When a command economy is utilized to resolve economic questions regarding the allocation of resources, which of the following consequences results? O a. Everyone will receive an equal share of the output produced. O b. The preferences of individuals are of no importance. c. Economic efficiency will be assured. Od. The role of markets will be replaced by political decision making.
Q: Question 3 Person A and Person B produces purses and wallets. The production possibilities frontier…
A: The production possibility frontier represents different combination of goods which an economy can…
Q: Fill in the blanks: Workers Employed 0 1 2 3 4 Quantity Produced 0 15 25 33 39 Output Price ($) 10…
A: A perfectly competitive firm is a price taker, therefore, the price of output remains same if the…
Q: A firm faces the demand curve: P = 3,591 - 19Q. What is the firm's revenue maximizing price? Enter…
A: Revenue maximising price - It is the price at which the producer earns the maximum amount of…
Q: he monopolist that chooses a point on the demand curve where the elasticity of demand, in absolute…
A: We know that the total revenue is equal to TR=PQ Monopolists choose the point where the elasticity…
Q: Which among the following is not true? Select one: a) None of the answers are correct b) Time is…
A: In economics, anything that will give some utility, benefit or any value is known as an economic…
Q: this is an economics question. *Was the shortage of hand sanitizer, masks and disinfectant products…
A: supply and demand, in economic matters, is the connection between the amount of a product that…
Q: Discuss two reasons why discretionary fiscal policy (expansionary & contractionary) may be…
A: Contractionary fiscal policy:- When the government either slashes expenditure or hikes taxes, it is…
Q: Suppose that you have received $300 as a birthday gift. You can spend it today or you can put the…
A: Opportunity cost of an action represents the forgone benefits from the next best alternative.
Q: Kim has $24 per week in her entertainment budget. She splits her time between going to the movies…
A: In economics, utility-maximizing choice between consumption items arises where the marginal utility…
Q: When income rises by 3 percent and other things remain the same, the quantity demanded of good C…
A: The sensitivity of the quantity(Q) demanded for a specified good to a change in the actual income(Y)…
Q: The following table shows the annual average data on the employment status of the U.S. civilian…
A: Introduction: Unemployment refers to the situation when the number of job seekers is more than…
Q: A 12-cylinder heavy-duty diesel engine will have a guaranteed residual value of Php 80,000 in four…
A: In this case, we are dealing with residual value of fixed assets as well as present worth and future…
Q: Why do these goods have the elasticity that they do? Inelastic Coffee, Elasticity: 0.25 Elastic…
A: Income elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…
Q: A man purchased a house for P425,000.00. In the first month that he owned the house, he spent…
A: Selling price assigned to a good or service is generally assigned by the seller, which is the amount…
Q: Consider an economy with dynamics captured with the following graph: k ke+1 = $(k₂)
A: In the given diagram we are given 3 steady states where the given K_t+1 curve intersects the 45'…
Q: Use economic equivalence to determine the amount of money or value of i that makes the following…
A:
Q: orrect statement about economic growth theories. A. Modern-day Malthusians point to global warming…
A: Growth is measured through the production of goods and services. The rise in the production of goods…
Q: 4. Discouraged workers Which of the following statements correctly describe discouraged workers? (If…
A: Some unemployment occurs when the economy is producing at a lower capacity than it is capable of.…
Q: 3. A new office park is considering to start an express bus service for workers. A survey of office…
A: Utility function depicts the relationship between the satisfaction level derived from consumption of…
Q: a) Find the Nash equilibria in the game (in pure and mixed strategies) and the associated payoffs…
A: Given information Player 2 L R Player 1 U 1,3 9,1 D 3,3 7,7
Q: The market demand for a good is P = 70 - Q. The good can be produced at a constant cost of $10. How…
A: There is a single firm in the monopoly market and it is price maker while in the perfectly…
Q: calculate The constant of a regression of Y on X calculate the what is the value of SSTx what…
A: Regression analysis shows, how the dependent variable is regressed over the independent variable.
Q: An air conditioning company offers a deferred payment options for split type air conditioner with…
A: To find the cash price of the air conditioner we need to find the present worth of the payments…
Q: Which Determinant of Supply will cause the supply curve for blueberry jam to shift to the right when…
A:
Q: K Find equilibrium GDP using the following macroeconomic model (the numbers, with the exception of…
A: The value of all the goods and services produced over the course of a given time period on a…
Q: 7. Use the following graph to answer questions a-f. a. What area represents consumer surplus before…
A: Consumer surplus is the difference between consumer willingness to pay and market price whereas…
Q: -Price Elasticity of Demand: Explain why a firm chooses to increase or decrease its price to…
A: Elasticity of demand measures the responsiveness of percentage change in quantity demanded due to…
Q: Why are nation-states sometimes willing to compromise their sovereignty in order to gain or maintain…
A: 1) let We have show that While countries lose some sovereignty over their own territory, they often…
Q: 問題14/14 Please judge whether the following function has the characteristics of CRS, IRS or DRS.…
A: Economics of scale Economies of scale refer to the idea that when a company grows, the average…
Q: Which of the following is NOT a characteristic of a Monopolistic Competition? Select one: a)…
A: The degree of competition in a market is always referred to in these types of market arrangements.…
Q: In 1885, first-class postage for a one-ounce letter cost $0.02. The same postage in 2015 costs…
A: The term "compounding" refers to "the rise in value of an investment due to the interest generated…
Q: 3. How do you compare the inflation rate in 2021 to the inflation rate in 2020? a The inflation rate…
A: The inflation rate measures the increase in prices over time. It can be calculated using CPI.…
Q: Assume perfect competition: Price: $38 Cost: TC 20Q + 0.04Q² Solve for the profit-maximizing…
A: There are many types of firm in the market depending on the knowledge of the buyers and sellers,…
Q: d. Identify and explain the most likely type of unemployment that resulted in an increase in the…
A: Unemployment Once someone actively seeks a job but is unable to do so, this is referred to as being…
Q: Suppose that the demand curve for wheat is and the supply curve is Q = 400-40p Consumer surplus Qs =…
A: As we know that price is determined by the market mechanism demand and supply .
