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- When the natural economic growth process begins in a capitalist economy A. the prices of capital goods fall relative to prices of consumer goods B. the demand for saving increases ( i.e. - the demand curve for saving shifts to the right on the market diagram) C. the consumption/savings ratio rises D. the quantity of consumer goods produced temporarily decreasesExplain three different kinds of economic systems. Explain the Law of Diminishing Returns and illustrate with a relevant example Explain the Production Possibilities Frontier Model.Economics Refer to the figure above. If cars are capital intensive and furniture is labor intensive, then according to the HO theory, then this country.. (select all that apply)
- Assume that a country with a market economy produces capital goods and consumer goods, use the data that follows to answer the question that follows: Capital Goods Consumer Goods 50 0 40 20 30 35 20 45 10 50 0 51 Does the “law” of increasing opportunity cost apply in the…Consider the circular flow model: suppose that businesses buy a total of $220 billion of the four resources (land, labor, capital and entrepreneurial ability) from households. If households receive $120 billion in wages, $24 billion in rent, and $49 billion in interest, how much are households paid for providing entrepreneurial abiltity? A. $360 billion B. $60 billion C. 27 billion D. $100 billionWhat is opportunity cost? As scarce resource, financial capital has opportunity cost. What determines the opportunity cost of capital?
- Question 4 Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (iv) The government invests in a new entrepreneurship training program (v) The government implements major reforms to make it easier to transact businessCompare and contrast human capital, H, and physical capital, K. How is H different from labour, L?4. As capitalism emerged why, from the perspective of the capitalist, were the inherited forms of the labour process severely deficient?
- A curve that shows the maximum amount of any two products that can be produced in an economy from a fixed resource and a fixed technology< A, Production Possibilities frontier B, Marginal Product curve C, Demand Curve D, Total Product CurveDescribe the income method and the production methodLet's put dollar amounts on the flows in the circular flow diagram below. Costs BUSINESSES buy resources • sell products $ Resources Goods $ and services Revenue billion RESOURCE MARKET • Households sell • Businesses buy billion PRODUCT MARKET • Businesses sell Households buy Money income (wages, rents, Labor, land, capital, neurial ability Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $200 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $100 billion in wages, $30 billion in rent, and $40 billion in interest, how much are households paid for providing entrepreneurial ability? Interest, profits) HOUSEHOLDS • sell resources .buy products Goods and services Consumption expendit b. If households spend $105 billion on goods and $95 billion on services, how much in revenues do businesses receive in the product market? Note:- Do not provide handwritten solution. Maintain…