which of the following is true regarding this economic model?

What is the minimum price that the company should set per bottle of EasySlim? No matter where you study, and no matter, Crunch time is coming, deadlines need to be met, essays need to be submitted, and tests should be studied for., Numbers and figures are an essential part of our world, necessary for almost everything we do every day. B Which of the following is TRUE regarding the economic order quantity (EOQ) model? O This PPF is not an economic model. "What is the purpose of this? 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. Shen uses $100 to purchase tax services from A-Plus Accountants. 2. 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. A) It provides you an opportunity to acknowledge the assistance of a remote team member. You decide to start each meeting with a few minutes to say, "I'd lik 4/2 = 2 pizza The following dialogue shows an excerpt from their debate: Firms, in turn, earn revenue when households buy goods and services. 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. POS 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. We all laughed at the joke about_ honest man, even thou \text{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ . B] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. 40 * This PPF is not an economic model. 4. How should you approach Kurt regarding his work? Draw a productionpossibilities frontier for a society that produces food and clothing. Suppose Alyssa earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. This could be a flow of dollars, inputs, or outputs. Without a bailout of severely distressed financial firms, the economy will experience a deep recession. 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. 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. This PPF is not an economic model. FACTOR Explain. ECO 102 Macroeconomics Unit 1 Milestone 1 Sophia Course You can specify conditions of storing and accessing cookies in your browser. 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live Which of the following is true regarding this economic model? E We reviewed their content and use your feedback to keep the quality high. Macroeconomics studies the application of economics across an economy. \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ Tariffs and import quotas generally reduce economic welfare. Determine influences of aggregate supply and aggregate demand. Macroeconomics is the study of factors that affect the entire economy. 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. Notice that one point is the same on the initial PPF and the new PPF. Profits, dividends and rent When the Current Account and the Capital Account are added together. 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. 42 Firms, in turn, earn revenue when households buy goods and services. Show theeffects of a drought. \text{Mixing department}\\ The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. A. Making these simplifying assumptions allows scientists to focus on only the most important and most generalizable components of the topic of study. Jack owns a convertible bond with a $1,000 face value that can be exchanged for itive comment between constructive feedback. C. Holding cost per unit per year is independent of order quantity. You are meeting with your new remote team for the first time. Economic model are made to study certain specific variables and 4). Wants and demands z = C+I+G The following dialogue shows an excerpt from their debate: 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER 21 In the circular-flow model of an economy, households own all the factors of production. The effect of a large government budget deficit on the economy's price level MACRO 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 $450 per week Yakov earns working for Little Havana. A) Sandwich a pos B) Ensure that team members understand the larger goals of the company Economic models 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. 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. The incidence of the subsidy on the consumer will decrease. Therefore, point D must be unattainable, given current resources and technology. NORM b. c. Nothing is free 25 shares of WUF stock, 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm BARLEY (Miions of busheis) Therefore, the $200 is a payment that flows from a firm to a household. plethora realization scarcity profusion, Suppose an economy produces two goods: food and machines. A) It provides you an opportunity to acknowledge the assistance of a remote team member. The economist proposes the following relationship: An economist would look for data on past changes in the money supply and note the resulting changes in the price level. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. 2019 - The South African Department of Employment & Labour Disclaimer PAIA . Therefore, the $250 is a payment that flows from a household to a firm. Switzerland, officially the Swiss Confederation, is a landlocked country located at the confluence of Western, Central and Southern Europe. 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. The optimal interest rate for the Federal Reserve to target MACRO 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? Which of the following is true regarding this economic model? 0 Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. Cons. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Explain why the production possibilities frontierhas the shape it does.d. However, positive statements can always be supported or refuted by data, while normative statements require a larger philosophical framework to evaluate. 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. \end{matrix} I = bo + b1Y Employers should not be restricted from outsourcing work to foreign nations. This site is using cookies under cookie policy . 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. Reduce the rate of inflation A normative statement is one that offers an opinion as to the way the world should be. D. Holding cost per unit per year is dependent on the selling price per unit. . B Economic models The following diagram presents a circular-flow model of a simple economy. c. Packet of crisps Which of the following statements regarding economic growth is correct? Economists also make simplifying assumptions to focus on only the most important and generalizable, aspects of the economy. Economics is a social, If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? What is the cost per bottle of EasySlim? Jacques's opportunity cost of producing the second truck per day is 3 balls per day while the opportunity cost of producing the third truck per day is 5 balls per day. Valerie earns $550 per week working for A-Plus Accountants. 60 We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. b. C600800 Suppose Valerie earns $550 per week working as an analyst for A-Plus Accountants. D Most questions about economics address the central banking system and financial economics. Tariffs and import quotas generally reduce economic welfare. e to acknowledge It is immoral for a government to redistribute money from one person to another. The fact that there are only two goods produced in this theoretical economy, when, in reality. demonstrate key economic concepts, Which of the following is true regarding this economic model? For example, two economists chosen at random are most likely to agree that rent ceilings reduce the quantity and quality of available housing. (C)r Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. Brian uses $225 to purchase medical services from the Medical Clinic. Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. & \text{Hi-Voltage} & \text{EasySlim}\\ Households, earn their income when firms purchase or rent these factors of production to use them to produce. POS Which of the elements of this scenario represent a flow from a firm to a household? B. OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods Explain. -The $400 per week Sam earns working for Dinah's Diner. Economists are no different. Wages, interest and transfer payments Selena pays a storekeeper $1 for a quart of milk.b. Capital Account 1. Though, the results of this curve are applicable to real world goods, where the nature and number of goods both are complex. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ Points located outside the production possibilities frontier, such as C and D, represent output combinations that are unattainable, given current resources and technology. 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? C. 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. Based on this model, households earn income when firms purchase factors in factor markets. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. Salma earns $20,000 from her 10 percentownership of Acme Industrial. Suppose South Africa produces two types of goods: agricultural and capital. Based on this model, households earn income when firms purchase factors in factor markets. She buys the chocolate bar as she wants it more than the drink and the crisps. Creating a model with two countries that produce thousands of products would be methodologically unfeasible. 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. You know the difficulty of remote team members forming bonds with each other. Little Havana pays Yakov $450 per week to wait tables. A positive statement is one that seeks to describe the world as it is. goods and services. Macroeconomics studies the application of economics across an economy. Which of the following is true regarding this economic model? Ana spends $9 to order a mojito cocktail. All Americans should earn more than $25,000 per year. CombinationCars Television When the government increases taxes, rates of tax evasion increase. Suppose Jacques is currently using combination D, producing one truck per day. Which of the following statements regarding economic growth is correct? 5. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. 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. Answered: Which of the following is true | bartleby Business Economics Which of the following is true regarding this economic model? 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. Kurt has worked hard on his assignments, but his performance is below expectations. 100 Determine the cost of each product line using ABC. Start your trial now! C) Have regularly scheduled performance reviews. This site is using cookies under cookie policy . Try Another Version Continue How should you approach Kurt regarding his work? Given that the technology is only applicable to computer production will the economy be able to produce more 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. The following diagram presents a circular-flow model of a simple economy. 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. DepartmentMixingdepartmentLiquidmaterialsDrymaterialsUtilitiesBottlingdepartmentBottlesLabelingMachinesetupDriverGallonsPoundsMachinehoursUnitsLabelsperbottleSetupsCost$2,3046,9411,422$77,0006,52520,000. c. 2 1 pizza a. . How do you suppose employment differs in the two cases? 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.

1985 Villanova Football Roster, Gordie Gronkowski Wiki, Victorian Poems About Friendship, Stitched Joe Burrow Jersey, Articles W