In the factors of production market Select one: O a. households and firms are both sellers O b. households are buyers and firms are sellers O c. households are sellers and firms are buyers. O d. households and firms are both buyers
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![In the factors of production market
Select one:
O a. households and firms are both sellers
O b. households are buyers and firms are sellers
Oc households are sellers and firms are buyers.
O d. households and firms are both buyers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F44428c26-04a1-40c4-800d-0b0211d6d971%2F9d50acaf-6f77-40bb-bb47-12ab2a5cae91%2Fmifz7r_processed.jpeg&w=3840&q=75)
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- In the circular-flow diagram, firms are sellers in of Select one: tion O a. both markets O b. neither market O c. the goods and services market. O d. the factors of production marketRecently, the market for beef has been experiencing a major change. In general,there has been a decline in demand for beef as consumers have turned more to fish andchicken or have simply been eating less meat overall. On the other hand, there has been adramatic increase in demand for “organic” or naturally raised beef. In fact, organic beef sellsfor a substantial premium over regular beef.a. Use comparative statics analysis to analyze the short-run and long-run effects of these shifts in demand.b. Answers should include a graphFactors of production are inputs used to consume goods and services. a. False O b. True
- 2 A Long December This winter is hotter than normal, so people want fewer wool scarves than before...however, a new breakthrough in genetic engineering caused many sheep to grow hair (used to make wool) much faster this year. Show what happens in the market for wool. In the left graph, show a big change in D and small changein S. In the right graph, show a small change in D and a big change in S. Please indicate what happens toprice and quantity relative to the initial equilibrium. Either price or quantity will be ambiguous in eachinstance, so each question will have 2 possible graphs. Draw them both. BE SURE TO LABEL axes andcurves.P. QP, QWhich change is ambiguous, price or quantity? What happens to the other one?(flip the papeFood Output (units per year) B n T Figure 1.7 Refer to Figure 1.7. The cost of producing at point D rather than point J is Multiple Choice KLM Clothing Output (units per year) O O OM units of clothing. OA units of food. KM units of clothing. AC units of food.Suppose there is an exogenous change to the market for apples that caused supply of apples to increase by 20,000 kgs at every price, which of the following would NOT explain this exogenous change? An increase in number of sellers. O Technological improvement. Reduction in cost of inputs. O Increase in population size. O Favourable environmental/climate conditions.
- QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normativeThe movement from point A to point B on the graph is caused by O a decrease in the price of the good. an increase in the price of the good. O an advance in production technology. O a decrease in input prices. price B P' quaxtity loThe money price of a pack of granola bars is $1.40, and the relative price of a pack of granola bars in terms of burritos is 4.00 packs of frozen burritos per pack of grariola ba What is the money price of a pack of frozen burritos? The money price of a pack of frozen burritos is OA. $1.40 OB. the opportunity cost of a pack of frozen burritos OC. the opportunity cost of a pack of granola bars OD. $0.35
- 3. Analysis: All points are signifies inefficient production and use of resources O A. True O B. FalseAn owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased businesspring20 fall20 The Producer Price Index (PPI) is a Select one: a. price index measuring the changes in prices of all new goods and services produced in the economy. b. statistical measure of a weighted average of prices of a specific set of goods and services purchased by wage earners areas. O C. price index that tracks the price levee of commodities that firms purchase from other firms. O d. statistical measure of a weighted average of prices of commodities that firms produce and sell. Clear my choice
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