It is immoral for a government to redistribute money from one person to another. https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Answered: Which of the following is true | bartleby NORM Diego an; an Producing a second truck per day would require him to move to combination C, reducing his production of balls to 16 per day. Government should Impose taxes on the cigarette. Determine the cost of each product line using ABC. C) It provides team members an opportunity to acknowledge the assistance of another team member. F02000 Use the diagram in part a to illustrate this. \text{Labeling}\ldots\ldots\ldots & \text{Labels per bottle} & \text{6,525}\\ E She uses $8 to have breakfast at Dinah's Diner. PRODUCTION ALTERNATIVES The project sponsor asks the project manager to spend less money on materials. Frances: I disagree. \text{Mixing department}\\ Additional data from its two production departments follow. Taxes 27 -The $400 per week Sam earns working for Dinah's Diner. I need help with understanding this. The disagreement between these economists is most likely due to differences in scientific judgements. ) An increase in real GDP per capita implies that income is more evenly distributed in the economy. Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. z = C+I+G However, no model can include every detail of a system as complex as an, economy. 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? Answer in Macroeconomics for Michelle #95177 Exchange rates are influenced by the market and subject to volatility. Reduce the rate of inflation Based on this model, firms earn revenue when households purchase goods and services in product markets. DepartmentDriverCostMixingdepartmentLiquidmaterialsGallons$2,304DrymaterialsPounds6,941UtilitiesMachinehours1,422BottlingdepartmentBottlesUnits$77,000LabelingLabelsperbottle6,525MachinesetupSetups20,000\begin{matrix} a. Kyoko: You really think households would change their saving behavior enough in response to this to make a difference? A) It provides you an opportunity to acknowledge the assistance of a remote team member. Economics is part of the humanities because it studies human decision-making. 0 We all laughed at the joke about_ honest man, even thou Economic models The following diagram presents a circular-flow model of a simple economy. Which of the following is true regarding this economic model? which is trading at $50 per share. Most questions about economics address the. Multiple Choice Question Are any of the allocations calculated inpart a inefficient? 1. 6. Tariffs and import quotas generally reduce economic welfare. C600800 Make a chart of Gretel's schedule, with driving times and service times. Can of drink You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 18 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. True Therefore, point D must be unattainable, given current resources and technology. While many economic questions are open to debate, the field is largely in agreement on some points. Which of the following is true regarding this economic model? 36 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. Those points or, A: In an economy, a statement is said to be a positive statement when it gives direct meaning and based, A: Production possibilities frontier shows different combinations of two goods that can be produced, A: The production possibility frontier (PPF) is a graph that shows the most significant number of, A: Production Possibility Frontier(PPF) is known as the locus of different possible combination of two, A: In Scenario C = 10 bananas and 80 apples are produced Economics is part of the humanities because it studies human decision-making. B) Ensure that team members understand the larger goals of the company macroc.docx - 7 Aggregate Supply and Aggregate Demand This occurs at output combination E. c. Money Because he can now make more trucks per hour, Jacques's opportunity cost of producing balls is higher than it was previously. (B)r All three spend half their time on eachactivity. How should you approach Kurt regarding his work? Dinah's Diner pays Shen $325 per week to work as a short-order cook. Wages, interest and transfer payments In what sense is economics like a science? To make sense of all of the different aspects of an economy, economists must make, simplifying assumptions and generalizations in order to focus on only the most important economic, ideas. How do you suppose employment differs in the two cases? Bright Day Company produces two beverages, Hi-Voltage and EasySlim. Question: Which of the following is true regarding this economic model? Therefore, the $250 is a payment that flows from a household to a firm. . C. Holding cost per unit per year is independent of order quantity. Considers the economy from the consumer's point of view POB 5.01 | Business Quiz - Quizizz Macroeconomics studies the application of economics across an economy. 25 shares of WUF stock, a) Because it does not take . In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. All, A: Part (a) CARS (Miions), Which of the following is true regarding this economic model? 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. This clearly states the thought and simplifies the understanding of economy, based on two products to be produced from same restricted resources. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Could the shutdown affect the government budget deficit? Tim (a household) pays Classy's Jewelry Store (a firm) $250 for necklace. The following diagram presents a circular-flow model of a simple economy. True Wants and demands What is the cost per bottle of EasySlim? a.) However, they need to be checked by the moderator before being published. What is Production Possibility Frontier? Production of Y In order to best encourage their individual performance development, what should yo In some markets, however, the supply of labor is determined by a union of workers. 3. Kyoko: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. However, now that he has the tool, it means giving up two trucks. Trade Surplus/Deficit 4. 