For instance, when you look at the vertical axis, you see that if South Africa produces zero bushels of alfalfa, it can initially produce a maximum of 180,000 construction vehicles per year. Note that describing a statement as positive or normative is not the same as describing it as true or false. Draw a productionpossibilities frontier for a society that produces food and clothing. Firms, in turn, earn revenue when households buy goods and services. Doctors should encourage women aged 60 to 69 to be screened for breast cancer. \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\ Which of the following is true regarding this economic model? Based on this model, households earn income when firms purchase factors in factor markets. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? 20 Start your trial now! 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. Communism - Wikipedia answered Which of the following is true regarding this economic model? 42 . However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. Valerie earns $550 per week working for A-Plus Accountants. 2 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"). & \text{Hi-Voltage} & \text{EasySlim}\\ a. 25 shares of WUF stock, C) Have regularly scheduled performance reviews. C) It provides team members an opportunity to acknowledge the assistance of another team member. Shanna spends $40 to get a haircut.d. Transcribed Image Text: 1. households are buyers, and firms are sellers.c. c. Nothing is free Dinah's Diner pays Shen $325 per week to work as a short-order cook. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 2019 - The South African Department of Employment & Labour Disclaimer PAIA 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. Considers the economy from the consumer's point of view In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. Tim spends $250 to purchase necklace from Classy's Jewelry Store. What is Economics? 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm Explain why the situation faced by a labor union may resemble the situation faced by a monopoly firm. c. Money "What is the purpose of this? O This PPF is not an economic model. b. Does this vary based on the situation? 6. 4. Switzerland - Wikipedia for any assignment or question with DETAILED EXPLANATIONS! Which of the elements of this scenario represent a flow from a firm to a household? Explain why the production possibilities frontierhas the shape it does.d. OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods Our experts will gladly share their knowledge and help you with programming projects. Now, suppose Jacques is currently using combination C, producing two trucks per day. Y = C+I+G A) It provides you an opportunity to acknowledge the assistance of a remote team member. 4. 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. Kurt has worked hard on his assignments, but his performance is below expectations. Department of Employment and Labour b. an; an Economic models The following diagram presents a circular-flow model of a simple economy. b. 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. 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. Eastview Live | By Eastview Baptist Church | Facebook | Thursday. Uh we c. You can specify conditions of storing and accessing cookies in your browser. 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? Keep up with the worlds newest programming trends. Frances: I disagree. While many economic questions are open to debate, the field is largely in agreement on some points. Consider the following production possibilities frontier model for an economy that produces only two. Which of the following is true regarding this economic model? Identify the articles that correctly complete the following sentence. A consumer's optimal choice when buying a flat-screen TV MICRO. , gh it was immature attempt at humor. 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. In what sense is economics like a science? Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. 7. 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. Economists therefore adopt simplifications to explain concepts and create insights into how the real economy works. Vaccination is a method of fighting Covid -19 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 You decide to start each meeting with a few minutes to say, "I'd lik A10000 Dinah's Diner pays Sam $400 per week to work as a short-order cook. Which of the following is a normative statement? Ordering cost per order is dependent on order quantity. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. The convers Selena pays a storekeeper $1 for a quart of milk.b. Explain the different points on the curve. 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. . Economists also make simplifying assumptions to focus on only the most important and generalizable, aspects of the economy. 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. 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. POS For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. 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. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} This PPF is not an economic model. which is trading at $50 per share. 3 POS. A) The technological advance reduced the amount of resources needed to produce 30 machines. What is Production Possibility Frontier? 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. 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. , gh it was immature attempt at humor. \end{matrix} Suppose the United Kingdom produces two types of goods: agricultural and capital. Points located inside the production possibilities frontier, such as A and B, represent inefficient output combinations. The convers The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. c. Fewer people want them When the government increases taxes, rates of tax evasion increase. d. Chocolate bar The disagreement between these economists is most likely due to differences in values . Check all that apply. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. 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. D. Holding cost per unit per year is dependent on the selling price per unit. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Is there an analogous goal for labor unions? 3. The fact that there are only two goods produced in this theoretical economy, when, in reality. Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. 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? O This PPF is not an economic model. X Which of the following is true regarding this economic model? If, A: The production possibility frontier shows all the maximum combinations of the two goods that can be, A: The cost that depicts the cost of the next best alternative being foregone is known as opportunity, A: Production Possibilities The concept of a border refers to the idea that in a particular economy,, A: The production possibility frontier (PPF) is a business analysis curve that represents the various, A: Normative statements are those kind of statements in economics that talk about the value judgement, A: Shortage or scarcity is one of the critical ideas of financial matters. This PPF is not an economic model. This PPF is not an economic model. \text{Mixing department}\\ 5. The $250 Tim spends to purchase necklace from Classy's Jewelry Store Which of the following is true regarding this economic model? NORM The goal of a monopoly firm is to maximize profits. Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. G = g0 +g1Y I think government funding of health insurance is useful to ensure basic fairness. Hi-VoltageEasySlimProductionvolume12,500bottles180,000bottlesLiquidmaterials1,400gallons37,000gallonsDrymaterials620pounds12,000poundsBottles12,500bottles180,000bottlesLabels3labelsperbottle1labelperbottleMachinesetups500setups300setupsMachinehours200MH3,750MH\begin{matrix} Draw a circular-flow diagram. The minimum wage should be raised to $15 per hour. Y Which of the following statements regarding economic growth is correct? This could be a flow of dollars, inputs, or outputs. 