Which of the following statements regarding economic growth is correct? Taxes \text{Bottles} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ 2019 - The South African Department of Employment & Labour Disclaimer PAIA . Kyoko: You really think households would change their saving behavior enough in response to this to make a difference? 27 Your comments have been successfully added. 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER At these points, it is possible to increase the production of both goods because some resources are unemployed. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ When the government increases taxes, rates of tax evasion increase. DepartmentMixingdepartmentLiquidmaterialsDrymaterialsUtilitiesBottlingdepartmentBottlesLabelingMachinesetupDriverGallonsPoundsMachinehoursUnitsLabelsperbottleSetupsCost$2,3046,9411,422$77,0006,52520,000. Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. 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. Transcribed Image Text: 1. X For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. 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. The following dialogue shows an excerpt from their debate: Dinah's Diner pays Sam $400 per week to work as a short-order cook. Yakov uses $375 to purchase air travel to Hawaii from Flyaway Airlines. The basic Economic problem is 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 False Are any of the allocations calculated inpart a inefficient? Chapter 2 Econ.docx - Which of the following is true Check all that apply. Jacques: Indeed, it's gotten crazy! The fact that there are only two goods produced in this theoretical economy is a simplifying. A: The production possibility frontier shows the different combination of two goods that can be, A: The wants and desires of the individuals in the economy are unlimited but resources available to, A: The production possibilities frontier (PPF) is a downward sloping curve which is concave to the, A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for. Which of the elements of this scenario represent a flow from a household to a firm? A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. The following diagram presents a circular-flow model of a simple economy. Considers the economy from the consumer's point of view This could be a flow of dollars, inputs, or outputs. Based on this model, households earn income when firms purchase factors in factor markets. POS. The output per worker increased resulting in more television sets being produced. 25 shares of WUF stock, Capital Account 1. Balance of Payments 2. Vaccination is a method of fighting Covid -19 CombinationCars Television Unlimited It addresses decision-making. Economic model are made to study certain specific variables and It would be harder to find two randomly chosen economists who both agree with either of the other propositions. an; a 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. Which of the following statements regarding economic resources is true: answer choices . There are three certainties in this world: Death, Taxes and Homework Assignments. A10000 . Tim earns $200 per week working for Pillmart Pharmacy. d. What other goals might unions have that make unions different from monopoly firms? B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. Determine influences of aggregate supply and aggregate demand. Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. However, they need to be checked by the moderator before being published. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. Suppose Japan produces two types of goods: agricultural and capital. A) Set clear expectations for each team member, with SMART goals. A consumer's optimal choice when buying a flat-screen TV MICRO. C) Sandwich constructive feedback between positive comments. Doctors should encourage women aged 60 to 69 to be screened for breast cancer. Which of the following is TRUE regarding the economic order quantity (EOQ) model? Because I don't. \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\ 1 pizza The opportunity cost of buying the chocolate bar is Current Account 3. 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. Can of drink and packet of crisps Profits, dividends and rent Ordering cost per order is dependent on order quantity. 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. 0/40=0 B) It provides you an opportunity to share the latest company news with your remote team members. Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. NORM Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. C) Have regularly scheduled performance reviews. I think government funding of health insurance is useful to ensure basic fairness. The $250 Tim spends to purchase necklace from Classy's Jewelry Store Full Document. Rent ceilings reduce the quantity and quality of available housing. We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. Exchange rates are set by governments and do not change often. This PPF is not an economic model. F02000 Indeed, one survey that 93% of economists agree with this proposition. \text{Machine hours}\ldots\ldots\ldots & \text{200 MH} & \text{3,750 MH}\\ Select the statement below that is true for BOTH supply AND demand. 40 Economists make simplifying assumptions in all economic models in order to focus on the most important economic variables in a given situation. All Americans should earn more than $25,000 per year. Firms, in turn, earn revenue when households buy goods and services. an; a 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. Macroeconomics. This year and experience a Technological advance and its machine making industry. The incidence of the subsidy on the consumer will decrease. Course Hero is not sponsored or endorsed by any college or university. This could be a, The $225 Brian spends to purchase medical services from the Medical Clinic, The $225 per week Brian earns working for Dinah's Diner, When Crystal (a household) supplies her labor to any firm, labor is an input (a factor of production) that, When the breakfast is provided to Crystal (a household), the breakfast is an output that flows from a. She uses $9 to order a mojito cocktail at Little Havana. In order to best encourage their individual performance development, what should yo an; an While many economic questions are open to debate, the field is largely in agreement on some points. FACTOR Trade Surplus/Deficit 4. A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms, A: Since you have asked multiple questions, we will solve the first question (3 sub parts) for you. * This PPF is not an economic model. OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods Additional data from its two production departments follow. Consider the following production possibilities frontier model for an PRODUCT. Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. 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. \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ At these points, it is impossible to increase the production of one good without producing less of the other. Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. 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 the United Kingdom produces two types of goods: agricultural and capital. 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. If Hi-Voltage sells for $3.75 per bottle, how much profit does the company earn per bottle of Hi-Voltage that it sells? What is the cost per bottle of Hi-Voltage? 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. With the new tool, the same allocation of time results in two trucks and 19 balls, so (2, 19) is a point on his new PPF. 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. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. Macroeconomics is the study of factors that affect the entire economy. There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. View a. Solved Which of the following is true regarding this | Chegg.com Reduce the rate of inflation Eastview Live | By Eastview Baptist Church | Facebook | Thursday. Uh we Economics 101 CH 2 Q1.pdf - Back to Assignment Attempts: