which of the following is true regarding this economic model?

Yoko can buy a chocolate bar, a can of drink and a packet of crisps. Housing prices rose very rapidly during 2002 to 2007. 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 Suppose Japan produces two types of goods: agricultural and capital. This site is using cookies under cookie policy . An economic good or service that is scarce is one that is. What is the cost per bottle of Hi-Voltage? This PPF is not an economic model. Your comments have been successfully added. Which of the following is true regarding this economic model? \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ The disagreement between these economists is most likely due to differences in values . 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. Indeed, one survey that 90% of economists agree with this proposition. This PPF is not an economic model. & \text{Hi-Voltage} & \text{EasySlim}\\ 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. 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. A normative statement is one that offers an opinion as to the way the world should be. We all laughed at the joke about_ honest man, even thou Scarcity means that resources are: The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Most questions about economics address the. However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. Kyoko: I don't know about that. C. Holding cost per unit per year is independent of order quantity. 0 c. Money 2. Dinah's Diner pays Sam $400 per week to work as a short-order cook. Which of the following is true regarding this economic model? False While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. 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. a) Because it does not take . What is the cost per bottle of EasySlim? In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. Kyoko: You really think households would change their saving behavior enough in response to this to make a difference? answered Which of the following is true regarding this economic model? a; a, 10). Based on this model, firms earn revenue when households purchase goods and services in product markets. Economists therefore adopt simplifications to explain concepts and create insights into how the real economy works. In the circular-flow model of an economy, households own all the factors of production. The project sponsor asks the project manager to spend less money on materials. Breast cancer is the fifth most common cause of cancer death. B] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. 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. POS 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. 2. 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. Question: Which of the following is true regarding this economic model? FACTOR Suppose Japan produces only two goods: corn and laptops. Little Havana pays Yakov $450 per week to wait tables. 4/2 = 2 pizza The following diagram presents a circular-flow model of a simple economy. d. Chocolate bar which is trading at $50 per share. Frances: I disagree. an; an Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. \text{Bottling department}\\ e to acknowledge Dinah's Diner pays Brian $225 per week to work as a short-order cook. . Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. Under severe restrictions His opportunity cost of producing a second truck per day is 3 balls per day. What is Economics? 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. Economics can accurately predict what the national economy will do in six months to a year. C 20 Tariffs and import quotas generally reduce economic welfare. Ordering cost per order is dependent on order quantity. Every two period, A: Economic analysis based on different approaches to see a specific situation to find all the possible, A: Opportunity cost of 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. 25 shares of WUF stock, Tim spends $250 to purchase necklace from Classy's Jewelry Store. 9th - 12th grade. \text{Department} & \text{Driver} & \text{Cost}\\ D. Holding cost per unit per year is dependent on the selling price per unit. Economists are no different. a. A Economic model are made to study certain specific variables and 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. b. A) The technological advance reduced the amount of resources needed to produce 30 machines. 2. 1 Balance of Payments 2. This PPF is not an economic model. Department of Employment and Labour Without a bailout of severely distressed financial firms, the economy will experience a deep recession. BARLEY (Miions of busheis) 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. 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. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course A) Sandwich a pos 0/40=0 It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Communism - Wikipedia c. Fewer people want them Full Document. 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? a; an His opportunity cost of producing a third truck per day is 5 balls per day. b. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Which of the following is true regarding this economic model? Resources are scarce in relation to peoples demands c. Nothing is free Which of the following is true regarding this economic model? assumption that still allows economists to demonstrate key economic concepts. Use the diagram in part a to illustrate this. Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. What is the common difference between the allocation of joint costs to ( a ) joint products and ( b ) by-products? d. Demands Resources are scarce in relation to peoples wants For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. 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. Current Account 3. Keep up with the worlds newest programming trends. 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. Explain. An economy. d. What other goals might unions have that make unions different from monopoly firms? In what sense is economics like a science? Define microeconomics and macroeconohdics. Dinah's Diner pays Shen $325 per week to work as a short-order cook. 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live It implies that the interest, A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,, A: Answer a) households and firms are both sellers. A. This year and experience a Technological advance and its machine making industry. = Co + c1(Y T) Answered: Which of the following is true | bartleby 60 B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. 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. For future development of the economy, sustainable growth is important Firms, in turn, earn revenue when households buy 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. For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. Now, suppose Jacques is currently using combination C, producing two trucks per day. Suppose Valerie earns $550 per week working as an analyst for A-Plus Accountants. 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) Set clear expectations for each team member, with SMART goals. POS a. Our discussion breaks down as follows: 1. this economy always operates on its productions possibilities frontier. 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. Ana spends $9 to order a mojito cocktail. a. 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. Show theeffects of a drought. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} . Pillmart Pharmacy pays Tim $200 per week to work the cash register. 0 8 C600800 A. 