A certain simple economy has two sectors: work and play. To produce $1 of work requires $0.7 of work and $0.2 of play. To produce $1 of play requires $0.1 of work and $0.6 of play. There is also an external demand for $2600 of work and $2300 of play. To meet the external demand, the economy must produce $ of work and $ of play of work and $ of play. When the external demand is met, the internal consumption is $
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- A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they dont like the taste. From an economic perspective, the company should keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.Suppose that college tuition is eliminated for every admitted student to a public community college or a public 4‑year college or university. a. Such a policy would likely lead to a.a decrease in human capital, conferring a cost b.an increase in human capital, conferring a benefit . b. Such a policy would also lead to a.lower taxes, conferring a benefit b.higher taxes, conferring a cost . c. Such a policy would also lead to a a.rise b.fall in enrollment at private colleges and universities.An economy depends on two basic products, wheat and oil. To produce 1 metric ton of wheat requires 0.23 metric tons of wheat and 0.32 metric tons of oil. Production of 1 metric ton of oil consumes 0.08 metric tons of wheat and 0.13 metric tons of oil. Find the production that will satisfy a demand for 500 metric tons of wheat and 870 metric tons of oil. The input-output matrix is Aequals left bracket Start 2 By 2 Matrix 1st Row 1st Column 0.23 2nd Column 0.08 2nd Row 1st Column 0.32 2nd Column 0.13 EndMatrix right bracket. [ ? ]metric tons of wheat is required to satisfy the demand.
- A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they don't like the taste. From an economic perspective, the company should keep the hamburger on the menu because they've spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.Justin lived with Jeremy in the same house and many regard him as a family member. Justin, Jeremy and Jeremy’s wife Lucille all contributed monies each week with respect to the weekend’s lotto, for the last few months with the goal of striking it rich. The Lotto currently stands at $20 million dollars. Over the last few months, Jeremy travelled to the lottery agent to play the selected numbers. There is an informal agreement between Justin and Jeremy, in respect of travel expences pertaining to the weekend’s Lotto, which they agreed will be shared amongst the three (Jeremy’s wife Lucille to be included as well ). They also agreed that whosoever wins the Lotto, the prize money would be shared amongst the three in equal porportion. Lucille was not present at the time of the agreement in respect of the sharing prize moneies in the event the parties won the Lotto. However, it was assumed that she will agree to the terms, because she was quite aware of the informal arrangements…What does the research and experimentation tax credit do? It offers a tax benefit to individuals who work in research and development. It offers firms a tax reduction depending on how much research and development they do. Generates significant tax revenue for the federal government. It offers firms a tax reduction depending on hiring of scientific and technical personnel.
- Consider an economy with a coconut producer, a restaurant, and a govern- ment. The coconut producer produces 10 million coconuts, which are sold for $2 each, generating a revenue of $20 million. The coconut producer pays wages of $5 million to its workers, $0.5 million interest on a loan to some consumers, and $ 1.5 million in taxes to the government. The restaurant buys 6 million coconuts, and the remaining 4 million coconuts are directly bought and consumed by consumers. The restaurant uses coconuts to produce meals that generate a revenue of $30 million. The restaurant pays its workers $4 million in wages, and the government $3 million in taxes. Consumers work for the coconuts producer, restaurant and the government, earning a total of $14.5 million in labour income ($9 million in wages from the private sector, and $5.5 million from the government). They also earn $24 million in after-tax profits (dividends) from the producers, in addition to the interest income of $0.5 million…The circular flow diagram describes... Group of answer choices The flow of money and goods and services between households and the government through the market for goods and services. How firms and households carry out economic activities through the market for input or factors of production and the market for goods and services. How firms control the activities in the labor market in order to ensure profit in the goods and services market. The flow of money from the market for goods and services to the market for inputs of factors of productionAll the following government policies are likely to increase the quantity of some products that are produced. But with one policy, this effect is a side-effect rather than the aim. Which policy is that?a) A policy intended to improve efficiency.b) The introduction of subsidies on some products.c) A policy intended to reduce unemployment.d) The introduction of taxes on the rich and transfers to the poor. Please dont use any AI tool.
- ¢15,000-Taxes paid to government ¢5,000-Revenue received from sale of apples ¢35,000-Apples sold to the public ¢10,000-Apples sold to Kojo Juice Incorporation ¢25,000-Transactions of Kojo Juice Incorporation ¢10,000-Wages paid to workers of Kojo Juice Incorporation ¢2,000-Taxes paid to government ¢25,000-Apples bought from Holi Apple Incorporation ¢40,000-Revenue received from sale of apple juice Using the data above, show that the product approach, income approach and expenditure approach yield the same value of total economic activity (GDP).We live in a world where computers and other items of technology seem to get ever cheaper to produce. Such technology is important in the production of a vast range of consumer goods. We wish to analyse the impact of this phenomenon on two key pieces of economic data. The main impact of the decreasing cost of technology is that (select from consumption/investment/government spending/exports/imports/economy-wide production costs/wage costs) would (Select increase/decrease) This would shift the (Select one from the picture attached) which (Select: Increse or decreases the price level) and (Select: increases or decreases GDP) Suppose that the economy is now away from long run equilibrium (GDP is above Yf). The way that the economy adjusts back to equilibrium is that (Select: interest rates/the exchange rate/factor prices such as wages/governement spending) (Select: Increases/decreases). This shifts the (Select one from the picture attached)Choose the Correct Answer. 1. This is a tax levied on gifts and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. A. Estate tax B. Capital gains tax C. Donor Tax D. Income Tax 2. It shows the peak of a business cycle. A. Recession B. Recovery C. Prosperity D. Depression 3. It shows that both production and employment fall. A. Recession B. Recovery C. Prosperity D. Depression 4. It pertains to the situation whereby both production and employment are at their lowest levels. A. Recession C. Prosperity Recovery D. Depression 5. It is a point in business cycle whereby both production and employment are rising towards full employment. A. Recession B. Recovery C. Prosperity D. Depression