing work to foreign nations. 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. 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. . Answered: Which of the following is true | bartleby Business Economics 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. Suppose Valerie earns $550 per week working as an analyst for A-Plus Accountants. Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. Explain how a government shutdown will affect the variables in the national investment and savings identity. B) Sandwich critical feedback between less critical feedback. \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ Make a chart of Gretel's schedule, with driving times and service times. 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. F02000 \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ Sam uses $150 to purchase air travel to Hawaii from Flyaway Airlines. Notice that one point is the same on the initial PPF and the new PPF. C. Holding cost per unit per year is independent of order quantity. In order to best encourage their individual performance development, what should yo NORM Therefore, point D must be unattainable, given current resources and technology. 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? The $250 Tim spends to purchase necklace from Classy's Jewelry Store a. The following dialogue shows an excerpt from their debate: , 1. 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. POS Little Havana pays Yakov $450 per week to wait tables. B Which of the following is TRUE regarding the economic order quantity (EOQ) model? \end{matrix} c. Packet of crisps 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. goods and services. . -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. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. A consumer's optimal choice when buying a flat-screen TV MICRO b. c. Now extend the analogy between monopoly firms and unions. Would you describe yourself as an extrovert or an introvert? A firm's decision about the size of its new factory MICRO The effects of government tax policy on long-term economic growth MACRO However, now that he has the tool, it means giving up two trucks. Which of the following is true regarding this economic model? 7. Shanna spends $40 to get a haircut.d. Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. These decisions provide people with the greatest benefit or satisfaction . Based on this model, households earn income when firms purchase factors in factor markets. Vaccination is a method of fighting Covid -19 Identify key aspects of international trade. Suppose South Africa produces two types of goods: agricultural and capital. 37 C600800 \end{matrix} Most questions about economics address the central banking system and financial economics. Economic model are made to study certain specific variables and FACTOR DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} c. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. For example, two economists chosen at random are most likely to agree that employers should not be restricted from outsourcing work to foreign nations. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Macroeconomics is the study of factors that affect the entire economy. POS The disagreement between these economists is most likely due to differences in values . Before he bought the new tool, he could have produced one truck and 19 balls, so (1, 19) was a point on his initial PPF. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. 3. NORM Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. Could the shutdown affect the government budget deficit? Tim uses $250 to purchase necklace from Classy's Jewelry Store. Question #95177. b. households and firms are both sellers. C. a fixed lead time. Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. Suppose that Jacques, an economist from an AM talk radio program, and Kyoko, an economist from a nonprofit organization on the West Coast, are arguing over saving incentives. It implies that the interest, A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,, A: Answer a) 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. a; an 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. I need help with understanding this. The disagreement between these economists is most likely due to difference sin scientific judgement. which is trading at $50 per share. 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. Therefore, the $250 is a payment that flows from a household to a firm. FACTOR. & \text{Hi-Voltage} & \text{EasySlim}\\ How should you approach Kurt regarding his work? (D)b. Graph the production possibilities frontier for thiseconomy. The effect of a cigarette tax on the quantity of cigarettes sold MICRO b. In the circular-flow model of an economy, households own all the factors of production. 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. Consider the following production possibilities frontier model for an economy that produces only two. 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. A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. 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 this economy always operates on its productions possibilities frontier. The new tool causes Jacques's PPF to pivot to the right. Explain. Trade Surplus/Deficit 4. Exchange rates are stable and predictable. Explain the different points on the curve. An economy. 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. Which statement below about economics is false? 36 In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Kyoko: I don't know about that. In some circumstances, if taxes are lowered, government revenues actually increase. Show theeffects of a drought. 27 1 pizza 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. A) The technological advance reduced the amount of resources needed to produce 30 machines. In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. There are three certainties in this world: Death, Taxes and Homework Assignments. 4). Scarcity means that resources are: We all laughed at the joke about_ honest man, even thou 20 The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. 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. O This PPF is not an economic model. d. Chocolate bar This year and experience a Technological advance and its machine making industry. Resources are scarce in relation to peoples demands households are sellers, and firms are buyers.b. and the Medical Clinic provides the medical services to Brian. Consider the following production possibilities frontier model for an economy that produces only two goods: corn and smartphones. Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. POS. assumption that still allows economists to demonstrate key economic concepts. This could be a flow of dollars, inputs, or outputs. As important. PPF CombinationCars Television 60 Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. 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 . C) Have regularly scheduled performance reviews. Points located inside the production possibilities frontier, such as A and B, represent inefficient output combinations. Jacques's opportunity cost of producing the second truck per day is 3 balls per day while the opportunity cost of producing the third truck per day is 5 balls per day. 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. * 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. Production of X Which of the following is true regarding this economic model? Therefore, Jacques's increased ability to produce trucks increases his opportunity cost of producing balls. Households, earn their income when firms purchase or rent these factors of production to use them to produce. produces 2 goods, computers and cell phones. 4). 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. 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. Experts are tested by Chegg as specialists in their subject area. Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. a. Pillmart Pharmacy pays Tim $200 per week to work the cash register. Identify the articles that correctly complete the following sentence. 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? Suppose Japan produces only two goods: corn and laptops. C) It provides team members an opportunity to acknowledge the assistance of another team member. She uses $9 to order a mojito cocktail at Little Havana. His opportunity cost of producing a third truck per day is 5 balls per day. a; a, 10). Our discussion breaks down as follows: 1. What is Production Possibility Frontier? Stuart earns $8 per hour working at a fast-foodrestaurant.c. Showan efficient point, an inefficient point, and an infeasible point. \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ 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? The simplicity of the model allows those without formal, backgrounds in economics to understand, at a high level, the economic activities that take place in an, Based on this model, households earn income when, In the circular-flow model of an economy, households own all the factors of production. What is the common difference between the allocation of joint costs to ( a ) joint products and ( b ) by-products? PRODUCT a. Similarly, using combination C, Jacques is producing two trucks and 16 balls per day. Capital Account 1. \text{Department} & \text{Driver} & \text{Cost}\\ We all laughed at the joke about_ honest man, even thou a; an z = C+I+G The following dialogue shows an excerpt from their debate: For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course Economics models can accurately pinpoint changes in exchange rates. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. Wants and demands answered Which of the following is true regarding this economic model? The convers Check all that apply. 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. Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. 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. The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. Firms, in turn, earn revenue when households buy goods and services. What is the cost per bottle of Hi-Voltage? The fact that there are only two goods produced in this theoretical economy is a simplifying. Try Another Version Continue 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? The incidence of the, Which of the following is NOT included on a RACI? The effect of federal government spending on the national unemployment rate MACRO . E A: Opportunity cost is the loss when selecting one alternative over the other. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Y 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. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. 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. In contrast, differences in scientific judgments are due to differing opinions about factual matters, e.g., the relative merits of competing theories or the values of economic parameters. e to acknowledge 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. 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. Jack owns a convertible bond with a $1,000 face value that can be exchanged for 7 Aggregate Supply and Aggregate Demand. Which of the following is true regarding this economic model? A) It provides you an opportunity to acknowledge the assistance of a remote team member. 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. When the Current Account and the Capital Account are added together. When Alyssa (a household) supplies her labor to any firm, labor is an input (a factor of production) that flows from a household to a firm. The following dialogue shows an excerpt from their debate: Despite their differences, with which proposition are two economists chosen at random most likely to agree? Explain. At these points, it is possible to increase the production of both goods because some resources are unemployed. 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. The U.S. government has shut down a number of times in recent history. There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Positive statements may be false (for example, "You are the king of Spain"), and normative statements may reflect the value judgments of a large majority of people (for example, "It is wrong to kill innocent children"). Dinah's Diner pays Brian $225 per week to work as a short-order cook. 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. \text{Liquid materials}\ldots\ldots\ldots & \text{1,400 gallons} & \text{37,000 gallons}\\ 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. Ana spends $9 to order a mojito cocktail. 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. Multiple Choice Question 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. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. Full Document. However, they need to be checked by the moderator before being published. Unlimited For instance, when you look at the vertical axis, you see that if the United Kingdom produces zero bushels of corn, it can initially produce a maximum of 90,000 industrial robots per year. A normative statement is one that offers an opinion as to the way the world should be. . Opportunity cost Y = C+I+G Would you say its. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption thut stl alows economists to B. The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. Tariffs and import quotas generally reduce economic welfare. 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. B) Sandwich critical feedback between less critical feedback. Suppose Jacques is currently using combination D, producing one truck per day. Ordering cost per order is dependent on order quantity. 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. Resources are scarce in relation to peoples wants Studying more hours leads to an increase in your GPA. Macroeconomics. Does this vary based on the situation? This PPF is not an economic model. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. The basic Economic problem is It is immoral for a government to redistribute money from one person to another. D Draw a productionpossibilities frontier for a society that produces food and clothing. b. It addresses decision-making. Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. 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? an; a Course Hero is not sponsored or endorsed by any college or university. This PPF is not an economic model. Indeed, economies typically consist of millions of individuals interacting in, many different ways. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. She buys the chocolate bar as she wants it more than the drink and the crisps. Microeconomics studies decision-making at the individual level. 0/40=0 Therefore, spending his last 2 hours producing balls results in one additional ball. False Use the diagram in part a to illustrate this. a. 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. 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. Your comments have been successfully added. (A)r All three spend all their time washing cars. 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. Define microeconomics and macroeconohdics. Identify the correct sequence of step in the generation of an action potential. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. POS Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. FACTOR This chapter has assumed that labor is supplied by individual workers acting competitively. b. Control. Each works 10 hours a day and can produce two services: mowing lawns and washing cars.In an hour, Larry can either mow one lawn or washone car; Moe can either mow one lawn or wash twocars; and Curly can either mow two lawns or washone car.a. B. a fixed ordering cost per year.

Florida Man September 24, 2021, Council Houses Merthyr Tydfil, Articles W