What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A natural resource used to produce a good c. A good purchased as an input in the production process d. A good used in the production of another good

Q: Is ketchup a final good or intermediate good?

A: The markets are the place where the buyers of various goods, and services, meet, and interact with…

Q: To become an agricultural economist, is it more important to know agriculture or to know economic…

A: Agriculture was a central factor in the emergence of physically active human civilisation, when…

Q: produces two goods, Good A and Good B. The following is informatic production of these two goods and…

A: Nominal GDP measures the value of goods and services at current year prices.

Q: Sports utility vehicles, premium sedans, pickup trucks, and compact cars are just a few of the many…

A: An economic system is defined as a system of allocating scarce resources. The economic system has to…

Q: An efficient outcome in economics is one in which the economy is conserving the largest possible…

A: Economic efficiency means that the state of an economy is such that every resource is optimally…

Q: . It is primarily the basis of economic activity a. economics b. scarcity c. social science d.…

A: Economics is the study of human decisions in the face of scarcity.

Q: What is the circular flow diagram, and what does it demonstrate?

A: ((Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is Pareto efficiency and why do economists care about it? (Your answer should include both…

A: Pareto efficiency also known as Pareto optimality is a central concept that is used to assess or…

Q: What is the issue about  Economics (Domestic Resources)? Give a narrative

A: Economics as a study is considered to be a very vast area of study. This involves the decision…

Q: The end use of the goods categorizes the good as intermediate good and final good.  True/False

A: There is no no specific method to find org category is a good to be as intermediate or a final good.…

Q: If we assume that a cafe owner wants to increase the number of people she can serve lunch to and is…

A: Answer: Introduction part: To some extent, all economic resources are  interchangeable.The cafe…

Q: True or False. Please explain why the statement is true or false. 1. Consider and economy that…

A: When there is an improvement in technology then the cost of producing wines decrease. This implies a…

Q: Explain, how does the economy as a whole works? And which economic agents are of the greatest…

A: The economy works on the principle of exchange. A series of exchange of goods, money, and services…

Q: Goods and services which help in the production process are called: (a) Raw materials (b) Factors of…

A: # We need resources and technology to produce goods and services in the economy and to satisfy our…

Q: In a market economy, economic activity is guided by Select one: Oa. the government Ob. prices O c.…

A: Economics: It deals with market study and effects due to which there is a change in the rates of…

Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…

A: To determine the production method that a producer must always choose.

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: Given, Each plant works up-to 250 days in a year Plant A can produce= 10 units of good X or 5 units…

Q: A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can…

A: It has been provided that, For plant A: MCx = 10 MCy = 5 For plant B: MCx = 5 MCy = 4

Q: the degree of change in demand or supply due to the change in its determinants

A: The demand and supply are the two sides of the market. The demand and the supply in the market would…

Q: PRICE 1 2 3 4 5   QUANTITY 0 3 4 5 6   (d) What happens if other determinants change?

A: A commodity is demanded when it has utility to the consumer. Demand for a commodity is desire backed…

Q: Which of the following is a microeconomic question? a) How can we reduce the unemployment rate among…

A: The economy is the system where goods and services are manufactured, sold, and brought into the…

Q: Resources used to make goods and services are called A factors of B people production C scarcity D…

A: PLEASE NOTE THAT AS PER THE POLICY I HAVE SOLVED THE FIRST THREE SUB-PARTS. PLEASE POST OTHER…

Q: Which central problem of an economy is concerned with the selection of goods and services to be…

A: The Central problem we consider while studying economics are what to produce, How to produce and the…

Q: b. When producers plan to participate in the market for the foreseeable future they are more likely…

A: If firms in the market are expecting to operate in the market for a longer period of time, then…

Q: Suppose that college tuition is eliminated for every admitted student to a public community college…

A: Learning, knowledge and education are what makes the labor, convert into human capital. And it is…

Q: Can you identify and explain your family’s interaction in the market for factors of production and…

A: The circular flow of money explains how money and goods are circulated between the household sector…

Q: If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which…

A: Meeting in a hotel room to fix prices is the practise of collusion of setting prices that are above…

Q: What is commodity A.something that producers unable to sell to consumers B.A resource that is…

A: A commodity is a basic good used in trade that may be exchanged for similar products. Commodities…

Q: According to economists, competitive market provides best outcome for consumer, lowest possible…

A: Policymakers and examiners have been voicing worries about the rising grouping/concentration of…

Q: The economy is producing 100X and 200Y, but it could produce 200X and 300Y with the given resources…

A: Productive efficiency refers to a situation when an economy produces the maximum output using all…

Q: Many people think that soda consumption also leads to increased obesity. Many schools have banned…

A:

Q: A- We have studied the production technology. Explain the concept with an example.

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Goods and Services are scarce becauser resources used to produce them are

A: # We know well that we live in a world of scarcity where the resources we have are limited in nature…

Q: Explain the difference between a free good and an economic good.

A: In economics, goods are products that meet human desires and give utility, such as a gratifying…

Q: PRODUCTION POSSIBILITIES CURVE (FRONTIER) WORKSE Use the space below to answer the following…

A: According to PPF as you increase the production of one great, the opportunity cost to deliver the…

Q: In his State of the Union address in 2003, President Bush supported the idea of changing from the…

A: The study of the financial effects of environmental policy is known as environmental economics.…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: What is a market?a. Name five types of markets in which you participate.b. What markets trade…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: What are economic resources? What categories do economists use to classify them? Why are resources…

A: Economics is the study of how scarce resources are allocated to satisfy maximum human wants. Human…

Q: Which of the following questions is not answered by the decisions that every society must make? a.…

A: Three questions to be answered What goods and services are to be produced? How should these be made…

Q: In which kind of market, the consumer gets benefitted and why

A: The markets are the place where the buyers, and the suppliers of the goods, services and other…

Q: In a market economy, (b) firms decide whom to hire and what to make. (a) households decide which…

A: Ans) the correct option is c) Both a and b are correct.