Q: Consider a worker who consumes one good and has a preference for leisure. She maximizes the utility…
A: This is the labor leisure problem. Where the consumer decides the optimal amount of leisure and…
Q: A consumer makes decision to consume in this year and next year. This year she has an income of M1 =…
A: Here we are given the intertemporal consumption problem. Here consumer decides the consumption in…
Q: What would be the disadvantages of the United States restricting trade to enhance domestic supply of…
A: It is a complicated and subtle question how commerce will affect how the world recovers from the…
Q: Even before the pandemic, bicycle supply chains were strained. Why was this? Check all that apply.…
A: Bicycle companies moved the production out of China because of the rise in rate of tariff by former…
Q: Economic cost can best be defined as: Select one: a) All costs excluding labour costs b) Any…
A: Economic costs According to the accounting cost, the economic cost is a more comprehensive concept.…
Q: Capital is the sum of all the machines, plants, and office buildings in the economy. True False
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: With regard to the issue of jobs in the global market, which of the following is correct? No answer…
A: Global market: Global marketing allows you to sell more products, attract more customers, and…
Q: In production process if we keep on adding successive units of a variable resources to fixed…
A: If the successive units of variable factors are added to the fixed factor then there would be…
Q: q2 how to draw the diagram for deadweight loss
A: Introduction Deadweight loss means misallocation of resources due to economic inefficiency. Economic…
Q: The experience of the 1970s taught economists that changes in: a. both aggregate demand and…
A: 1970s witnessed a series of macroeconomic disasters as inflation and unemployment spiralled to…
Q: A firm's accounting profit is equal to total revenue minus opportunity costs total revenue plus…
A: The expression “accounting profit means to the total revenue of an organization in the wake of…
Q: Consider the used car market with imperfect information. There are 10 bad quality cars (lemons) and…
A: In economics the imperfect information means a situation where sellers and/or buyers would not have…
Q: will an increase in productivity affect the aggregate supply curve and the aggregate demand curve?
A: Productivity Productivity is a computation of the efficiency of production. It is the proportion of…
Q: Refer to Figure 7-2. Area B represents a. the combined profits of all producers when the price is…
A: Producer surplus is an amount that the seller will be paid minus the production cost. On graph it…
Q: Electricity is produced with water according to the function: E = 5 + 5W-1W² where E = kilowatt-hour…
A: Electric power is the speed at which work is accomplished or energy is transformed into an…
Step by step
Solved in 2 steps
- "Any social planner who implements efficient outcomes will produce the same output in a given market as the competitive market would." In addition to the conditions of the first welfare theorem, which of the following have to hold in order for the statement in quotes to be true? O a. Consumer tastes are quasilinear. O b. Consumer tastes are homothetic. O c. Production frontiers are homothetic. O d.Both (a) and (c). O e. Both (b) and (c). Of. None of the above.Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare wilt line same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education? Figure 2.4 Productive and Allocative Efficiency
- What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?which of the following questions is not a microeconomic question? oa. why is wealth unequally distributed throughout the population? b. why is the price of computers falling? o c. why does the government spend more than it collects in taxes? d. what can we do to increase the number of people attending college?1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.
- Which of the following questions does an economic system answer? Choose one or more: O A. Why should a society produce? O B. What should a socięty produce? O C. When should a society produce? O D. How much should a society produce? O E. How should a society produce things? O F. For whom should a society produce?John is thinking about going to the movies tonight . A ticket costs $ 9 and he will have to cancel his baby - sitting job that pays $ 20 . The total opportunity cost of seeing the movie is O A ) $9 O B ) $29 O C ) Indeterminate O D ) $ 29 minus the benefit of seeing the moviewhy is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphically
- Short Answer Assume there are two goods: airplanes (a) and bananas (b). The labor-to-capital ratios are 4 and 8, respectively. The labor-to-capital ratio in the wholeeconomy is 5. What is the fraction of capital (over the total amount of capital in the economy) used in the production of airplanes? Assume there is one good in the economy. The good is produced using a standard Cobb-Douglas production function. Give an intuition for why output price does not affect the capital-to-labor ratio?Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.According to Marx, which of the following is true? O capitalism causes one social class to conflict with the other. O economic evolution is the result of a superstructure determined by the Proletariat. rolestial O the state becomes a means through which the political class confiscate the wealth of the social class. O the forces of production will eventually block the relations of productions.