Provide an explanation an economist might give showing why each statement is true: - Entrepreneurs are important to the production of goods and services
Q: How is division of labor defined? Select the correct answer below: The average cost of producing…
A: Division of labour is the partition of a work interaction into various errands, with each…
Q: Question 3.For a two-person two goods exchange economy, provide a formal definition of a barter…
A: In economics, the barter system is considered as the prior type of making an exchange at the…
Q: c) Explain the dynamics underlying the differential equation dP dt where c and are constants. What…
A: In the given equation dPdt=cP(1-λP)where c and λ are constants The dynamics underlying it are as…
Q: Great Depression. Suppose President Roosevelt's government had not launched the "New Deal" to help…
A: *Answer: Let us assume that initially economy is at E, Jevel. OYF is the level. of full-employment…
Q: A firm produces two goods in pure competition and has the following total revenue and total cost…
A: Given: The total revenue function is TR = P1Q1 + P2Q2 The total cost function is TC = 2Q12 + Q1Q2…
Q: A homeowner does not recognize as taxable income the annual appreciation in the home's fair market…
A: Taxable income is the one on which taxes are imposed.
Q: 57
A: Public goods are the goods which are non-rival and non-excludable in nature. Non-rival goods are the…
Q: (ii) Explain the difference between a closed economy fiscal multiplier and an open economy fiscal…
A: Open economy refers to the type of economy that keeps interactions with the outside economies in the…
Q: How does education contribute to community development 3 paragraph
A: Education has always been a direct product of quality of life, social and individual ideals,…
Q: A small business can produce a maximum of 43 of its product per month and sell them for $7 each. The…
A: Given information: A small business can produce a maximum of 43 units of its product per month, and…
Q: Consider the following production function: f (A, B) = gamma multiply A^alpha multiply B^Beta. where…
A: We are going to use function separability theorem to answer this question.
Q: a) True or False: Absolute PPP may hold even when relative PPP does not because Absolute PPP looks…
A: The Purchasing Power Parity or PPP are simply the price relatives that show the ratio of the prices…
Q: Please note that this question has not yet been graded. I have submitted this question for help…
A: Overall cost refers to the total expense involved in achieving a specific level of output.Dividing…
Q: Would the interest rate increase be more likely to hurt or help the financial institution’s…
A: Interest rates affect the profitability of financial institutions. The financial institutions…
Q: The changes in bank regulations expand the availability of credit cards so people need to hold less…
A: The demand for money will fall if bank regulations make credit cards more widely available so that…
Q: 6.- Andrew Thomas, a sandwich vendor at Hard Rock Cafe, created this table with the different…
A: Business firms use decision analysis as a technique in operation management to make informed…
Q: RYE (Bushels) 200 180 160 140 120 100 80 60 40 20 0 0 100 200 300 400 600 CORN (Bushels) 500 700 800…
A:
Q: Briefly analyse the various policy measures that a government might have to undertake to deal with…
A: We show A fiscal deficit occurs when the government's expenditures exceed its revenues in a given…
Q: When the average total cost curve is at its minimum, we know that the: a. marginal cost curve is…
A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…
Q: Economists charged with the responsibility for performing a benefit–cost analysis encounter many…
A: Since the question you have posted consists of multiple parts, we will answer the first three parts…
Q: Which of the following statements is TRUE? I. In the face of a negative externality, a…
A: Externalities are the harmful or beneficial side effects arise out of production or consumption of…
Q: The supply curve shows the relationship between Multiple Choice ....... O price and quantity…
A: The supply curve is a graphical representation of the relationship between the commodity price and…
Q: The economy has an annual inflation rate of 3.5%. It will take approximately how many years for the…
A: Rule 72: Number of years to double = (72 / Annual growth rate) Note: If the annual growth rate is…
Q: Analyse, using demand and supply analysis, the relationship between i) inflation and exchange rate…
A: A general rise in price is referred to as inflation. The consumer price index is used to measure it.…
Q: What is the best approach for tax-related issues associated with online gambling winnings and income…
A: Gambling is an illegal practice of risking money or making a bet. online gambling is an illegal…
Q: Market failures Multiple Choice O O O о are only a concern when they result in prices that are too…
A: Market failure is a situation when the market is fail to allocate resources efficiently. There are…
Q: Assume a government is considering import restrictions because imports are hurting a particular…
A: International trade agreements govern the exchange of goods and services between two or more…
Q: How does inadequate funding and corruption hinder agricultural and rural development?
