which of the following is true regarding this economic model?

POB 5.01 DRAFT. C) It provides team members an opportunity to acknowledge the assistance of another team member. Hi-VoltageEasySlimProductionvolume12,500bottles180,000bottlesLiquidmaterials1,400gallons37,000gallonsDrymaterials620pounds12,000poundsBottles12,500bottles180,000bottlesLabels3labelsperbottle1labelperbottleMachinesetups500setups300setupsMachinehours200MH3,750MH\begin{matrix} Show and explain why. O This PPF is not an economic model. A. The following dialogue shows an excerpt from their debate: It's quite easy to prove that you are not the king of Spain, but to argue that it is wrong to kill innocent children, you must appeal to a larger moral framework. ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. Selena pays a storekeeper $1 for a quart of milk.b. Alyssa earns $650 per week working for Classy's Jewelry Store. Based on this model, firms earn revenue when households purchase goods and services in product markets. an; an 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. Every two period, A: Economic analysis based on different approaches to see a specific situation to find all the possible, A: Opportunity cost of Suppose South Africa produces two types of goods: agricultural and capital. Doctors should encourage women aged 60 to 69 to be screened for breast cancer. which is trading at $50 per share. 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? 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. I need help with understanding this. Brian uses $225 to purchase medical services from the Medical Clinic. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. households are sellers, and firms are buyers.b. This PPF is not an economic model. The young person's choice maximizes lifetime welfare 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. The effect of government regulation on a monopolist's production decisions MICRO A) Set clear expectations for each team member, with SMART goals. 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). Current Account 3. C. a fixed lead time. PRODUCTION ALTERNATIVES 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. Dinah's Diner pays Sam $400 per week to work as a short-order cook. A) Sandwich a pos Solved Which of the following is true regarding this | Chegg.com This PPF is not an economic model. This PPF is not an economic model. 0 The $100 Shen spends to purchase tax services from A-Plus Accountants. The fact that there are only two goods produced in this theoretical economy, when, in reality. a. \text{Liquid materials}\ldots\ldots\ldots & \text{1,400 gallons} & \text{37,000 gallons}\\ Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. The following diagram presents a circular-flow model of a simple economy. You are meeting with your new remote team for the first time. 60 An economy. Kurt has worked hard on his assignments, but his performance is below expectations. Based on this model, firms earn revenue when households purchase goods and services in product markets. A) Sandwich a pos ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course Answered: Which of the following is true | bartleby Business Economics Which of the following is true regarding this economic model? b. Macroeconomics studies the application of economics across an economy. 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. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. It addresses decision-making. Learn more about our help with Assignments: Thank you! These decisions provide people with the greatest benefit or satisfaction . O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption thut stl alows economists to Consider the following production possibilities frontier model for an 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live Course Hero is not sponsored or endorsed by any college or university. A positive statement is one that seeks to describe the world as it is. Select the statement below that is true for BOTH supply AND demand. Indeed, one survey that 90% of economists agree with this proposition. 2 answered Which of the following is true regarding this economic model? A. However, they need to be checked by the moderator before being published. Demand rate is dependent on order quantity. The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type goods, means this model is generally useless. Why or why not? 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. an; a Macroeconomics is the study of factors that affect the entire economy. E The U.S. government has shut down a number of times in recent history. A normative statement is one that offers an opinion as to the way the world should be. For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. Because I don't. The disagreement between these economists is most likely due to differences in values . Would you describe yourself as an extrovert or an introvert? Little Havana pays Yakov $450 per week to wait tables. Now, suppose Jacques is currently using combination C, producing two trucks per day. For example, under combination D, Jacques spends 2 hours producing trucks and 6 hours producing balls. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. d. Less able to be fulfills 3. Consider the following production possibilities frontier model for an economy that produces only two. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. 2. a; an 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. Start your trial now! PPF 24 C. 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. Unformatted text preview: trying to describe. macroc.docx - 7 Aggregate Supply and Aggregate Demand Can of drink Scarcity means that resources are: Moreover, a firm sells goods, when Dinah's Diner provides the breakfast to Crystal. FACTOR However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. Determine the cost of each product line using ABC. Data about these products follow. Identify the correct sequence of step in the generation of an action potential. 