which of the following is true regarding this economic model?

a. True Economics models can accurately pinpoint changes in exchange rates. In this scenario, households sell factors of production in, to the Medical Clinic and when Brian supplies his labor to Dinah's Diner. Despite their differences, with which proposition are two economists chosen at random most likely to agree? 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. An increase in taxes raises the price of a product 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. 0 0 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? His opportunity cost of producing a third truck per day is 5 balls per day. FACTOR In Scenario D = 15 bananas and 70 apples are. a. POS 4. (A)r All three spend all their time washing cars. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ O This PPF is not an economic model. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. Macroeconomics studies the application of economics across an economy. CombinationCars Television 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? The shift in Jacques's PPF is reflected in a corresponding change in his opportunity costs. 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. Based on this model, firms earn revenue when households purchase goods and services in product markets. Kyoko: You really think households would change their saving behavior enough in response to this to make a difference? This PPF is not an economic model. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. 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. Exchange rates are influenced by the market and subject to volatility. However, they need to be checked by the moderator before being published. A positive statement is one that seeks to describe the world as it is. Keep up with the worlds newest programming trends. DepartmentMixingdepartmentLiquidmaterialsDrymaterialsUtilitiesBottlingdepartmentBottlesLabelingMachinesetupDriverGallonsPoundsMachinehoursUnitsLabelsperbottleSetupsCost$2,3046,9411,422$77,0006,52520,000. \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. Dinah's Diner pays Sam $400 per week to work as a short-order cook. 6. 1 pizza She uses $10 to have breakfast at Dinah's Diner. 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. 4 Determine influences of aggregate supply and aggregate demand. 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? z = C+I+G \text{Mixing department}\\ 6. 7. Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. . d. Chocolate bar B Which of the following is TRUE regarding the economic order quantity (EOQ) model? Resources are scarce in relation to peoples demands When the government increases taxes, rates of tax evasion increase. this economy always operates on its productions possibilities frontier. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course b.) The young person's choice maximizes lifetime welfare B. 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. Suppose Japan produces only two goods: corn and laptops. C) Sandwich constructive feedback between positive comments. The following dialogue shows an excerpt from their debate: Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. Therefore, Jacques's increased ability to produce trucks increases his opportunity cost of producing balls. The goal of a monopoly firm is to maximize profits. d. Less able to be fulfills 40 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. You decide to start each meeting with a few minutes to say, "I'd lik Would you describe yourself as an extrovert or an introvert? plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. Reduce the rate of inflation Start your trial now! If Hi-Voltage sells for $3.75 per bottle, how much profit does the company earn per bottle of Hi-Voltage that it sells? The incidence of the subsidy on the consumer will decrease. E Which of the following is true regarding this economic model? NORM \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ 15 This PPF is not an economic model. \text{Liquid materials}\ldots\ldots\ldots & \text{1,400 gallons} & \text{37,000 gallons}\\ Dinah's Diner pays Shen $325 per week to work as a short-order cook. Use the green points (triangle symbol) to plot his new PPF on the previous graph. This PPF is not an economic model. 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"). Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} Show and explain why. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? produces 2 goods, computers and cell phones. 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. 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. 0 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 . \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. 25 shares of WUF stock, This site is using cookies under cookie policy . C) It provides team members an opportunity to acknowledge the assistance of another team member. \text{Machine hours}\ldots\ldots\ldots & \text{200 MH} & \text{3,750 MH}\\ 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. In order to best encourage their individual performance development, what should yo You decide to start each meeting with a few minutes to say, "I'd lik Course Hero is not sponsored or endorsed by any college or university. Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live Points located outside the production possibilities frontier, such as C and D, represent output combinations that are unattainable, given current resources and technology. Consider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars. b. a. 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. A. 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. \text{Bottling department}\\ Which of the following statements regarding economic resources is true: answer choices . Jack owns a convertible bond with a $1,000 face value that can be exchanged for Your comments have been successfully added. You know the difficulty of remote team members forming bonds with each other. last year it produced 50 units of food and 30 machines. Frances: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. 