. Which of the following statements regarding economic growth is correct? The disagreement between these economists is most likely due to differences in scientific judgements. Based on this model, firms earn revenue when households purchase goods and services in product markets. She uses $8 to have breakfast at Dinah's Diner. . ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. \text{Department} & \text{Driver} & \text{Cost}\\ 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? O This PPF is not an economic model. 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. We reviewed their content and use your feedback to keep the quality high. 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Switzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe. economies produce many more types of goods, means this model is generally useless. The $450 per week Yakov earns working for Little Havana. The following dialogue shows an excerpt from their debate: 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. 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. Profits, dividends and rent fixed resources mean there are limited and scarce resources and full employment means all, A: Production possibilities frontier shows combinations of two goods a country can produce with the, A: Point Try Another Version Continue 8 Start your trial now! https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Opportunity cost In the circular-flow model of an economy, households own all the factors of production. CARS (Miions), Which of the following is true regarding this economic model? 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. 2. 20 An increase in taxes raises the price of a product 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. Breast cancer is the fifth most common cause of cancer death. E2001600 Suppose Valerie earns $550 per week working as an analyst for A-Plus Accountants. 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? Consider the following production possibilities frontier model for an economy that produces only two goods: corn and smartphones. which is trading at $50 per share. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. 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. Showan efficient point, an inefficient point, and an infeasible point. A] Real gross domestic product (GDP) measures the impact of economic growth on pollution and environmental degradation. Points located outside the production possibilities frontier, such as C and D, represent output combinations that are unattainable, given current resources and technology. However, they need to be checked by the moderator before being published. 25 shares of WUF stock, What is the minimum price that the company should set per bottle of EasySlim? The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. If Hi-Voltage sells for $3.75 per bottle, how much profit does the company earn per bottle of Hi-Voltage that it sells? (D)b. Graph the production possibilities frontier for thiseconomy. Your physics assignments can be a real challenge, and the due date can be really close feel free to use our assistance and get the desired result. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. . Which of the following statements regarding economic resources is true: answer choices . b. Exchange rates are influenced by the market and subject to volatility. A consumer's optimal choice when buying a flat-screen TV MICRO. However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. By grouping all individuals into households and firms and all markets into markets for goods and, services and markets for factors of production, economists can model how dollars and resources flow, back and forth among agents in the economy. Course Hero is not sponsored or endorsed by any college or university. BARLEY (Miions of busheis) Which of the following is true regarding this economic model? Therefore, macroeconomists tend to create models to analyze how aggregate phenomena such as growth, inflation, and unemployment respond to policy decisions of governments and central banks, changes in aggregate spending or savings, and supply or demand shocks. As important. 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. 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. You decide to start each meeting with a few minutes to say, "I'd lik 1. The opportunity cost of buying the chocolate bar is Notice that one point is the same on the initial PPF and the new PPF. The U.S. government has shut down a number of times in recent history. Tariffs and import quotas generally reduce economic welfare. While many economic questions are open to debate, the field is largely in agreement on some points. Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. C) Have regularly scheduled performance reviews. A. 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. Determine influences of aggregate supply and aggregate demand. a.) 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 It would be harder to find two randomly chosen economists who both agree with either of the other propositions. C) Sandwich constructive feedback between positive comments. Current Account 3. This PPF is not an economic model. Select the statement below that is true for BOTH supply AND demand. NORM At these points, it is possible to increase the production of both goods because some resources are unemployed. last year it produced 50 units of food and 30 machines. breakfast at Dinah's Diner. d. What other goals might unions have that make unions different from monopoly firms? Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. 45 The following diagram presents a circular-flow model of a simple economy. His opportunity cost of producing a third truck per day is 5 balls per day. How do you suppose that the wage set by a union compares to the wage in a competitive market? She buys the chocolate bar as she wants it more than the drink and the crisps. Which of the elements of this scenario represent a flow from a firm to a household? CombinationCars Television 0 this economy always operates on its productions possibilities frontier. First week only $4.99! His opportunity cost of producing a second truck per day is 3 balls per day. Tariffs and import quotas generally reduce economic welfare. C Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. a. Diego 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. Indeed, one survey that 93% of economists agree with this proposition. 