The simple circular flow model shows that Multiple Choice о о о households are on the buying side of both product and resource markets. businesses are on the selling side of both product and resource markets. households are on the selling side of the resource market and on the buying side of the product market. businesses are on the buying side of the product market and on the selling side of the resource market.
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- Matthew and Susan are both optimizing consumers in the markets for shirts and hats,where they pay $100 for a shirt and $50 for a hat. Matthew buys 4 shirts and 16 hats, whileSusan buys 6 shirts and 12 hats. From this information, we can infer that Matthew’smarginal rate of substitution is _____ hats per shirt, while Susan’s is _____.a. 2, 1b. 2, 2c. 4, 1d. 4, 2A government study found that people who eat chocolate frequently weighless than people who don’t. Researchers questioned 1000 individuals fromCalifornia between the ages of 20 and 85 about their eating habits, andmeasured their weight and height. On average, participants ate chocolatetwice a week and had a body mass index (BMI) of 28. There was anobserved difference of five to seven pounds in weight between those whoate chocolate five times a week and those who did not eat any chocolate atall, with the chocolate eaters weighing less on average. Frequent chocolateeaters also consumed more calories, on average, than people who consumedless chocolate. Based on this summary, would you recommend thatAmerican’s who do not presently eat chocolate, consider eating chocolateup to five times a week if they want to lose weight? Why or why not?Explain.Q1(a) When a company buys medical insurance for all its workers, the insurance premium per workers is generally much cheaper on the average for comparable coverage, compared to insurance purchased by individuals. The difference in cost may not be just due to differences in the administration costs in handling bulk insurance policies in a company’s transaction. Explain, in the context of information, for this cost differential. (b) It is discovered that children who attended pre-schools are helpful and considerate in the society. However, preschool is optional and very costly. Not all parents send their children to pre-school. (i) Use an appropriate diagram, depict the market for pre- school and explain the type of externality described. Is the market efficient? (ii) From social efficiency point of view, should the government make it compulsory for all parents to send their children to pre-school? Explain.
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- How should be the following given be treated while estimating national income (1) bonus paid to employeesIn an effort to analyze the effect of COVID 19 on health careexpenditure a research team in Healthystate considered 2019 to be the base year in calculating the Laspeyres Index. The following are data from 2018, 2019 and 2020 Quantity 2018 Prices 2018 Quantity 2019 Prices 2019 Quantity 2020 Prices 2020 Oxygen Supply 150 100 170 110 2500 180 Pharmaceutical Products 500 270 750 250 1500 210 Intensive Care 50 2170 50 2200 500 2300 Elective surgeries 150 1870 130 2100 5 3500 Considering the base year as year "0" a- calculate the Laspeyres index between 2018 and 2019 b- Calculate the Laspeyres index between 2019 and 2020 c- John claimed that since 2020 is an important year (since most of it was COVID 19 issues) we need to consider it as the base year. Calculate the Laspeyres index between 2019 and 2020. d- Why would there be a difference between the index in part c and the one in part b?What do we mean by “economic activity”?Economic Activity we mean the area of our social interactions in which people provide for their material needs and for those of their fellow human beings. It involves the production, the distribution, and the consumption of goods and services. #164. What does the Bible say about poverty and riches?Anyone who follows Jesus must never forget that first and foremost we are supposed to be ‘rich toward God’ (Lk.12:21). To become rich in material things is not a particularly Christian goal in life. And to be materially rich is not a sure sign of God’s special grace. Jesus teaches us to pray: ‘Give us this day our daily bread’ (Mt.6:11). With these words we ask the Father for all that we need for our earthly life. We do not strive for luxurious possessions but for the goods required for a happy life in moderate prosperity, the support of a family, works and charity, and participation in culture and education, as well as further development. #175. Is…