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- What is/are Parson Malthus's key ideas and explain what is it about?Can you confirm that I am correct with these positive and normative statements: Positive statement: When oil production slows in Texas, employment and tax revenues decline, and budget cuts at the state and local levels often follow. (Craymer has estimated that the state loses $85 million per year for every $1 decrease in oil prices.) Normative statement:If Russia agrees to production cuts and COVID-19 goes dormant in the hot summer months, as some experts expect, Texas’ coffers will have time to recover before lawmakers convene in 2021 to write a new budget. Or would this be a normative statement:Experts said Texas is better positioned to handle an oil price collapse today thanks to a diversified economy. The last collapse in oil prices, in 2014, also forced the industry to cut costs and otherwise become more efficient. But University of Texas at Austin energy resources professor Michael Webber said COVID-19 throws an unprecedented economic variable into the mix.Command economies are most likely to encourage an underground economy? a. True b. False
- how to construct, how do you kno which values map to what?(p1 * w1 + p * w)It’s the year 2050, and things are a little crazy (crazier?) in America. Sen. Shellow Bazic (Texas) – whose vote is pivotal in the senate – has sponsored a bill in the senate to require all employers in America to pay their employees with Texas Roadhouse meal vouchers. She says that at least $500 of compensation per month should be paid in this form. A $500 voucher will cost employers $500, and can be redeemed for meals at Texas Roadhouse up to a value of $500. Change will be given in further vouchers. Vouchers are not transferrable (so they have to be used by the employee themselves). You are advising the senator for Georgia, and remember that years ago you took an employee benefits class. a. estimate how cash wages will change as a result of the introduction of this program.Hello: Which of the following best describes a microeconomic question? (A) What is the value of US dollar in terms of other foreign currencies? (B) Should a particular firm enter a market? (C) Is the company of Japan in a recession? (D) What is the value of the goods and services that the United States produces every year? (E) What is the aggregate price level in an economy?
- The American economy is now characterized asa(n) __________ economy.a. civilizedb. stagnantc. serviced. bureaucratice. industrialized10 In transformationalism, countries become __________ a. All of these b. Powerless and powerful c. Powerful d. PowerlessFill in the blanks While the study of economic activities of individuals, households, and business at thesub-national level is the concern of ______ the study of economic activities ofthe national and global level is the concern of _______. The three main macroeconomic goals identified are _____ , ______ and _____.
- Which central problem of an economy is concerned with the selection of goods and services to be produced? a. Where to produce? b. How to produce? c. What to produce? d. Whome to produce?__________ is the reason for central problems of an economy. a. Unemployment b. Surplus of resources c. Inflation d. Scarcity of resourcesFamous insight regarding “an invisible hand” to promote general economic well-being by given by: a. Milton Friedman b. John Keynes c. Adam Smith d. Alfred Marshall A visual model of the economy, that shows how dollars flow through markets among households and firms is: a. Circular-flow diagram b. Dollar-flow diagram c. Production Possibilities Frontier d. Time-series diagram The ______________ of an item is what must be given up to obtain that item. a. Total cost b. Fixed cost c. Opportunity cost d. Variable cost ________________ is almost always caused by excessive growth in the quantity of money, which causes the value of money to fall. a. Inflation b. Depression c. Market failure d. Recession If opp. cost remains constant, Production Possibilities Frontier is: a. U-shaped b. L-shaped c. Bow shaped d.…