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. Vaccination is a method of fighting Covid -19 These simplifying assumptions allow scientists to focus on only the most important and. The $450 per week Yakov earns working for Little Havana. Based on this model, households earn income when firms purchase factors in factor markets. Economists also make simplifying assumptions to focus on only the most important and generalizable, aspects of the economy. PRODUCT. a; an Kurt has worked hard on his assignments, but his performance is below expectations. As important. a. . \text{Department} & \text{Driver} & \text{Cost}\\ 3. The effect of a large government budget deficit on the economy's price level MACRO Start your trial now! b. POB 5.01 DRAFT. Kurt has worked hard on his assignments, but his performance is below expectations. What is Economics? b. FACTOR ProductionvolumeLiquidmaterialsDrymaterialsBottlesLabelsMachinesetupsMachinehoursHi-Voltage12,500bottles1,400gallons620pounds12,500bottles3labelsperbottle500setups200MHEasySlim180,000bottles37,000gallons12,000pounds180,000bottles1labelperbottle300setups3,750MH. PRODUCT 1 gallon of root beer How do you suppose that the wage set by a union compares to the wage in a competitive market? Creating a model with two countries that produce thousands of products would be methodologically unfeasible. POS. Answered: Which of the following is true | bartleby Economists are no different. Opportunity cost Households earn their income when firms purchase or rent these factors of production to use them to produce goods and services. -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. This year and experience a Technological advance and its machine making industry. Ana spends $9 to order a mojito cocktail. Firms, in turn, earn revenue when households buy goods and services. \text{Production volume} \ldots\ldots\ldots & \text{12,500 bottles} & \text{180,000 bottles}\\ Tim uses $250 to purchase necklace from Classy's Jewelry Store. Suppose Jacques is currently using combination D, producing one truck per day. The goal of a monopoly firm is to maximize profits. Cons. What does each point represent? 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? \text{Machine setups} \ldots\ldots\ldots & \text{500 setups} & \text{300 setups}\\ A consumer's optimal choice when buying a flat-screen TV MICRO A] Real gross domestic product (GDP) measures the impact of economic growth on pollution and environmental degradation. d. Less able to be fulfills The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type. Eastview Live | By Eastview Baptist Church | Facebook | Thursday. Uh we Producing a third truck per day would require him to move to combination B, reducing his production of balls to 11 per day. FACTOR. She uses $10 to have. A consumer's optimal choice when buying a flat-screen TV MICRO. It takes, A: The PPF's shape and its position will depend on how costly it is to keep the environment clean, that, A: The nations around the world tend to operate on the basis of the basic economic model. B This change is an example of the law of increasing opportunity costs. b. c. 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. 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. For instance, if Japan is currently producing at point F and decides that it wants to produce more corn, it must produce fewer laptops. 6. First week only $4.99! C b. Transcribed Image Text: 1. Course Hero is not sponsored or endorsed by any college or university. Which of the following is true regarding this economic model? Solved Which of the following is true regarding this | Chegg.com 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{Bottles} \ldots\ldots\ldots & \text{Units} & \text{\$77,000}\\ NORM keep. 100 Is there an analogous goal for labor unions? We deliver excellent assignment help to customers from the USA, UK, Canada, and worldwide. Microeconomics is the study of how prices and quantities are determined through interactions between buyers and sellers (individuals and firms) in individual markets. Note that describing a statement as positive or normative is not the same as describing it as true or false. economies produce many more types of goods, means this model is generally useless. Identify the correct sequence of step in the generation of an action potential. Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. Taxes are too high. For example, two economists chosen at random are most likely to agree that tariffs and import quotas generally reduce economic welfare. a. Most questions about economics address the central banking system and financial economics. The following dialogue shows an excerpt from their debate: households and firms are both sellers. She uses $9 to order a mojito cocktail at Little Havana. Similarly, when you look at the horizontal axis, you see that if the United Kingdom produces zero industrial robots, it can initially produce a maximum of 210 million bushels of corn per year. Consider the following production possibilities frontier model for an The effect of federal government spending on the national unemployment rate MACRO There are three certainties in this world: Death, Taxes and Homework Assignments. This chapter has assumed that labor is supplied by individual workers acting competitively. produces 2 goods, computers and cell phones. Suppose Crystal earns $600 per week working as a doctor for the Medical Clinic. Unformatted text preview: trying to describe. OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goods Ordering cost per order is dependent on order quantity. 24 In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. e to acknowledge This site is using cookies under cookie policy . While many economic questions are open to debate, the field is largely in agreement on some points. Dinah's Diner pays Brian $225 per week to work as a short-order cook. When the aspirin is provided to Alyssa (a household), the aspirin is an output that flows from a firm to a household. Consider the following production possibilities frontier model for an economy that produces only two goods: barley and tablets. Our experts will gladly share their knowledge and help you with programming projects. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and construction vehicles, a capital good. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? C. 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. C) Sandwich constructive feedback between positive comments. c. Packet of crisps \text{Bottling department}\\ For example, point A is inefficient because it is possible for Japan to produce at point F instead, where the economy is producing both more corn and more laptops. Which of the following is true regarding this economic model? While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. Explain. Pillmart Pharmacy (a firm) pays Tim (a household) $200 for his labor. Tim earns $200 per week working for Pillmart Pharmacy. Macroeconomics studies the application of economics across an economy. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. 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. Because the flu epidemic decreases the number of industrial robots the United Kingdom can produce, you should have moved the point to 60,000 industrial robots per year. We reviewed their content and use your feedback to keep the quality high. 