nich of the following types of economy describes the economy of the UK? a) A command economy. Ob) A market economy. c) A mixed economy. O d) A planned economy.
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- Which of the following questions does an economic system answer? Choose one or more: O A. Why should a society produce? O B. What should a socięty produce? O C. When should a society produce? O D. How much should a society produce? O E. How should a society produce things? O F. For whom should a society produce?which of the following questions is not a microeconomic question? oa. why is wealth unequally distributed throughout the population? b. why is the price of computers falling? o c. why does the government spend more than it collects in taxes? d. what can we do to increase the number of people attending college?1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.
- Pls Don't Copy , I want Unique Solution What does a production possibilities frontier represent? Explain how you would use it to make decisions. What other information would you need to incorporate and what decision rule would you use?Suppose the economy initially produces 15,000 gallons of drinking water and 450,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving production to point B) is (72,000, 135,000, 90,000, 54,000, 108,000) tons of steelSuppose, instead, that the economy currently produces 378,000 tons of steel and 20,000 gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving to point C) is (72,000, 135,000, 90,000, 54,000, 108,000) ons of steel.Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional gallons of drinking water at point B is (Less, Equal, Or Greater Than) the opportunity cost of 5,000 additional gallons of drinking water at point A. This reflects the (Notion that Countries can gain from trade, Law of Increasing Opportunity Costs, Fact…1a. What is a Production Possibilities Frontier (PPF)? Consider an economy with only two goods: guns and butter. Show the tradeoff between the production of guns and the production of butter by drawing a (bowed outward) PPF (use gun production on the horizontal axis and butter production on the vertical axis). b. In what ways does the PPF reflect: i. scarcity and choice; and ii. increasing opportunity cost? c. How would the PPF be affected by a technological improvement in the production of guns? Solve all this question......you will not solve all questions then I will give you down?? upvote..
- The table below presents production schedule of apples and bananas in the country of mistania - assume that these are the only two goods that Mistania produces. Each row represents a specific set of apples and bananas that Mistania could produce. Suppose Mistania was currently at Senario C, producing 10 bananas and 80 apples. According to the data in this table, if Mistania wanted to produc 1 more banana, how many fewer apples will it need to produce? Scenario Bananas Apples A 0 100 B 5 90 C 10 80 D 15 70 E 20 60points Suppose that Teavana produces boxes of Jade Citrus Mint Tea and Spiced Apple Cider. Below are the possible combinations of Jade Citrus Mint Tea and Spiced Apple Cider that Teavana can produce. Combination Jade Citrus Mint Tea (X axis) Spiced Apple Cider (Y axis) A 0 50 B 16 45 C 30 35 D 40 20 E 47 0 What is the opportunity cost (amount & item) of the first 16 Jade Citrus Mint Tea boxes produced? [a]______________ What is the opportunity cost (amount & item ) of increasing production from 16 Jade Citrus Mint Tea to 30 Jade Citrus Mint Tea? [b] _________________ What is the opportunity cost (amount & item) of increasing production from 30 Jade Citrus Mint Tea to 40 Jade Citrus Mint Tea? [c] _________________ What is the opportunity cost (amount & item) of increasing production from 40 Jade Citrus Mint Tea to 47 Jade Citrus Mint Tea? [d] _________________ What is happening to the opportunity cost as…give 1 of the following statements that is NOT true regarding the production function and the production possibilities curve?a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable.b. The production function describes the capacity of a single firm, whereas the production possibilities summarises theoutput capacity of the entire economy.c. A production function tells us the maximum amount of output attainable from the use of all resources.d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of allresources
- The data below describe the current production possibilities for an economy that produces two goods: Livestock Products and Aquaculture products Quantities that can be produced per month with the currently available resources Aquaculture products 6000 5900 5700 5400 5200 4100 Livestock products 0 100 200 300 350 500 Label point A B C D E F Required: (a) Explain the existence of opportunity costs in this situation. (b) Plot the PPF. Put Livestock goods on the vertical axis; Aquaculture on the horizontal axis. Label the points. Be sure each axis is to scale. Scales can differ between axes. (c) “Your PPF slopes down because of tradeoffs.” Explain that sentence in words that make sense to someone not taking economics.Based on the given scenario, answer all the questions. Consider a world composed of two countries, U.S as Home and Malaysia as Foreign. U.S and Malaysia both are producing two goods for machines and pants. Assume that Malaysia is capital abundant and machines are capital intensive. a) What is(are) the factor of production that used in the production? b) With a help of a diagram, explain how the change in the relative price of goods alter the distribution of income [Hints, normally use relative price of goods for capital abundant or labor intensive]. c) With a help of a diagram, explain how levels of output change when the economy’s resources change [Hints, normally use relative price of goods for capital abundant or labor intensive].An inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?
