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- Differentiate between technical efficiency and economic efficiency with examplesmarginal cost minus marginal benefit. the time spent on an economic activity. the value of the best forgone alternative. the money cost of an economic decision. 2. (TCO1) Which is not a factor of production? Money Land Labor Capital 3. (TCO1) A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 4. (TCO1) A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced 5. (TCO 2) Which is consistent with the law of demand? A decrease in the price of tacos causes no change in the quantity of tacos demanded An increase in the price of pizza causes an increase in the quantity of pizza demanded An increase in the price of…Thinking of social distancing has to deal with the study of ____________, which is called _________. Group of answer choices time; proxemics time; proxemics personal space; proxemics personal space; chronemics
- a point inside a societys production possibilties curve represents? a. an output combination that satisfies the needs of the population b. an unattainable combination of outputs c. an underutilization of productive resources d. a technically superior output combinationDefine the term Benefit-Cost Ratio?How are the budget constraints in newclassical approach different than the mmt/heterodex approach?
- Which agricultural enterprise is relatively more efficient? Interpret all three derived economic parameters (breakeven yield, cost to produce a kilogram, and net profit) and discuss.Two alternative programs to save 50 more lives per year entail providing more cardiac intensive care facilities and redesigning dangerous highway interchanges. The price of a new cardiac intensive care unit is $500,000, and the price of redesigning and renovating a highway interchange is $1 million. One combination of the two programs that can save 500 lives is five cardiac units and three highway exit renovations. a.) Is the mix involving five cardiac units and three highway exit renovations cost-effective? b.) Assuming that the marginal products of both programs decline, what needs to be done to achieve the cost-effective mix of programs?A very cold winter in France wiped out most of the crop of Pinot Noir grapes in Burgundy, France. Plot the equilibrium point A new labor agreement with their workers' union has increased wages and raised wine producers' marginal cost of producing Pinot Noir. Plot the new equilibrium point. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Implementation and enforcement of the seatbelt law has resulted in an increase in the number of accidents. which core principle is represented in the scenario (if any) choose: a. Cost-benefit analysis b. The situation does not represent a core principle c. Scarcity, choice and opportunity cost d. Diminishing returns e. Compare the cost versus benefit in making decision f. Incentive principle g. Scarce resources so choice has to be made h. People are responding to an incentive I. Adding more variable factor to a given fixed factorWhich statement best explains how human capital affects the manufacturing of a product? It affects the efficiency of the manufacturing process It promotes increased demand for manufactured goods. It provides a financial incentive for potential investors It allows households to use their savings to buy goods.Which of the following fundamental ethical principles says that the child has to be given liberty to choose his/her own career? a. Respect forAutonomy b. Principle of Beneficence c. Fairness approach d. Virtue approach