Kyoko has opened a new startup company in web design. Within the first month of business, the startup agrees to maintain an accounting firm's website in exchange for someone at the firm doing the startup's tax returns. Which of the following principles of economic interaction best describes this scenario? Trade can make everyone better off.

Q: Any point on a country's production possibilities frontier represents a combination of two goods…

A: Production possibility frontier is used for 2 goods. These two goods can be anything.

Q: If the marginal (additional) opportunity cost is a constant then the PPC would be

A: To find : What would be PPC.

Q: Voluntary exchange is based on the principle that all parties must gain from trade. True False

A: Trade refers to the exchange of goods and services between individuals, industries, or countries.

Q: Which of the following statements is not correct?   Trade allows for specialization.…

A: For trade to be occur minimum two parties are required.

Q: Suppose the United Kingdom produces two types of goods: agricultural and capital. The following…

A: PPF shows different combinations of two goods that can be produced with the given level of resources…

Q: If new government regulations designed to protect wetlands remove very productive farmland from…

A: Production Possibility Curve(PPC) is the locus of the different combinations of goods that can be…

Q: Economist Adam Smith referred to "the invisible hand" of the market, but that invisible hand is…

A: Economist Adam smith was a classical economist who promoted free market economy in the world and the…

Q: List any three non-economic rationale of intervention of trade ? Which non-economic rationale will…

A: a. Maintenance of fundamental ventures (particularly safeguard): A significant thought behind…

Q: . If the marginal (additional) opportunity cost is a constant then the PPC would be

A: To find : Value of PPC.

Q: In order to satisfy as many wants as possible, a society must achieve productive efficiency:…

A: In economics, production is defined as the process of converting input into output. Input refers to…

Q: Q9 In the 18th century, _____ was the first to formulate the principle of comparative advantage. a.…

A: The concept of Comparative advantage was firstly introduced by the British political economist David…

Q: People in the U.S. state of Iowa eat both corn and potatoes. It is technically possible for farmers…

A: Trading is an initial economic concept that involves buying and selling of services and goods in…

Q: In market economies, most decisions are made by ___, while in command economies, most economic…

A: In a market economy, there is no government intervention, the market forces determined the…

Q: Using diagrams where appropriate, analyze why gambling can be seen as an example of market failure…

A: Gambling- The process of taking a risk of money or something valuable assets on the result is called…

Q: Consider a production possibility frontier with jeans on the vertical axis and shoes on the…

A: Answer: If the jeans are shown on the vertical axis and the economy moves towards to frontier closer…

Q: What is Production Efficiency and Inefficiency in economics? Explain with the help of a diagram.…

A: A PPF or production possibilities frontier is a graphical representation of the production of…

Q: There are two countries: Country A and Country B. These countries have the same amount of resources…

A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

Q: The gains from trade are evident in economic models, but seldom observed in the real world.…

A: The gains from trade are Based on the principle of absolute advantage Absolute advantage allows…

Q: Using a Production Possibility Frontier where beef and corn are produced, depict the following…

A: Production possibility frontier: Production possibility frontier/curve is the graphical presentation…

Q: A traditional economic system which is simply explained as “producers consumers relationship” is…

A: The economics as a study is based upon the idea that the economies, or the societies around the…

Q: Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production.…

A: In the question above, it is given that : There are only two detectives in the town of broadchurch.…

Q: Steve and Craig have been shipwrecked on a deserted island in the South Pacific. Their economic…

A: Steve can catch four fish in one hour or harvest two baskets of pineapples. When Steve produces two…

Q: Which statement is TRUE? Efficiency exists when an economy realizes the minimum possible gains from…

A: Market efficiency: It alludes to how much market costs mirror all accessible, pertinent data. If…

Q: Suppose the figure shown represents the production possibilities frontier for Country A. Country B…

A: Production possibility frontier shows all the combinations of those two goods that an economy can…

Q: Suppose South Africa produces two types of goods: agricultural and capital. The following diagram…

A: The Production Possibility Frontier is the locus point of all the different combinations of the two…

Q: Which of the following statements describes Principle 6: Markets are usually a good way to organize…

A: A market refers to the platform or a place for the people to interact with each other for making an…

Q: Classify each of the statements as an example of positive or normative analysis.. The sugar quota in…

A: The sugar quota in the United States costs consumers $6.08 billion a year. Correct Answer: Positive…

Q: Alec and Ellie are the only detectives in the town of Broadchurch. Assume efficient production. Each…

A: A nation or an individual spends significant time in a decent that it can create at a lower…

Q: Give a positive and a normative argument about why a business leader would oppose raising the…

A: Economics deals with the supply and demand of resources. Firms emerged as primary bodies responsible…

Q: Suppose the United States produces two types of goods: agricultural and capital. The following…

A: A PPF curve shows the combination of two goods that can be produced within the economy with given…

Q: Economics Which of the following is an example of offshoring? Question 18 options:   D) Dell…

A: Offshoring: The term offshoring refers to the reallocation of business activity or process from one…

Q: Which of the following statements accurately represent ideas proposed by Adam Smith?     a) the…

A: Adam Smith was an economist who is known as the Father of Economics. He wrote a book on Economics-…

Q: Unlike a market economy, a command economy: a. Consumer sovereignty to make production decisions b.…

A: Economy of a country includes all the economic activities that are undertaken in the country.

Q: production possibilities frontier can shift outward if Select one: a. government increases the…

A: PPF shows the different considerations of two goods that can be produced using the all inputs and…

Q: Which of these statements does not apply to market economies? Select one: a. Prices influence how…

A: An economic system is referred to as a market economy. The interactions of a country's individual…

Q: why a person would rather live in a market (South Korea) or command economy (North Korea). Include 3…

A: There are three types of system in the economy. These systems are market system, command system and…

Q: Mr. Yusuf enjoys economic freedom; He owns a factory which produces steel products. There are no…

A: There are 3 major types of economic system. These are, command economy, capitalist economy and mixed…

Q: The basic principles of economics suggest that   a.  markets are seldom, if ever, a good way to…

A: There are 10 basic economic principles according to Gregory Mankiw.   Government should become…

Q: Suppose the United Kingdom produces two types of goods: agricultural and capital. The following…

A: The curve that depicts the quantities being produced possibly of the two products if both of them…

Q: In market economies, most decisions are made by ___, while in command economies, most economic…

A: Command economy: - a command economy is a controlled economy where all economic decisions are taken…

Q: Which of the following is not a way to the us government intervenes in the economy a. Minimum wage…

A: Certain public products and services are provided by the government because there is no market for…

Q: Which statement matches the evidence presented in the trade and inequality podcast best? Trade makes…

A: Note: We will answer the first question as the exact one was not specified. Please resubmit a new…

Q: In a free market equilibrium, the gains from trade are always greater for consumers than for…

A: The gain from trade under perfect competition depends on the elasticities of demand and supply and…

Q: Gabriella starts using a new baking technique, and she can now do twice as much of everything. In a…

A: Production possibility curve shows the combinations of two or more goods that an economy can produce…

Q: Moving from an autarkic situation to engagement in international trade,   a. excess demand in the…

A: International trade means trade between nations . Where export and import are done  of goods and…