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. Tim spends $250 to purchase necklace from Classy's Jewelry Store. . 9th - 12th grade. a; a, 10). a. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. In contrast, differences in scientific judgments are due to differing opinions about factual matters, e.g., the relative merits of competing theories or the values of economic parameters. Is there an analogous goal for labor unions? Taxes 0/40=0 Housing prices rose very rapidly during 2002 to 2007. Tim earns $200 per week working for Pillmart Pharmacy. You decide to start each meeting with a few minutes to say, "I'd lik Try Another Version Continue Employers should not be restricted from outsourcing work to foreign nations. . Which of the following is TRUE regarding the economic order quantity (EOQ) model? Which of the following is true regarding this economic model? Your comments have been successfully added. The minimum wage should be raised to $15 per hour. Switzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe. The $450 per week Yakov earns working for Little Havana. Sam uses $150 to purchase air travel to Hawaii from Flyaway Airlines. Wants and demands 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. All Americans should earn more than $25,000 per year. produces 2 goods, computers and cell phones. 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. A Click below link for Answer She uses $9 to order a mojito cocktail at Little Havana. C) Sandwich constructive feedback between positive comments. 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. The $250 Tim spends to purchase necklace from Classy's Jewelry Store Notice that one point is the same on the initial PPF and the new PPF. An increase in taxes raises the price of a product Cons. Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. Suppose Jacques is currently using combination D, producing one truck per day. This could be a flow of dollars, inputs, or outputs. Salma earns $20,000 from her 10 percentownership of Acme Industrial. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. \end{matrix} Tariffs and import quotas generally reduce economic welfare. Answered: Which of the following is true | bartleby While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. b. 45 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 effect of federal government spending on the national unemployment rate MACRO 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. Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. 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. B) Sandwich critical feedback between less critical feedback. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. \end{matrix} A) It provides you an opportunity to acknowledge the assistance of a remote team member. 36 While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. 21 Ana spends $9 to order a mojito cocktail. The convers There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Indeed, one survey that 93% of economists agree with this proposition. You are meeting with your new remote team for the first time. . . Explain. Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks: , 1. 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. B From the previous analysis, you can determine that as Jacques increases his production of trucks, his opportunity cost of producing one more truck increases . b. Control. The output per worker increased resulting in more television sets being produced. Our experts will gladly share their knowledge and help you with programming projects. What is Production Possibility Frontier? Economists also make simplifying assumptions to focus on only the most important and generalizable, aspects of the economy. 100 This site is using cookies under cookie policy . First week only $4.99! this economy always operates on its productions possibilities frontier. What is the cost per bottle of EasySlim? D4001200 Y = C+I+G d. Demands Purchase of goods and services How do you suppose that the wage set by a union compares to the wage in a competitive market? Your physics assignments can be a real challenge, and the due date can be really close feel free to use our assistance and get the desired result. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. 0 last year it produced 50 units of food and 30 machines. Suppose South Africa produces two types of goods: agricultural and capital. Most questions about economics address the. \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ This simple PPF model can still be used to model important economic concepts, such as opportunity cost, efficiency, feasibility, and technological change. Profits, dividends and rent 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. 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. Studying more hours leads to an increase in your GPA. This could be a flow of dollars, inputs, or outputs. . Which of the following is a normative statement? O This PPF is not an economic model. A Firms, in turn, earn revenue when households buy goods and services. Consider the following production possibilities frontier model for an economy that produces only two goods: corn and smartphones. For future development of the economy, sustainable growth is important Jack owns a convertible bond with a $1,000 face value that can be exchanged for Which statement below about economics is false? B800400 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. According to a circular flow diagram, which of the following flows FROM government TO households? Does this vary based on the situation? When the government increases taxes, rates of tax evasion increase. The incidence of the, Which of the following is NOT included on a RACI? DepartmentMixingdepartmentLiquidmaterialsDrymaterialsUtilitiesBottlingdepartmentBottlesLabelingMachinesetupDriverGallonsPoundsMachinehoursUnitsLabelsperbottleSetupsCost$2,3046,9411,422$77,0006,52520,000. 