A. Which of the following is true regarding this economic model? Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks: O This PPF is not an economic model. The fact that there are only two goods produced in this theoretical economy, when, in reality. 0/40=0 CARS (Miions), Which of the following is true regarding this economic model? Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. The convers Which of the elements of this scenario represent a flow from a firm to a household? Balance of Payments 2. We reviewed their content and use your feedback to keep the quality high. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. a. plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. Resources are scarce in relation to peoples wants b. Draw a circular-flow diagram. The opportunity cost, A: Two economies - A & B b. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. When the Current Account and the Capital Account are added together. Which of the following is a normative statement? The effect of federal government spending on the national unemployment rate MACRO However, now that he has the tool, it means giving up two trucks. Tim spends $250 to purchase necklace from Classy's Jewelry Store. keep. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Question: Economics is part of the humanities because it studies human decision-making. & \text{Hi-Voltage} & \text{EasySlim}\\ 4). The economic model of supply and demand states that the price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D 1 to D 2, resulting in an increase in price (P) and quantity sold (Q) of . How do you suppose that the wage set by a union compares to the wage in a competitive market? D. Holding cost per unit per year is dependent on the selling price per unit. A) The technological advance reduced the amount of resources needed to produce 30 machines. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Yakov uses $375 to purchase air travel to Hawaii from Flyaway Airlines. 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. The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. Raising the minimum wage increases the rate of unemployment. and the Medical Clinic provides the medical services to Brian. Brian uses $225 to purchase medical services from the Medical Clinic. Because the new tool helps Jacques make only trucks, the tool does not change his output when he spends all of his time making balls. Reduce the rate of inflation Shanna spends $40 to get a haircut.d. A: Opportunity cost is the loss when selecting one alternative over the other. B. a fixed ordering cost per year. last year it produced 50 units of food and 30 machines. 2023 BrainRouter LTD. All rights reserved. \text{Department} & \text{Driver} & \text{Cost}\\ Course Hero is not sponsored or endorsed by any college or university. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. However, they need to be checked by the moderator before being published. Similarly, using combination C, Jacques is producing two trucks and 16 balls per day. 7. produces 2 goods, computers and cell phones. The shift in Jacques's PPF is reflected in a corresponding change in his opportunity costs. Without a bailout of severely distressed financial firms, the economy will experience a deep recession. 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? 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. Economists are no different. Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. This PPF is not an economic model. Which of the following is true regarding this economic model? Dinah's Diner pays Shen $325 per week to work as a short-order cook. Your comments have been successfully added. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. Suppose Teresa earns $750 per week working as work as a flight attendant for Flyaway Airlines. Which of the following statements regarding economic resources is true: answer choices . Exchange rates are stable and predictable. True BARLEY (Miions of busheis) \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ In order to best encourage their individual performance development, what should yo In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Indeed, economies typically consist of millions of individuals interacting in, many different ways. 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. c. Money While many economic questions are open to debate, the field is largely in agreement on some points. 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. . True POS False OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods Does this vary based on the situation? 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. The $100 Shen spends to purchase tax services from A-Plus Accountants. 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. As a result of this year the society wants to produce 55 units of food and 30 machines which of the following statements is true? Selena pays a storekeeper $1 for a quart of milk.b. The effects of government tax policy on long-term economic growth MACRO Full Document. 4. An economic good or service that is scarce is one that is. B a; an Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? 100 for any assignment or question with DETAILED EXPLANATIONS! Kurt has worked hard on his assignments, but his performance is below expectations. What is Production Possibility Frontier? Breast cancer is the fifth most common cause of cancer death. 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. Alyssa's labor Our discussion breaks down as follows: 1. Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. Which of the following is NOT true about economics? For instance, if Japan is currently producing at point F and decides that it wants to produce more corn, it must produce fewer laptops. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. Identify the correct sequence of step in the generation of an action potential. Explanation: 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. Which of the following statements regarding economic growth is correct? B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. 7. Learn more about our help with Assignments: Thank you! goods, means this model is generaly useless. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. D4001200 She buys the chocolate bar as she wants it more than the drink and the crisps. Explain the different points on the curve. FACTOR \text{Bottling department}\\ Stuart earns $8 per hour working at a fast-foodrestaurant.c. The following diagram presents a circular-flow model of a simple economy. Indeed, one survey that 90% of economists agree with this proposition. . You decide to start each meeting with a few minutes to say, "I'd lik Because I don't. A) It provides you an opportunity to acknowledge the assistance of a remote team member. Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. This simple PPF model can still be used to model important economic concepts, such as opportunity cost, efficiency, feasibility, and technological change. Data about these products follow. You can specify conditions of storing and accessing cookies in your browser. economies produce many more types of goods, means this model is generally useless. When the government increases taxes, rates of tax evasion increase. A) Set clear expectations for each team member, with SMART goals. A consumer's optimal choice when buying a flat-screen TV MICRO 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. 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. ) An increase in real GDP per capita implies that income is more evenly distributed in the economy. 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. 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. 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. Macroeconomics. Identify the articles that correctly complete the following sentence. B) Ensure that team members understand the larger goals of the company Identify key aspects of international trade. \text{Bottles} \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? For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. 20 Such a framework is based on values and cannot be confirmed or refuted by evidence. Suppose Jacques is currently using combination D, producing one truck per day. Opportunity cost Draw and explain a production possibilities frontier for an economy that produces milk and cookies. 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. NORM a; a, 10). O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types of 6. C. An increase in taxes raises the price of a product False d. NORM a) Because it does not take . demonstrate key economic concepts, 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. Salma earns $20,000 from her 10 percentownership of Acme Industrial. Before he bought the tool, he would have to give up one truck. Explain how a government shutdown will affect the variables in the national investment and savings identity. * The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. c. Packet of crisps 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"). Are any of the allocations calculated inpart a inefficient? 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 Unformatted text preview: trying to describe. The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. 18 \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\