Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. B) It provides you an opportunity to share the latest company news with your remote team members. Which of the following is true regarding this economic model? Such a framework is based on values and cannot be confirmed or refuted by evidence. a. 20 A: Opportunity cost is the loss when selecting one alternative over the other. last year it produced 50 units of food and 30 machines. Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. 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. Multiple Choice Question B) Sandwich critical feedback between less critical feedback. 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. Frances: I disagree. 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. This occurs at output combination E. Which of the following is true regarding this economic model? Based on this model, households earn income when firms purchase factors in factor markets. Economics assumes that people, businesses and governments make good decisions Would you describe yourself as an extrovert or an introvert? Valerie earns $550 per week working for A-Plus Accountants. Most questions about economics address the central banking system and financial economics. B POB 5.01 DRAFT. The government should force doctors to encourage women aged 60 to 69 to be screened for breast cancer. 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. 7 Aggregate Supply and Aggregate Demand. False Consider the following production possibilities frontier model for an economy that produces only two goods: barley and tablets. We all laughed at the joke about_ honest man, even thou Your comments have been successfully added. What does each point represent? . The following diagram presents a circular-flow model of a simple 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. 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. B) Ensure that team members understand the larger goals of the company keep. 5. Indeed, economies typically consist of millions of individuals interacting in, many different ways. NORM Unformatted text preview: trying to describe. NORM In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. Alyssa earns $650 per week working for Classy's Jewelry Store. Which of the elements of this scenario represent a flow from a firm to a household? itive comment between constructive feedback. Current Account 3. Using appropriate graphs, explain how a decrease in marginal propensity to import will affect the si. Balance of Payments 2. "What is the purpose of this? Most questions about economics address the. Circular Flow Diagram In some markets, however, the supply of labor is determined by a union of workers. According to a circular flow diagram, which of the following flows FROM government TO households? this economy always operates on its productions possibilities frontier. b. The $100 Shen spends to purchase tax services from A-Plus Accountants. 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. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c . C) Sandwich constructive feedback between positive comments. POS 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? d. Demands an; an A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. B. a fixed ordering cost per year. 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. In order to best encourage their individual performance development, what should yo Try Another Version Continue 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. Suppose the United Kingdom produces two types of goods: agricultural and capital. PRODUCT However, no model can include every detail of a system as complex as an, economy. A) The technological advance reduced the amount of resources needed to produce 30 machines. It implies that the interest, A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,, A: Answer a) Are any of the allocations calculated inpart a inefficient? Kurt has worked hard on his assignments, but his performance is below expectations. 2/4 = 0.5 gallon of, A: PRODUCTION POSSIBILITIES FRONTIER -The $400 per week Sam earns working for Dinah's Diner. Communism - Wikipedia Could the shutdown affect the government budget deficit? Keep up with the worlds newest programming trends. The young person's choice maximizes lifetime welfare Dinah's Diner pays Sam $400 per week to work as a short-order cook. POS Capitalism - Wikipedia & \text{Hi-Voltage} & \text{EasySlim}\\ Can of drink and packet of crisps This PPF is not an economic model. The new tool causes Jacques's PPF to pivot to the right. a. Answer in Macroeconomics for Michelle #95177 You'll get a detailed solution from a subject matter expert that helps you learn core concepts. What Is Rational Choice Theory? - Investopedia F02000 In the circular-flow model of an economy, households own all the factors of production. \text{Bottling department}\\ \text{Liquid materials} \ldots\ldots\ldots & \text{Gallons} & \text{\$ 2,304}\\ BARLEY (Miions of busheis) Taxes are too high. Showan efficient point, an inefficient point, and an infeasible point. 2. Department of Employment and Labour 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. Capital Account 1. d. Chocolate bar \text{Dry materials} \ldots\ldots\ldots & \text{Pounds} & \text{6,941}\\ Explain how a government shutdown will affect the variables in the national investment and savings identity. This year and experience a Technological advance and its machine making industry. 4. 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. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. Answered: Which of the following is true | bartleby Business Economics 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. Every two period, A: Economic analysis based on different approaches to see a specific situation to find all the possible, A: Opportunity cost of 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. Explain. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. This could be a flow of dollars, inputs, or outputs. This PPF is not an economic model. The following dialogue shows an excerpt from their debate: Unlimited O This PPF is not an economic model. d. Customers demand products 2. By grouping all individuals into households and firms and all markets into markets for goods and, services and markets for factors of production, economists can model how dollars and resources flow, back and forth among agents in the economy. Economists are no different. Jack owns a convertible bond with a $1,000 face value that can be exchanged for As important. Taxes 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 Which of the following is true regarding this economic model? Y Y = C+I+G The opportunity cost of buying the chocolate bar is What is Production Possibility Frontier? Cons. generalizable components of the topic of study. a. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks: Which of the following statements regarding economic growth is correct? The purpose of economic models is not exactly to portray complex reality, but to produce insights into how it works. You decide to start each meeting with a few minutes to say, "I'd lik A 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. Rent ceilings reduce the quantity and quality of available housing. 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. She uses $8 to have breakfast at Dinah's Diner. an; a 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? 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. An increase in taxes raises the price of a product C) It provides team members an opportunity to acknowledge the assistance of another team member. \text{Utilities}\ldots\ldots\ldots & \text{Machine hours} & \text{1,422}\\ Trade Surplus/Deficit 4. * This PPF is not an economic model. 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. The circular-flow diagram illustrates that, in marketsfor the factors of production,a. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. which is trading at $50 per share. This site is using cookies under cookie policy . -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. His opportunity cost of producing a second truck per day is 3 balls per day. Indeed, one survey that 93% of economists agree with this proposition. c. Now extend the analogy between monopoly firms and unions. \text{Mixing department}\\ How do you suppose employment differs in the two cases? A) Set clear expectations for each team member, with SMART goals. 4. Goods and services have a price because B) Ensure that team members understand the larger goals of the company