Specialization: 1) leads to greater self-sufficiency. 2) can lead to an increase in overall production. 3) allows workers to develop skills by working on a large number of tasks 4) is always the result of an inefficient use of resources
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- Please answer all the following questions True or False 1. a high fertility rate reduces the per capita income be it the gross national income per capita or the gross domestic product per capita 2. urbanization and localized economies lead to resource immobility 3. the most relevant advantage of locating a firm in an industrial district is known spillover 4. centralized urbanization leads to underdeveloped peripheral economiesMULTIPLE CHOICE (identify the one best answer and provide explanations): Consider an economy in which each worker has one machine and one unit of natural resources. Assume these inputs are fixed, and so is the worker’s human capital. But there has been an improvement in technology. We can surely conclude that productivity has increased if: the amount of goods and services produced from each hour of the worker’s time increases. the amount of goods and services produced by the worker increases relative to a worker in another country. if the amount of goods and services produced by the worker in a given year increases. all of the above. none of the above.Question 2 Scarcity is a condition that exists when there is a fixed supply of resources relative to the demand for the product. there is a large demand for a product. resources are not able to meet the entire demand for a product. All of these
- Which is not a factor of production? Money Land Labor Capital 2 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 3. 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 producedFactors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.Resources are scarce because which of the following are limited: Question 10 options: A) labor, capital, technology, and entrepreneurship B) labor, capital, stocks, bonds C) land, labor, technology, and money. D) land, labor, capital, and entrepreneurship
- Resources are allocated among industries in response to signals sent by both product and resources ...................... . These also indicate which resources would be combined in what way, in the production of a good or service, in order to ..................... production costs, thereby using society's scarce resources most ...................... . A person can increase his income by producing .................... output or by specializing in the production of something for which society is willing to pay a higher price (relative to cost). The ........................ of goods, services and resources are not determined by some government agency, but by countless decisions of individuals about which goods and services to produce and buy.The productive capability of an economy is such that to produce 5 units of military good it takes 2 workers to be employed while 10 units of consumer goods require 3 workers. Resources are limited in such a way that only 75 units of military good can be produced when all resources are employed. a) Construct the production possibility schedule and curve for this economy. b) Graphically represent what would happen if 12 additional workers were added to the economy. c) Graphically represent what would happen if the productivity of the workers were reduced to 2 units of military good and 5 units of consumer goods. d) Graphically represent what would happen if productivity for military goods remained the same but it now required 2 workers to produce 10 units of consumer goodsDiscuss in detail the production possibility curve by linking that to the concept of pareto,productive and allocative efficiency /inefficiency (with the use of well labelled graph)
- Productivity is best defined as Group of answer choices the quantity of goods and services produced in the economy. the stock of equipment and structures used to produce goods and services. the extra amount of goods and services produced by the last worker hired. the quantity of goods and services produced from each unit of labor.In terms of spending, once it is recognized that resources are limited, there is the macro decision regarding how much the state should be spending on healthcare in total. Then there is the micro question of where and how this money should be spent, and this issue essentially concerns factor substitution and opportunity cost. A number of trade-offs are relevant here, and some examples are discussed in the following paragraphs. Beds versus equipment. Treatments are much more capital-intensive than they used to be in past decades, owing to improved technology. This has the effect of reducing hospital-stay times, and 60 per cent of patients are now in and out of hospital in less than a day compared with weeks or months previously. This can reduce the need for beds compared with equipment. Drugs versus hospitals. Health authorities may be under pressure to provide expensive drugs, for example beta interferon for the treatment of multiple sclerosis. This forces unpleasant choices. Morgan,…After Hurricane Maria, hundreds of nonprofit organizations streamed to Puerto Rico and other Caribbean islands to provide disaster relief. Research has found that coordination between nonprofits during disasters is difficult to maintain—it’s easy for individual nonprofits to fundraise and pursue programming on their own while ignoring other organizations working on the same issues. Additionally, there are incentives to do projects that are cheap and have fast turnaround, since donors respond to the visibility of organizations providing disaster relief. Consider two nonprofit organizations working in Puerto Rico. Together, they could spend time coordinating their efforts and run a shelter for hurricane victims, providing each organization with 100 utils. Alternatively, they could individually distribute paper towels—a simple, low-cost, fast, and visible project—and receive 5 utils. This situation can be modeled with the following payoff matrix: Nonprofit 2 Run Shelter…
