Q: In the circular flow model, firms own the economic resources and households buy the manufactured…
A: Firms and household are the two players in the circular flow model.
Q: How did ideas relating to economics vary, and how did these evolve in Europe during the early modern…
A: Economics refers to the subject that helps us solve the problem of scarcity of resources and…
Q: In the Specific Factors Model, assume that in Country A, "wheat" is produced by using land and…
A: In the specific factor model, the inputs can be classified as mobile and immobile factors. The…
Q: Explain idea of convergence or catching-up effect in detail?
A: The theory of convergence states that if a country is less developed then the growth rate or the…
Q: Discuss the Idea of convergence and Divergence
A: There are numerous trends and instruments to consider in the world of finance and economics. One…
Q: discuss the difference between Empirical without Theory and Theory with Empirical.
A: Research is a method of systematic inquiry that includes gathering data, documenting key…
Q: Describe the straight-line method?
A: According to the straight-line method of depreciation, the equal amount of depreciation is allocated…
Q: The unemployment rate of Oman is measured as 2.55% in 2020, which is lower than the rate of India.…
A: A positive statement is one that can be tested and verified and is not based on a value judgment.…
Q: According to Adam Smith, the butcher, the baker, and the brewer do what they do because of…
A: Adam Smith economic theory: Adam Smith is a philosopher who has given a theory that market tends to…
Q: Sirius XM acquired Pandora, was this about scope or scale economies? How does economies of scale and…
A: Sirius XM and Pandora are both broadcasting companies, they both stream music, provide a large…
Q: Explain how do the following events affect the emergence of globalization and interconnections among…
A: Globalization refers to the concept wherein the countries open their domestic economies to all the…
Q: Please explain classical and neo-classical from schools of thought.
A: New classical theories emerged around 1900.
Q: The gravity model is frequently used to explain why two countries do not trade. Give examples and…
A: The gravity model of trade states that with more distance between countries, the possibility of…
Q: Relationship between economic geography and economics
A: The economics is mainly divided in the two parts which are microeconomics and macroeconomics. The…
Q: “In the production process, it may be expected that a progressive increase in the input results in a…
A: Definition: A production process is a strategy for utilizing financial info or assets, similar to…
Q: Imagine a graph showing production possibilities. What does an outward shift of the production…
A: The PPC (production possibility curve) demonstrates the trade-off faced by the economy producing two…
Q: Match the following Group A Group B 1) Adam Smith A) Aggregates 2) Micro Economics B) Prof. Boulding…
A: Adam Smith was one of the greatest economist and philosopher who gave many theories, one of which…
Q: wealth
A: Wealth is the abundance of financial assets being valuable or the physical possessions which could…
Q: Imagine two societies A and B with the production possibility curve shown in the diagram. In year t…
A: The curve that depicts the combination of goods that could be products with the given resources is…
Q: Provide an explanation an economist might give showing why each statement is true: - Entrepreneurs…
A: Meaning of Managerial Economics: The term managerial economics is all about management under…
Q: Indicate whether each of the following statement applies to microeconomics or macroeconomics: U.S.…
A: ANS Microeconomics deals with the study of individual firms or individual markets. In…
Q: What does productivity growth has to do with economics?
A: One of the key sources of economic growth and competitiveness is the term called Productivity due to…
Q: In the circular-flow diagram, which of the following do firms NOT do? a. use factors of production…
A: In the circular-flow diagram, the following are done by the firms :a)The firm uses factors of…
Q: Suppose Country Y gets hit by a hurricane that devastates the country. How would the circular flow…
A: Every economy has to face the scarcity of resources, which implies that the resources with the…
Q: terms of economics, what is the significance of the following quote? “On the next exam, I made the…
A: This is the quote which is taken from the book "Misbehaving" by Richard Thaler. The idea of the…
Q: TRISTAN WALKER is the founder of Walker & Company, which makes health and beauty products for people…
A: On got some information about the best guidance he at any point got he referenced: Actor and maker…
Q: The only way that a society can produce outside the production possibilities curve is :by producing…
A: A production possibilities curve (PPC) shows the various combination of two goods that an economy…
Q: he world in which we live is complex and to understand it, human beings make use of some or other…
A: In economics, theory is presented in a simple form by making the c) Ceteris paribus assumption
Q: Marx argued that paradoxically, increased productivity would cause to rate of profit to _______ over…
A: Producing more goods and services (output) while using fewer resources (inputs) is a measure of…
Q: While traveling by car during one of his many overseas travels, a famous economist spotted scores of…
A: Human capital refers to skills set, knowledge, specialization. It is not physical or tangible…
Q: Economic is a social science that is considered a precise art.
