If an economy is fully utilizing its resources, it can produce more of one product only if it adds more people to the labor force. produces less of another product. reduces the price of the most expensive products. doubles manufacturing of the product.
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- The factors of production (please choose all the answers that are correct) include the technology used to turn inputs into output cannot always be purchased in markets cannot be quantified may include the organization of the factors of production by the firm reduce the profits of firms since they are expenses are used by firms to procude output represent the value given up by HH in exchange for incomeA country produces cheese and wine using only labor. They have 100 hours of labor and their unit labor requirement for cheese is 5 hours/cheese. Their unit labor requirement for wine is 25 hours/wine. Enter the correct number in the blank spaces below: f this county produces only cheese and no wine, it can produce_______ units of cheese. If this county produces only wine and no cheese, it can produce_______ units of wine.If production of a good increases from 47 to 103, what is the percentage change in the quantity produced? Enter a number rounded to two decimal places. Do not enter a percent (%) sign. If the annual percentage change in the price of a good falls from 4% to 2% then the price of the good is falling over time. Group of answer choices True False
- Once Produced then what? Food, fiber, fuel= ___________________________, ______________________________, _________________________________, and _____________________________________ Agribusiness All of the inputs and production practices required for ____________________________________ to be developed and delivered are called _____________________________ Over _________________ of all Americans work in agribusiness related careers compared to only ___________________ in actual production agriculture.Higher education: -is not generally worth the costs -is worth the additional expanse for bachelor's degrees and associate's degrees but not for master's degrees and higher. -is only worth the additional expense for professional degrees such as law and medical degrees. -will generally result in lower lifetime earnings, ceteris paribus. -will generally result in higher lifetime earnings, ceteris paribus (all else equal)Select all that are true regarding the factors of production. Land refers to the natural resources consummed in production Human capital is the coordination of the other factors They are purchased in the input markets Labor earns a higher wage with more skill (higher human capital) Human capital includes the relationship and the naturual process coordination between workers
- the production fuction shows the volume of output that can produced from given inputs true falseA business buys $2,000 worth of inputs from other firms in order to produce a product. The business makes 100 units of the product and each of them sells for $50. The value added by the business to these products is Multiple Choice $5,000. $3,000. $1,000. $2,000.True or false in most short, run production processes, producers, have an economic incentiveto substitute, less productive inputs in place of more productive inputs, in order to increaseefficiency.
- Show all work and EVER STEP for solving the problem. DO NOT SKIP ANY STEPS. That is the only way I can know how you solved the problem. Directions: Given the consumption matrix C and the demand matrix d, find the production vector x that meets the consumption matrix C. Hint: Recall Leontief Input Output Models.city is trying to estimate the most money it should offer to contractors as an incentive for them to finish a disruptive road project early. The transportation project lengthens transport times by 10 hours per week for 40,000 workers. Assume that all workers are paid $10 per hour in a perfectly competitive labor market. What is the most that the city should pay to the contractors as an incentive for completing the project four weeks earlyThe biggest problem of production to be solved is: Deciding how much of a business’s production budget should be invested in lobbying congress for policies favorable to the business. Deciding how best to allocate a business’s limited manpower and resources so as to produce what consumers most want. To create as many jobs as possible. To produce as many goods as possible.