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. a. 100 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. Resources are scarce in relation to peoples demands \text{Labeling}\ldots\ldots\ldots & \text{Labels per bottle} & \text{6,525}\\ Is there an analogous goal for labor unions? households and firms are both sellers. While many economic questions are open to debate, the field is largely in agreement on some points. This could be a flow of dollars, inputs, or outputs. d. Less able to be fulfills 4 d. Unlimited Firms, in turn, earn revenue when households buy goods and services. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. \text{Mixing department}\\ . How should you approach Kurt regarding his work? Scarcity means that resources are: B. Vaccination is a method of fighting Covid -19 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. A) Sandwich a pos 24 Does this vary based on the situation? How do you suppose employment differs in the two cases? Which of the following is true regarding this economic model? a. 25 shares of WUF stock, This site is using cookies under cookie policy . a. 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. 60 Which of the elements of this scenario represent a flow from a firm to a household? Show and explain why. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Dinah's Diner pays Brian $225 per week to work as a short-order cook. 0 Draw a circular-flow diagram. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. According to a circular flow diagram, which of the following flows FROM government TO households? Employers should not be restricted from outsourcing work to foreign nations. 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. Economics models can accurately pinpoint changes in exchange rates. 3. Show theeffects of a drought. Wants and demands FACTOR. which is trading at $50 per share. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. produces 2 goods, computers and cell phones. Economic model are made to study certain specific variables and A consumer's optimal choice when buying a flat-screen TV MICRO Learn more about our help with Assignments: Thank you! Sam uses $150 to purchase air travel to Hawaii from Flyaway Airlines. A firm's decision about the size of its new factory MICRO The effects of government tax policy on long-term economic growth MACRO 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. Therefore, point D must be unattainable, given current resources and technology. Ana spends $9 to order a mojito cocktail. = Co + c1(Y T) . It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. The assumptions behind the economic order quantity (EOQ) model include all of the following EXCEPT: A. a constant rate of demand. Consider the following production possibilities frontier model for an economy that produces only two goods: barley and tablets. 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. Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. It takes, A: The PPF's shape and its position will depend on how costly it is to keep the environment clean, that, A: The nations around the world tend to operate on the basis of the basic economic model. Pillmart Pharmacy pays Tim $200 per week to work the cash register. a; a, 10). 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. Bright Day Company produces two beverages, Hi-Voltage and EasySlim. Trade Surplus/Deficit 4. Suppose South Africa produces two types of goods: agricultural and capital. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ answered Which of the following is true regarding this economic model? 36 B) It provides you an opportunity to share the latest company news with your remote team members. The $100 Shen spends to purchase tax services from A-Plus Accountants. B Which of the following is TRUE regarding the economic order quantity (EOQ) model? Tim earns $200 per week working for Pillmart Pharmacy. Which of the following statements regarding economic growth is correct? In the circular-flow model of an economy, households own all the factors of production. 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. Packet of crisps X 3 B) Ensure that team members understand the larger goals of the company We all laughed at the joke about_ honest man, even thou The following diagram presents a circular-flow model of a simple economy. b. The optimal interest rate for the Federal Reserve to target MACRO Y = C+I+G Question #95177. The young person's choice maximizes lifetime welfare . O This PPF is not an economic model. 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. These decisions provide people with the greatest benefit or satisfaction . Which of the following is TRUE regarding the economic order quantity (EOQ) model? 2. Suppose Japan produces two types of goods: agricultural and capital. Additional data from its two production departments follow. 4). For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ Raising the minimum wage reduces the number of employment opportunities for low skilled workers. Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. This chapter has assumed that labor is supplied by individual workers acting competitively. an; an Given : An economic good or service that is scarce is one that is. Therefore, Jacques's increased ability to produce trucks increases his opportunity cost of producing balls. However, now that he has the tool, it means giving up two trucks. 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. A) Sandwich a pos Which of the following is true regarding this economic model? b. This could be a flow of dollars, inputs, or outputs. 1 pizza 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. DepartmentMixingdepartmentLiquidmaterialsDrymaterialsUtilitiesBottlingdepartmentBottlesLabelingMachinesetupDriverGallonsPoundsMachinehoursUnitsLabelsperbottleSetupsCost$2,3046,9411,422$77,0006,52520,000. Dinah's Diner pays Shen $325 per week to work as a short-order cook. Alyssa earns $650 per week working for Classy's Jewelry Store. The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. 40 B When a domestic currency depreciates, what happens to the purchases of. Capital Account 1. 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. Determine the cost of each product line using ABC. 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. . True 3. Are any of the allocations calculated inpart a inefficient? 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. Selena pays a storekeeper $1 for a quart of milk.b. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} households and firms are both buyers.d. 