1. b. 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 . Therefore, the $250 is a payment that flows from a household to a firm. B 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 fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists demonstrate key economic concepts. Unlimited 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. Consider the following production possibilities frontier model for an economy that produces only two goods: corn and smartphones. Check all that apply. . The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. View This PPF is not an economic model. 4. itive comment between constructive feedback. This simple PPF model can still be used to model important economic concepts, such as opportunity cost, efficiency, feasibility, and technological change. Tim spends $250 to purchase necklace from Classy's Jewelry Store. Economists therefore adopt simplifications to explain concepts and create insights into how the real economy works. 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. 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 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. 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER . 0 Which of the following statements regarding economic resources is true: answer choices . PRODUCTION ALTERNATIVES Would you describe yourself as an extrovert or an introvert? Now, suppose Jacques is currently using combination C, producing two trucks per day. b. DepartmentMixingdepartmentLiquidmaterialsDrymaterialsUtilitiesBottlingdepartmentBottlesLabelingMachinesetupDriverGallonsPoundsMachinehoursUnitsLabelsperbottleSetupsCost$2,3046,9411,422$77,0006,52520,000. Diego 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. You can specify conditions of storing and accessing cookies in your browser. The disagreement between these economists is most likely due to differences in values . What is the common difference between the allocation of joint costs to ( a ) joint products and ( b ) by-products? Economics Chapter 2 quiz Flashcards | Quizlet Question: The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. breakfast at Dinah's Diner. The effect of a large government budget deficit on the economy's price level MACRO Explain the different points on the curve. Creating a model with two countries that produce thousands of products would be methodologically unfeasible. Frances: I disagree. Suppose Japan produces only two goods: corn and laptops. Draw a circular-flow diagram. Households, earn their income when firms purchase or rent these factors of production to use them to produce. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. When a domestic currency depreciates, what happens to the purchases of. 4/2 = 2 pizza 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. Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. Using your answers to part a, identifypoints A, B, C, and D on your graph.c. , gh it was immature attempt at humor. Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. POS . The following dialogue shows an excerpt from their debate: Your comments have been successfully added. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. Which of the following is true regarding exchange rates? Could the shutdown affect the government budget deficit? Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. E2001600 The assumptions behind the economic order quantity (EOQ) model include all of the following EXCEPT: A. a constant rate of demand. She buys the chocolate bar as she wants it more than the drink and the crisps. Tim uses $250 to purchase necklace from Classy's Jewelry Store. 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. Show and explain why. Housing prices rose very rapidly during 2002 to 2007. It addresses decision-making. (D)b. Graph the production possibilities frontier for thiseconomy. \end{matrix} It would be harder to find two randomly chosen economists who both agree with either of the other propositions. 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. economies produce many more types of goods, means this model is generally useless. Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. Keep up with the worlds newest programming trends. Purchase of goods and services Experts are tested by Chegg as specialists in their subject area. From the previous analysis, you can determine that as Jacques increases his production of trucks, his opportunity cost of producing one more truck increases . Full Document. 5. \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ 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. C) Sandwich constructive feedback between positive comments. a; an Economists also make simplifying assumptions to focus on only the most important and generalizable, aspects of the economy. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. z = C+I+G As important. 21 Tim earns $200 per week working for Pillmart Pharmacy. The effect of federal government spending on the national unemployment rate MACRO an; a \text{Bottling department}\\ How do you suppose employment differs in the two cases? CARS (Miions), Which of the following is true regarding this economic model? Capital Account 1. Check all that apply. The minimum wage should be raised to $15 per hour. We all laughed at the joke about_ honest man, even thou She uses $10 to buy a box of aspirin at Pillmart Pharmacy. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. This PPF is not an economic model. for any assignment or question with DETAILED EXPLANATIONS! last year it produced 50 units of food and 30 machines. 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. 40 an; an Notice that one point is the same on the initial PPF and the new PPF. In order to best encourage their individual performance development, what should yo Despite their differences, with which proposition are two economists chosen at random most likely to agree? c. Now extend the analogy between monopoly firms and unions. A) It provides you an opportunity to acknowledge the assistance of a remote team member. 18 37 You are meeting with your new remote team for the first time. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. The young person's choice maximizes lifetime welfare Therefore, the $200 is a payment that flows from a firm to a household. The optimal interest rate for the Federal Reserve to target MACRO A In what sense is economics like a science? c. She uses $10 to have. 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. Profits, dividends and rent Answered: Which of the following is true | bartleby 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. PRODUCT. POS Communism - Wikipedia -The $400 per week Sam earns working for Dinah's Diner. Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. 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. A) It provides you an opportunity to acknowledge the assistance of a remote team member. Given : Every two period, A: Economic analysis based on different approaches to see a specific situation to find all the possible, A: Opportunity cost of Which of the following statements regarding economic growth is correct? 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. Chapter 2 Econ.docx - Which of the following is true 45 How should you approach Kurt regarding his work? Raising the minimum wage increases the rate of unemployment. You decide to start each meeting with a few minutes to say, "I'd lik a. Circular Flow Diagram 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. Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. NORM \end{matrix} Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. 27 C) Have regularly scheduled performance reviews. Because I don't. POB 5.01 DRAFT. 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. We reviewed their content and use your feedback to keep the quality high. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits.
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