In the factors of production market Select one: Oa households are buyers and firms are sellers O b. households and firms are both sellers Oc households are sellers and firms are buyers. O d. households and firms are both buyers
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A: Market refers to a place where goods and services are exchanged.
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A: Option A is correct
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Q: In the factors of production market Select one: O a. households and firms are both buyers O b.…
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A: Option ‘C’ is correct answer c) the goods and services market
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- Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.A tropical storm creates A shortage of the items needed in the production of Good B .explain how this would affect the production possiblities curveuse the theory of market to discuss market (i.e demand and supply) to expalin what is happenning in eachof the following scenarios
- 3. use the theory of market( i.e demand and supply ) to expaln what is happening in each of the following scenarioa) Can you identify and explain your family’s interaction in the market for factors of production and your family’s interaction in the market for goods and services. b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut. iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.In Happy Claptown, there are only 3 goods: Burgers, Patties, and Pizza. The following table shows the prices and quantities produced of these goods in 1990, 2000, and 2010: 1990 1990 2000 2000 2010 2010 Price Quantity Price Quantity Price Quantity Burgers 2.00 500 1.00 600 1.10 690 Patties 7.00 300 10.00 200 10.50 110 Pizza 0.70 300 4.00 200 0.75 420 a) A "market bundle" for a typical family is deemed to be 5 burgers, 3 patties, and 4 pizzas. Compute the consumer price index (CPI) for each of the three years, using 1990 as the base year. b) What was the rate of inflation from 1990 to 2000, using the CPI you calculated in (a)?
- The circular-flow diagram illustrates that, in marketsfor the factors of production,a. households are sellers, and firms are buyers.b. households are buyers, and firms are sellers.c. households and firms are both buyers.d. households and firms are both sellers.Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. 2011 2012 2013 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the cost of the market basket for 2011. (using 1 decimal place). ____ Calculate the cost of the market basket for 2012. (using 1 decimal place). ____ Calculate the cost of the market basket for 2013. (using 1 decimal place). ____Question 11: In the circular-flow diagram, firms buy _____ in the _____ market. Question 11 options: A) goods and services; product B) goods and services; factor C) resources; product D) resources; factor
- As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic termsGive typing answer with explanation and conclusion Which of the following illustrates goods markets? A. Maggie took an educational loan of $10,000. Safeway sells milk at $4.35 a gallon. B. Anna got a job with a public firm. Smith wants to take a vacation in December. C. Walmart sells potatoes at $2.14 a pound. Ann bought a new condo for $200,000. D. Banks have raised interest rates to 2.5 percent. Ryan enjoys playing chess.Construct the Two-commodity market model and find out th set of equilibrium prices mathematically?