which of the following is true regarding this economic model?
Dodane 10 maja 2023While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. 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. Economic model are made to study certain specific variables and The convers The following dialogue shows an excerpt from their debate: 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. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. b. This PPF is not an economic model. 36 7 Aggregate Supply and Aggregate Demand. . 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. Draw a circular-flow diagram. C) Sandwich constructive feedback between positive comments. Hi-VoltageEasySlimProductionvolume12,500bottles180,000bottlesLiquidmaterials1,400gallons37,000gallonsDrymaterials620pounds12,000poundsBottles12,500bottles180,000bottlesLabels3labelsperbottle1labelperbottleMachinesetups500setups300setupsMachinehours200MH3,750MH\begin{matrix} The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Trade Surplus/Deficit 4. 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"). Explain. Explain. She uses $9 to order a mojito cocktail at Little Havana. This site is using cookies under cookie policy . 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. 2 OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods Stuart earns $8 per hour working at a fast-foodrestaurant.c. an; a d. Jack owns a convertible bond with a $1,000 face value that can be exchanged for You know the difficulty of remote team members forming bonds with each other. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. The fact that there are only two goods produced in this theoretical economy, when, in reality. The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. These simplifying assumptions allow scientists to focus on only the most important and. In some markets, however, the supply of labor is determined by a union of workers. 25 shares of WUF stock, Economists make simplifying assumptions in all economic models in order to focus on the most important economic variables in a given situation. b. Control. 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. Brian uses $225 to purchase medical services from the Medical Clinic. Make a chart of Gretel's schedule, with driving times and service times. breakfast at Dinah's Diner. Economics assumes that people, businesses and governments make good decisions At these points, it is impossible to increase the production of one good without producing less of the other. In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. Current Account 3. O This PPF is not an economic model. 100 Wages, interest and transfer payments Explain how a government shutdown will affect the variables in the national investment and savings identity. The effect of federal government spending on the national unemployment rate MACRO 40 Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. 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. Macroeconomics. Course Hero is not sponsored or endorsed by any college or university. \end{matrix} 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. 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. Click below link for Answer 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. 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? 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. When a domestic currency depreciates, what happens to the purchases of. c. Nothing is free For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. False The disagreement between these economists is most likely due to differences in scientific judgements. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c A: Opportunity cost is the loss when selecting one alternative over the other. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. a. Economists are no different. Transcribed Image Text: 1. 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? . Diego Multiple Choice Question This PPF is not an economic model. You decide to start each meeting with a few minutes to say, "I'd lik The following dialogue shows an excerpt from their debate: The output per worker increased resulting in more television sets being produced. Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. Dinah's Diner pays Shen $325 per week to work as a short-order cook. A firm's decision about the size of its new factory MICRO The effect of a large government budget deficit on the economy's price level MACRO Firms, in turn, earn revenue when households buy goods and services. Kurt has worked hard on his assignments, but his performance is below expectations. Shen uses $100 to purchase tax services from A-Plus Accountants. 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. In this case, the economists disagree due to differences in scientific judgments because they disagree about a factual matter: the responsiveness of saving rates to changes in tax regimes. 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. economies produce many more types of goods, means this model is generally useless. a. 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. Would you say its. Determine influences of aggregate supply and aggregate demand. Notice that one point is the same on the initial PPF and the new PPF. Full Document. Which of the following is NOT true about economics? Economists also make simplifying assumptions to focus on only the most important and generalizable, aspects of the economy. 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. Breast cancer is the fifth most common cause of cancer death. 7. Select the statement below that is true for BOTH supply AND demand. All Americans should earn more than $25,000 per year. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. A10000 42 Households, earn their income when firms purchase or rent these factors of production to use them to produce. View 100 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. Reduce the rate of inflation BARLEY (Miions of busheis) Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. "What is the purpose of this? The basic Economic problem is households are sellers, and firms are buyers.b. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. \text{Bottling department}\\ 4. Use the diagram in part a to illustrate this. e to acknowledge The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. b. 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. 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. a; an Exchange rates are stable and predictable. Suppose Japan produces only two goods: corn and laptops. (B)r All three spend half their time on eachactivity. A. C) It provides team members an opportunity to acknowledge the assistance of another team member. Macroeconomics is the study of factors that affect the entire economy. Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. Which of the following is true regarding this economic model? 2019 - The South African Department of Employment & Labour Disclaimer PAIA d. Customers demand products \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ answered Which of the following is true regarding this economic model? Start your trial now! 0 The disagreement between these economists is most likely due to difference sin scientific judgement. NORM Macroeconomics studies the application of economics across an economy. a.) Jack owns a convertible bond with a $1,000 face value that can be exchanged for GOOD The disagreement between these economists is most likely due to differences in values . An economic good or service that is scarce is one that is. Ana spends $9 to order a mojito cocktail. 4). 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. 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. Little Havana pays Yakov $450 per week to wait tables. The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. Balance of Payments 2. POS A) Set clear expectations for each team member, with SMART goals. Ordering cost per order is dependent on order quantity. In the circular-flow model of an economy, households own all the factors of production. Doctors should encourage women aged 60 to 69 to be screened for breast cancer. which is trading at $50 per share. Therefore, Jacques's increased ability to produce trucks increases his opportunity cost of producing balls. Which of the following is true regarding this economic model? FACTOR 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. Y Suppose Japan produces two types of goods: agricultural and capital. a; a, 10). However, no model can include every detail of a system as complex as an, economy. Based on this model, households earn income when firms purchase factors in factor markets. itive comment between constructive feedback. You can specify conditions of storing and accessing cookies in your browser. . 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. 37 Question: Which of the following is true regarding this economic model? B) It provides you an opportunity to share the latest company news with your remote team members. CARS (Miions), Which of the following is true regarding this economic model? 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. O This PPF is not an economic model. All, A: Part (a) 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. Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. \text{Labels}\ldots\ldots\ldots & \text{3 labels per bottle} & \text{1 label per bottle}\\ 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? 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. Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. Which of the following is true regarding this economic model? 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. \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ 4 The effects of government tax policy on long-term economic growth MACRO an; an , gh it was immature attempt at humor. However, now that he has the tool, it means giving up two trucks. Yakov uses $375 to purchase air travel to Hawaii from Flyaway Airlines. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. signs from the universe that someone is coming back, tar 1801 fillable 2018, glasgow coworking space,
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