A: Corruption: Corruption is an abuse of power delegated for private gain. Corruption undermines trust,…
Q: 5. Consider the Solow growth model. The production function is: Y = Ka (AN)¹-a, the saving rate is…
A: Solow Model of Economic Growth is an exogenous growth model where it studies how capital…
Q: Visitor numbers to New Zealand usually decrease from the March quarter to the June quarter. If we…
A: A statistical approach known as a seasonal adjustment is used to balance out cyclical fluctuations…
Q: The way to build good credit is to: A. Secure a credit card, but never use it B. Pay off the credit…
A: Better management of money is essential for a sound financial stability and to build good credit.
Q: I need help answer please quickly fast
A: It is a bunch of principles and ideas which explains the functioning of the economy or various…
Q: Provide an explanation an economist might give showing why each statement is true: - “People must…
A: The social science that examines the way in which people tend to choose among the available…
Q: #5
A: The difference between how much a person is willing to accept for a given quantity of a good and how…
Q: 2
A: The cost of an additional unit is computed by marginal cost, which is an economic term. In general,…
Q: 8. What is economic?
A: We know that Economic is divided into two major discipline that is microeconomics and…
Q: Consider the demand function for processed pork in Canada, Q=270.00-12p+20p + 3pc +0.002Y The supply…
A: In a free market, the equilibrium price and quantity is determined by the intersection of thedemand…
Q: Despite - internal social and economic problems, Brazil still possesses vast growth potential.…
A: Despite decades of political upheaval, social unrest, and economic difficulties, Brazil, one of…
Q: 1. Players 1 and 2 are bargaining over how to split 5 dollars. Player 1 proposes to take si dollars…
A:
Q: a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each…
A: Opportunity cost is the cost in terms of other goods forgone. Here, we face a trade-off between…
Q: Discuss the Keynes's Theory of Money and Prices.
A: JM Keynes in his book The general theory of employment, interest and money (1936) gave the three…
Q: R8
A: Labor Force: The Labor force includes all those people who are currently working and/or in search…
Q: Problem 1 View Help Mario consumes only cheese and crackers. a. Could cheese and crackers both be…
A: 1. When a person's income rises, their consumption of an inferior good decreases. In spite of having…
Q: (d) Find the royalty in each period. Show that, the discounted value of the royalty in each period…
A: (d) Royalty payments generally constitute a percentage of the net revenues obtained from the use of…
Q: Question Assume there are two periods: today (0) and tomorrow (1) and that, after tomorrow the…
A: (d) Royalty payments constitute a percentage of the net (gross) revenue obtained or acquired from…
Q: How does a pure command economy answer the basic question of which goods and services should be…
A: When talking about types of economies, it can be seen that there are different economic systems in…
Q: If a factory produces 100 TV sets per year, each TV will be quite expensive to make. However, if a…
A: Average cost= Total cost/ Quantity.
Q: 2. The following table gives information about the quantity of glasses of lemonade sold on sunny and…
A:
Q: Table 2-8 Hats Umbrellas A Minnie B 40 10 Table 2-8 shows the output per week of two people, Minnie…
A: Opportunity cost is the value of what you lose while picking either at least two options. At the…
Q: hy is there so much unemployment and underemployment in the developing world, especially in the…
A: Unemployment: It refers to the people who do not have jobs to do. Increase in an unemployment shows…
Step by step
Solved in 2 steps
- what is the relationship of entrepreneurship and soci-economics? what are their benefits?When we speak of "capital" in economics we mean? a. financial instruments like stocks and bonds b. goods used to produce more good c. only the cost of capital enviroment d. MoneyConsider the circular flow model: suppose that businesses buy a total of $220 billion of the four resources (land, labor, capital and entrepreneurial ability) from households. If households receive $120 billion in wages, $24 billion in rent, and $49 billion in interest, how much are households paid for providing entrepreneurial abiltity? A. $360 billion B. $60 billion C. 27 billion D. $100 billion
- a) Briefly explain how is the ‘Islamic man’ different from the ‘economic man’? b) Describe whether profit maximization acceptable as the objective of production in Islamic economics? Give an example to support your argument.Create an entrepreneurship and socio-economic development relationship mind map. In your relationship mind map, illustrate the interconnectivity of entrepreneurship and socio-economic benefits. NOTE THAT YOUR ILLUSTRATION SHOULD READILY SHOW THE INTERCONNECTION OF ENTREPRENEURSHIP AND SOCIO-ECONOMIC DEVELOPMENT. You may add short descriptions in your illustration to convey your point so that when the reader looks at it, they can readily understand the interrelationships.In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why is it that an entrepreneur with seemingly selfish motives can create benefits for the larger society? Why is this a benefit that arises from capitalism and not from other economic systems?