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. (D)b. Graph the production possibilities frontier for thiseconomy. Brian uses $225 to purchase medical services from the Medical Clinic. Suppose Teresa earns $750 per week working as work as a flight attendant for Flyaway Airlines. itive comment between constructive feedback. 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. B800400 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. The following dialogue shows an excerpt from their debate: Creating a model with two countries that produce thousands of products would be methodologically unfeasible. Economics is part of the humanities because it studies human decision-making. C. a fixed lead time. Capitalism - Wikipedia NORM C600800 . \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ Use the diagram in part a to illustrate this. Which of the following is true regarding this economic model? First week only $4.99! Which of the elements of this scenario represent a flow from a firm to a household? Indeed, economies typically consist of millions of individuals interacting in, many different ways. 37 Yoko can buy a chocolate bar, a can of drink and a packet of crisps. \text{Labeling}\ldots\ldots\ldots & \text{Labels per bottle} & \text{6,525}\\ Such a framework is based on values and cannot be confirmed or refuted by evidence. Use the green points (triangle symbol) to plot his new PPF on the previous graph. This PPF is not an economic model. Most questions about economics address the. 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? 0 C) Sandwich constructive feedback between positive comments. 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. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. Determine the cost of each product line using ABC. an; a The new tool causes Jacques's PPF to pivot to the right. 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. It implies that the interest, A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,, A: Answer a) B. Course Hero is not sponsored or endorsed by any college or university. Economists are no different. 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. Profits, dividends and rent It would be harder to find two randomly chosen economists who both agree with either of the other propositions. A firm's decision about the size of its new factory MICRO Economics is part of the humanities because it studies human decision-making. An increase in taxes raises the price of a product (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. 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. 40 C. a. Explain. Which of the elements of this scenario represent a flow from a household to a firm? You know the difficulty of remote team members forming bonds with each other. Which of the following is true regarding this economic model? CH-2 Thinking Like an Economist Flashcards | Quizlet The opportunity cost of buying the chocolate bar is 100 . Similarly, using combination C, Jacques is producing two trucks and 16 balls per day. 0/40=0 Economics assumes that people, businesses and governments make good decisions Why is it important for an economy to be on its production possibilities frontier? Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. 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. Macroeconomics. Economic models Which of the following is NOT true about economics? Raising the minimum wage reduces the number of employment opportunities for low skilled workers. 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. 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? In order to best encourage their individual performance development, what should yo C) Have regularly scheduled performance reviews. From the previous analysis, you can determine that as Jacques increases his production of trucks, his opportunity cost of producing one more truck increases . -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. macroc.docx - 7 Aggregate Supply and Aggregate Demand A consumer's optimal choice when buying a flat-screen TV MICRO Course Hero is not sponsored or endorsed by any college or university. Wages, interest and transfer payments 1 Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. 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. 2. Which of the following is TRUE regarding the economic order quantity (EOQ) model? As important. PRODUCT. B] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. Data about these products follow. POS , 1. \text{Utilities}\ldots\ldots\ldots & \text{Machine hours} & \text{1,422}\\ Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. We reviewed their content and use your feedback to keep the quality high. 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. 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 basic Economic problem is Your comments have been successfully added. How should you approach Kurt regarding his work? Additional data from its two production departments follow. The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. 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. Under severe restrictions In some markets, however, the supply of labor is determined by a union of workers. A) Sandwich a pos 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. A) Set clear expectations for each team member, with SMART goals. Experts are tested by Chegg as specialists in their subject area. Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? Would you say its. 4/36=0.11 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. These resources could be used to produce more food. 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? A. The optimal interest rate for the Federal Reserve to target MACRO In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. \end{matrix} The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. 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. Explain. produces 2 goods, computers and cell phones. 21 7 Aggregate Supply and Aggregate Demand. Exchange rates are stable and predictable. 36 You can specify conditions of storing and accessing cookies in your browser. Employers should not be restricted from outsourcing work to foreign nations. 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. Macroeconomics studies the application of economics across an economy. Capital Account 1. b. . While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. E Circular Flow Diagram a; an Exchange rates are influenced by the market and subject to volatility. c. Packet of crisps Suppose South Africa produces two types of goods: agricultural and capital. Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. Full Document. 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 . 1. 4). Alyssa earns $650 per week working for Classy's Jewelry Store. 100 The $450 per week Yakov earns working for Little Havana. Identify key aspects of international trade. \text{Bottling department}\\ Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. keep. Similarly, when you look at the horizontal axis, you see that if the United Kingdom produces zero industrial robots, it can initially produce a maximum of 210 million bushels of corn per year. Despite their differences, with which proposition are two economists chosen at random most likely to agree? Before he bought the tool, he would have to give up one truck. Identify characteristics of foreign exchange and currency. The effect of a cigarette tax on the quantity of cigarettes sold MICRO Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day.
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