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? POS Suppose Teresa earns $750 per week working as work as a flight attendant for Flyaway Airlines. . What happens to this frontier if disease kills half of the economys cow population? Jacques: I think a switch from the income tax to a consumption tax would bring growth in living standards. 2. Therefore, Jacques's increased ability to produce trucks increases his opportunity cost of producing balls. 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. 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 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. Points located outside the production possibilities frontier, such as C and D, represent output combinations that are unattainable, given current resources and technology. You are meeting with your new remote team for the first time. Why is it important for an economy to be on its production possibilities frontier? A) It provides you an opportunity to acknowledge the assistance of a remote team member. 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. The data below shows the various production possibilities for an economy that produces two goods, cars, and television sets. 2. Stuart earns $8 per hour working at a fast-foodrestaurant.c. 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. 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. 60 Draw a circular-flow diagram. The convers You know the difficulty of remote team members forming bonds with each other. The incidence of the subsidy on the consumer will decrease. Selena pays a storekeeper $1 for a quart of milk.b. Which of the following is true regarding this economic model? A. Which of the following is true regarding this economic model? 0 B] With the recent use of high-speed computers, economists are able to measure the size of the informal sector accurately. 62 views, 3 likes, 2 loves, 1 comments, 0 shares, Facebook Watch Videos from Eastview Baptist Church: Eastview Live Communism - Wikipedia itive comment between constructive feedback. 0 Which of the elements of this scenario represent a flow from a firm to a household? BARLEY (Miions of busheis) \text{Liquid materials}\ldots\ldots\ldots & \text{1,400 gallons} & \text{37,000 gallons}\\ 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. What is the common difference between the allocation of joint costs to ( a ) joint products and ( b ) by-products? The following diagram shows its current production possibilities frontier for corn, an agricultural good, and industrial robots, a capital good. Keep up with the worlds newest programming trends. Recall that each point on the production possibilities frontier shows the maximum quantity of corn Japan can produce if it also wants to produce the given quantity of laptops. The convers C) It provides team members an opportunity to acknowledge the assistance of another team member. 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. households are sellers, and firms are buyers.b. This PPF is not an economic model. The following dialogue shows an excerpt from their debate: A) Set clear expectations for each team member, with SMART goals. Suppose the United Kingdom produces two types of goods: agricultural and capital. a. 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. last year it produced 50 units of food and 30 machines. 4. 4. b. households and firms are both buyers.d. an; a demonstrate key economic concepts, Which of the following is true regarding this economic model? X Valerie earns $550 per week working for A-Plus Accountants. Tariffs and import quotas generally reduce economic welfare. B) It provides you an opportunity to share the latest company news with your remote team members. 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. Points located on the production possibilities frontier, such as E and F, represent efficient output combinations. It would be harder to find two randomly chosen economists who both agree with either of the other propositions. His opportunity cost of producing a third truck per day is 5 balls per day. For women aged 60 to 69, breast cancer screening significantly reduces breast cancer mortality. A government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. . A positive statement is one that seeks to describe the world as it is. Hence, as Jacques increases his production of trucks, his opportunity cost of producing more trucks increases. It addresses decision-making. Does this vary based on the situation? 1 80 Explain. Tim spends $250 to purchase necklace from Classy's Jewelry Store. 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. 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. Identify the articles that correctly complete the following sentence. Scientists of all types make assumptions in their models to simplify the complex world they are trying, to describe. Answered: Which of the following is true | bartleby Business Economics Which of the following is true regarding this economic model? 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. You decide to start each meeting with a few minutes to say, "I'd lik 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. In contrast, disagreement due to differences in values reflect differing assessments on fairness or equity. FACTOR itive comment between constructive feedback. 1K views, 35 likes, 4 loves, 11 comments, 1 shares, Facebook Watch Videos from Ghana Broadcasting Corporation: News Hour at 7pm O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types of a. The following diagram presents a circular-flow model of a simple economy. Which of the following is true regarding this economic model? 20 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? A) Set clear expectations for each team member, with SMART goals. e to acknowledge Check all that apply. an; a There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. . Economics can accurately predict what the national economy will do in six months to a year. An economy. When using combination D, Jacques is producing one truck and 19 balls per day. A firm's decision about the size of its new factory MICRO 60 C) Have regularly scheduled performance reviews. When a domestic currency depreciates, what happens to the purchases of. A10000 Why or why not? Identify key aspects of international trade. Under severe restrictions Scarcity means that resources are: https://www.sobtell.com/q/tutorial/default/206965-eco-102-macroeconomics-unit-1-milestone-1-sophia-c Experts are tested by Chegg as specialists in their subject area. \text{Dry materials} \ldots\ldots\ldots & \text{620 pounds} & \text{12,000 pounds}\\ b. Without a bailout of severely distressed financial firms, the economy will experience a deep recession. You can specify conditions of storing and accessing cookies in your browser.