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. Microeconomics studies decision-making at the individual level. Firms, in turn, earn revenue when households buy goods and services. economies produce many more types of goods, means this model is generally useless. News Hour at 7pm | News Hour at 7pm | By Ghana Broadcasting Corporation Households, earn their income when firms purchase or rent these factors of production to use them to produce. an; a Is there an analogous goal for labor unions? CH-2 Thinking Like an Economist Flashcards | Quizlet Additional data from its two production departments follow. The $250 Tim spends to purchase necklace from Classy's Jewelry Store She uses $9 to order a mojito cocktail at Little Havana. NORM In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. 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 . b. Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types of While many economic questions are open to debate, the field is largely in agreement on some points. 2023 BrainRouter LTD. All rights reserved. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ a. 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. Economic models The following diagram presents a circular-flow model of a simple economy. Identify the articles that correctly complete the following sentence. Raising the minimum wage increases the rate of unemployment. To make sense of all of the different aspects of an economy, economists must make, simplifying assumptions and generalizations in order to focus on only the most important economic, ideas. Macroeconomics studies the application of economics across an economy. 2 Tim uses $250 to purchase necklace from Classy's Jewelry Store. This could be a flow of dollars, inputs, or outputs. Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. Could the shutdown affect the government budget deficit? \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. In Scenario D = 15 bananas and 70 apples are. While many economic questions are open to debate, the field is largely in agreement on some points. 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. Goods and services have a price because In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. 25 shares of WUF stock, 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 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. 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. 6. Economists make simplifying assumptions in all economic models in order to focus on the most important economic variables in a given situation. Chapter 2 Econ.docx - Which of the following is true FACTOR. The following diagram presents a circular-flow model of a simple economy. u do first? She uses $8 to have breakfast at Dinah's Diner. The disagreement between these economists is most likely due to difference sin scientific judgement. b. 4. Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. 15 Which of the following is a normative statement? For example, compare point F (41 million laptops and 41 million bushels of corn) with point D (41 million laptops and 75 million bushels of corn). 60 Can of drink and packet of crisps Switzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe. B) It provides you an opportunity to share the latest company news with your remote team members. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. 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. Consider the following production possibilities frontier model for an We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. Cons. When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. When the government increases taxes, rates of tax evasion increase. 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 . 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. 4. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. In some markets, however, the supply of labor is determined by a union of workers. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. Brian uses $225 to purchase medical services from the Medical Clinic. The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. B) Sandwich critical feedback between less critical feedback. b. B) Ensure that team members understand the larger goals of the company The disagreement between these economists is most likely due to differences in scientific judgements. Tim earns $200 per week working for Pillmart Pharmacy. Economics 101 CH 2 Q1.pdf - Back to Assignment Attempts: 1 pizza , gh it was immature attempt at humor. Determine the cost of each product line using ABC. Trade Surplus/Deficit 4. POB 5.01 | Business Quiz - Quizizz Which of the following is TRUE regarding the economic order quantity (EOQ) model? a. FACTOR 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. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. B. a fixed ordering cost per year. 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"). From the previous analysis, you can determine that as Jacques increases his production of trucks, his opportunity cost of producing one more truck increases . Which of the following is true regarding this economic model? 45 an; a and the Medical Clinic provides the medical services to Brian. For instance, if Japan is currently producing at point F and decides that it wants to produce more corn, it must produce fewer laptops. B) Ensure that team members understand the larger goals of the company Check all that apply. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Try Another Version Continue These simplifying assumptions allow scientists to focus on only the most important and. What happens to this frontier if disease kills half of the economys cow population? A) Set clear expectations for each team member, with SMART goals. 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? Which of the elements of this scenario represent a flow from a household to a firm? In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. You know the difficulty of remote team members forming bonds with each other. Solved Which of the following is true regarding this | Chegg.com https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Explain why the situation faced by a labor union may resemble the situation faced by a monopoly firm. b. Multiple Choice Question Identify characteristics of foreign exchange and currency. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course - Issuu A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. Moreover, a firm sells goods, when Dinah's Diner provides the breakfast to Crystal. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Are any of the allocations calculated inpart a inefficient? PRODUCT b. Showan efficient point, an inefficient point, and an infeasible point. \end{matrix} The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. How should you approach Kurt regarding his work? POB 5.01 DRAFT. Which of the elements of this scenario represent a flow from a firm to a household? generalizable components of the topic of study. Click below link for Answer Course Hero is not sponsored or endorsed by any college or university. All Americans should earn more than $25,000 per year. We all laughed at the joke about_ honest man, even thou 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. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. O This PPF is not an economic model. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. Demand rate is dependent on order quantity. 4 Explain why the production possibilities frontierhas the shape it does.d. itive comment between constructive feedback. Exchange rates are stable and predictable. Consider the following production possibilities frontier model for an economy that produces only two. This chapter has assumed that labor is supplied by individual workers acting competitively. \text{Utilities}\ldots\ldots\ldots & \text{Machine hours} & \text{1,422}\\ 6. Because point F is on Japan's production possibilities frontier, you can see that if Japan is producing 41 million laptops, it can produce at most 41 million bushels of corn.

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