4 * 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. c. Packet of crisps Final Exam Chapter 12 Flashcards | Quizlet Answered: Which of the following is true | bartleby e to acknowledge High level project work Actions required to manage the project Detailed project tasks Who provides gate approval, Which of the following is an example of a change in the scope constraint? Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? 2023 BrainRouter LTD. All rights reserved. Macroeconomics studies the application of economics across an economy. Dinah's Diner pays Brian $225 per week to work as a short-order cook. 1. NORM 7. . c. Now extend the analogy between monopoly firms and unions. Which of the elements of this scenario represent a flow from a firm to a household? 7. , gh it was immature attempt at humor. Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. This chapter has assumed that labor is supplied by individual workers acting competitively. A] Real gross domestic product (GDP) measures the impact of economic growth on pollution and environmental degradation. G = g0 +g1Y 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. 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. itive comment between constructive feedback. Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. Using your answers to part a, identifypoints A, B, C, and D on your graph.c. 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. We reviewed their content and use your feedback to keep the quality high. breakfast at Dinah's Diner. b. Explanation: 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. 27 households are buyers, and firms are sellers.c. Similarly, using combination C, Jacques is producing two trucks and 16 balls per day. Stuart earns $8 per hour working at a fast-foodrestaurant.c. d. Customers demand products \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ TOM 301 Ch. 12 Flashcards | Quizlet Economic model are made to study certain specific variables and Identify key aspects of international trade. True 2. The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. The project sponsor asks the project manager to spend less money on materials. itive comment between constructive feedback. Macroeconomics. 4). In some circumstances, if taxes are lowered, government revenues actually increase. Firms, in turn, earn revenue when households buy goods and services. Most questions about economics address the central banking system and financial economics. Production of X She uses $10 to buy a box of aspirin at Pillmart Pharmacy. An economy consists of three workers: Larry, Moe,and Curly. An economic good or service that is scarce is one that is. Which of the following statements regarding economic growth is correct? Tim uses $250 to purchase necklace from Classy's Jewelry Store. 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. We all laughed at the joke about_ honest man, even thou C) Have regularly scheduled performance reviews. Showan efficient point, an inefficient point, and an infeasible point. Opportunity cost Course Hero is not sponsored or endorsed by any college or university. 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. Which of the elements of this scenario represent a flow from a household to a firm? 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. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. Therefore, point D must be unattainable, given current resources and technology. Breast cancer is the fifth most common cause of cancer death. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course - Issuu Tariffs and import quotas generally reduce economic welfare. She uses $10 to have breakfast at Dinah's Diner. In the circular-flow model of an economy, households own all the factors of production. B. 37 b. Alyssa's labor D. Holding cost per unit per year is dependent on the selling price per unit. d. \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ 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. Vaccination is a method of fighting Covid -19 The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. Suppose that Dmitri, an economist from a research institute in Texas, and Frances, an economist from a university in Massachusetts, are arguing over health insurance. F02000 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. B) It provides you an opportunity to share the latest company news with your remote team members. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. 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. 42 NORM 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. When using combination D, Jacques is producing one truck and 19 balls per day. In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. c. Chapter 2 Econ.docx - Which of the following is true How do you suppose employment differs in the two cases? a.) 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. Such a framework is based on values and cannot be confirmed or refuted by evidence. (B)r All three spend half their time on eachactivity. She buys the chocolate bar as she wants it more than the drink and the crisps. goods, means this model is generaly useless. \text{Utilities}\ldots\ldots\ldots & \text{Machine hours} & \text{1,422}\\ This occurs at output combination E. Question: an; a A) The technological advance reduced the amount of resources needed to produce 30 machines. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. households and firms are both buyers.d. Shen uses $100 to purchase tax services from A-Plus Accountants. The assumptions behind the economic order quantity (EOQ) model include all of the following EXCEPT: A. a constant rate of demand. Which of the following is NOT true about economics? Suppose Ana earns $750 per week working as work as a flight attendant for Flyaway Airlines. POS Points located inside the production possibilities frontier, such as A and B, represent inefficient output combinations. In the circular-flow model of an economy, households own all the factors of production.

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