0 20 40 60 80 100 100 80 60 40 20 0 SMARTPHONES (Millions) CORN (Millions of bushels) PPF Which of the following is true regarding this economic model? A) Set clear expectations for each team member, with SMART goals. Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. Profits, dividends and rent Taxes Tim uses $250 to purchase necklace from Classy's Jewelry Store. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. I need help with understanding this. 24 households and firms are both buyers.d. 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 However, now that he has the tool, it means giving up two trucks. 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. Government should Impose taxes on the cigarette. B Based on this model, households earn income when firms purchase factors in factor markets. There are three certainties in this world: Death, Taxes and Homework Assignments. A) Sandwich a pos Because of the improvement in soil quality, more bushels of barley can be produced on any given amount of land; however, there is no reason to think that the maximum amount of cars that can be produced would change. There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. 2 Could the shutdown affect the government budget deficit? , gh it was immature attempt at humor. Valerie earns $550 per week working for A-Plus Accountants. An economic good or service that is scarce is one that is. This year and experience a Technological advance and its machine making industry. 37 4.9 (13 reviews) The following diagram presents a circular-flow model of a simple economy. The following diagram presents a circular-flow model of a simple economy. From the previous analysis, you can determine that as Jacques increases his production of trucks, his opportunity cost of producing one more truck increases . a.) Note that describing a statement as positive or normative is not the same as describing it as true or false. A) It provides you an opportunity to acknowledge the assistance of a remote team member. Sam uses $150 to purchase air travel to Hawaii from Flyaway Airlines. Because of the flu epidemic, less labor is available for the production of both corn and industrial robots. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. When a domestic currency depreciates, what happens to the purchases of. 27 The following dialogue shows an excerpt from their debate: Using your answers to part a, identifypoints A, B, C, and D on your graph.c. 3. assumption that still allows economists to demonstrate key economic concepts. 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. b. Does this vary based on the situation? (B)r All three spend half their time on eachactivity. 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. It is a concave curve which shows the combination of the, A: Economics is a branch of social science that deals with the production, distribution, and, A: PPF shows the different combinations of two goods that can be produced with available resources. an; an -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. How should you approach Kurt regarding his work? PPF Multiple Choice Question Wants Which of the following is true regarding exchange rates? His opportunity cost of producing a second truck per day is 3 balls per day. Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ Full Document. PRODUCT 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. In the circular-flow model of an economy, households own all the factors of production. a; a, 10). Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. Which of the elements of this scenario represent a flow from a firm to a household? Kurt has worked hard on his assignments, but his performance is below expectations. 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. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. 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. \text{Machine setup} \ldots\ldots\ldots & \text{Setups} & \text{20,000}\\ We reviewed their content and use your feedback to keep the quality high. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. Production of Y Explain how a government shutdown will affect the variables in the national investment and savings identity. The disagreement between these economists is most likely due to difference sin scientific judgement. Which of the following is true regarding this economic model? 2019 - The South African Department of Employment & Labour Disclaimer PAIA 2. d. Firms, in turn, earn revenue when households buy goods and services. The effect of federal government spending on the national unemployment rate MACRO Economic models The following diagram presents a circular-flow model of a simple economy. Indeed, one survey that 90% of economists agree with this proposition. 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. The economic, A: Production possibility frontier shows combinations of goods that can be produced using all the, A: Ppc shows the possibility of production with given resources and technology . At these points, it is impossible to increase the production of one good without producing less of the other. Economic models What is the minimum price that the company should set per bottle of EasySlim? 60 There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. Consider the following production possibilities frontier model for an economy that produces only two goods: barley and tablets. b. 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 consumer's optimal choice when buying a flat-screen TV MICRO She uses $10 to have. Which of the elements of this scenario represent a flow from a firm to a household? b. \text{Utilities}\ldots\ldots\ldots & \text{Machine hours} & \text{1,422}\\ You are meeting with your new remote team for the first time. Shanna spends $40 to get a haircut.d. This could be a flow of dollars, inputs, or outputs. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. 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. c. 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. 21 C) Have regularly scheduled performance reviews. 7. This site is using cookies under cookie policy . goods and services. Doctors should encourage women aged 60 to 69 to be screened for breast cancer. You are meeting with your new remote team for the first time. 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.