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. D. a fixed purchase price per unit. Full Document. . Circular Flow Diagram An economy consists of three workers: Larry, Moe,and Curly. A Balance of Payments 2. POS 37 However, no model can include every detail of a system as complex as an, economy. Which of the following is true regarding this economic model? Which of the elements of this scenario represent a flow from a household to a firm? Which of the following is true regarding this economic model? \text{Machine hours}\ldots\ldots\ldots & \text{200 MH} & \text{3,750 MH}\\ Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. a; an Firms, in turn, earn revenue when households buy goods and services. I = bo + b1Y Exchange rates are stable and predictable. -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. In order to best encourage their individual performance development, what should yo e to acknowledge 2023 BrainRouter LTD. All rights reserved. Which of the following is true regarding this economic model? Frances: I disagree. * 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. a) Because it does not take . Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. \text{Labels}\ldots\ldots\ldots & \text{3 labels per bottle} & \text{1 label per bottle}\\ Goods and services have a price because Wants Without a bailout of severely distressed financial firms, the economy will experience a deep recession. b. D. Holding cost per unit per year is dependent on the selling price per unit. A10000 7 Aggregate Supply and Aggregate Demand. , gh it was immature attempt at humor. 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? 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 fact that there are only two goods produced in this theoretical economy, when, in reality. 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. 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. For instance, if Japan is currently producing at point F and decides that it wants to produce more corn, it must produce fewer laptops. E Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. POS 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. * This PPF is not an economic model. Most questions about economics address the. 1 Wages, interest and transfer payments 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. What is Economics? u do first? b. In some markets, however, the supply of labor is determined by a union of workers. keep. 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. Kyoko: You really think households would change their saving behavior enough in response to this to make a difference? for any assignment or question with DETAILED EXPLANATIONS! 20 She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Full Document. 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. Therefore, the $250 is a payment that flows from a household to a firm. c. Nothing is free C) It provides team members an opportunity to acknowledge the assistance of another team member. You know the difficulty of remote team members forming bonds with each other. , 1. itive comment between constructive feedback. Because the drought does not affect the number of construction vehicles South Africa can produce, you should have left the point at 180,000 construction vehicles per year. Identify the correct sequence of step in the generation of an action potential. Can of drink and packet of crisps 18 0/40=0 F02000 42 Economists are no different. Economics is part of the humanities because it studies human decision-making. Kurt has worked hard on his assignments, but his performance is below expectations. Exchange rates are set by governments and do not change often. \end{matrix} In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Which of the following is a normative statement? a. When the Current Account and the Capital Account are added together. 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. . This site is using cookies under cookie policy . The project sponsor asks the project manager to spend less money on materials. C) It provides team members an opportunity to acknowledge the assistance of another team member. She uses $10 to have breakfast at Dinah's Diner. Question: There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Multiple Choice Question FACTOR Alyssa's labor 4/36=0.11 POS. When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. u do first? Y NORM Based on this model, firms earn revenue when households purchase goods and services in product markets. This year and experience a Technological advance and its machine making industry. e to acknowledge B) Ensure that team members understand the larger goals of the company (A)r All three spend all their time washing cars. 2019 - The South African Department of Employment & Labour Disclaimer PAIA 27 Which of the following is NOT true about economics? When the government increases taxes, rates of tax evasion increase. Identify characteristics of foreign exchange and currency. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. This change is an example of the law of increasing opportunity costs. This PPF is not an economic model. Why or why not? 100 There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. A) It provides you an opportunity to acknowledge the assistance of a remote team member. d. Chocolate bar How should you approach Kurt regarding his work? 4. generalizable components of the topic of study. Which of the elements of this scenario represent a flow from a firm to a household? goods, means this model is generaly useless. For future development of the economy, sustainable growth is important "What is the purpose of this? The following dialogue shows an excerpt from their debate: Jack owns a convertible bond with a $1,000 face value that can be exchanged for Question: Which of the following is true regarding this economic model? An economy. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. Explain why the situation faced by a labor union may resemble the situation faced by a monopoly firm. 6. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. an; an We all laughed at the joke about_ honest man, even thou Course Hero is not sponsored or endorsed by any college or university. 40 b. b. Control. 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. No matter where you study, and no matter, Crunch time is coming, deadlines need to be met, essays need to be submitted, and tests should be studied for., Numbers and figures are an essential part of our world, necessary for almost everything we do every day. 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?

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