A: The study of societies and the relationships among persons within those communities is referred to…
Q: Which of the following is an example of capital as a factor of production? Group of answer choices…
A: The capital is considered as the factor of production. Capital raises the productivity of labour and…
Q: Define Static analysis, comparative analysis, and dynamic analysis, also State the main difference…
A: Data is factual information that is collected for the population. The data is organised in a way…
Q: Describe the income method and the production method
A: INСОME METHОD АBОUT - The inсоme teсhnique uses the flоw оf fасtоr revenues tо…
Q: Which graph depicts a technological breakthrough in the production of Y only
A:
Q: Assume our standard model. Both Andreas and Katya have 5 hours. In an hour, Andreas can knit 5…
A: Free trade allows countries or the individuals to specialize in production of the good in which they…
Q: Consider the figure below, what does these point A, B, D, E, and G shows? Explain these points…
A: This is an example of the production possibility frontier. PPF shows the different combinations of…
Q: How will you explain the formal definition of econometric?
A: Definition: Econometrics is the utilization of factual techniques utilizing quantitative information…
Q: The graphical illustration below shows the theory of production. Label the unknov variables…
A: TP {"Total Product"} is the total amount of production a company can generate with the labor it has…
Q: What are the advantages of the Malthusian Theory?
A: Malthusian Theory: The rise in the number of people and the strain it exerts on the resources of the…
Q: When economists consider the output of all U.S. businesses as a single entity, they are treating…
A: The output level of Economy In an economy, the output is regarded as the number of commodities or…
Q: In class, we saw lots of evidence that the groups of rich and poor countries _ (converged/diverged)…
A: The idea of convergence in economics (also known as the catch-up effect) is the hypothesis that…
Q: Show how a fall in the matching efficiency technology can effect output, wages, the unemployment and…
A: Unemployment refers to a situation, where, people who are searching for and willing to work are not…
Q: More difficult) Assume our standard model. Both Andreas and Katya have 5 hours. In an hour, Andreas…
A: Trade refers to exchange of goods across people or countries. The study of economics argues that a…
Q: Thomas Malthus presented a dismal forecast for man-kind, largely due to the effects of population…
A: Immigration affects welfare. These people come with the hope to gain. Some might have loss initially…
Q: what is the best example of negative integration and positive integration?
A: Economic integration:- Economic integration is a treaty among nations that typically means the…
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- Sirius XM acquired Pandora, was this about scope or scale economies? How does economies of scale and scope differ, and how is growth in this case created from either an economy of scope or scale?what is the best example of negative integration and positive integration?Explain idea of convergence or catching-up effect in detail?
- 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)Why isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…In The Wealth of Nations (1776), Adam Smith wrote, “The most decisive mark of the prosperity of any country is the increase in the number of its inhabitants.” How would Smith’s view have to be revised today? How would you explain the change to Smith?
- Classify the following topics as relating to microeconomics or macroeconomics. a. a family's decision about how much income to save b. the effect of government regulations on auto emissions c. the impact of higher national saving on economic growth d. a firm's decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of moneyClassify the following topics as relating to microeconomics or macroeconomics. a family’s decision about how much income to save the effect of government regulations on auto emissions the impact of higher national saving on economic growth a firm’s decision about how many workers to hire e. the relationship between the inflation rate and changes in the quantity of money.In the Spesific Factors Model, assume that in Country A, "wheat" is produced by using land and labor, "leather" is produced by using capital and labor. Labor is defined as a ................................ ( mobile/ specific/ fixed) factor.
- Explain horizontal and vertical integration.Based on article "Technology and economic growth: From Robert Solow to Paul Romer" by Rui Zhao, Romer has successfully opened the black box and explained how technology can be produced by an economy without having to rely on external (exogenous) technology. Using the central equations of the Romer’s model, technology (At) can grow to At + 1 due to efforts in R&D and technology spillover. Explain the role of three key sectors in the economy to drive technological-based economic growth.Classify the following topics as relating to microeconomics or macroeconomics. a family’s decision about how much income to save the effect of government regulations on auto emissions the impact of higher national saving on economic growth a firm’s decision about how many workers to hire the relationship between the inflation rate and changes in the quantity of money
