Which of the following is/are the characteristic(s) of a household? [i]: It represents all the people who live together and who make joint economic decisions. [ii]: In a mixed economy, most of the factors of production are owned by households. [iii]: Households largely determine what goods and services are produced. a) [i] and [ii] only b) [i] and [iii] only c) [ii] and [iii] d) [i] ,[ii] and [iii]

Which of the following is/are the characteristic(s) of a household? [i]: It represents all the people who live together and who make joint economic decisions. [ii]: In a mixed economy, most of the factors of production are owned by households. [iii]: Households largely determine what goods and services are produced. a) [i] and [ii] only b) [i] and [iii] only c) [ii] and [iii] d) [i] ,[ii] and [iii]

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 4SQ

See similar textbooks

Similar questions

Which of the following is NOT one of the key fundamental economic questions of an Economic System? Question 26 options: What to Produce? How to Produce it? The Government putting a tax on a Product? For Whom to Produce it?
Question 26.26. A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won’t buy it because they don’t like the taste. From an economic perspective, the company should keep the hamburger on the menu because they've spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.
3. Voluntary contributions toward a public good Sean and Bob are considering contributing toward the creation of a water fountain. Each can choose whether to contribute $300 to the water fountain or to keep that $300 for a weekend getaway. Since a water fountain is a public good, both Sean and Bob will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.90 of benefit. For example, if both Sean and Bob choose to contribute, then a total of $600 would be contributed to the water fountain. So, Sean and Bob would each receive $540 of benefit from the water fountain, and their combined benefit would be $1,080. This is shown in the upper left cell of the first table. Since a weekend getaway is a private good, if Sean chooses to spend $300 on a weekend getaway, Sean would get $300 of benefit from the weekend getaway and Bob wouldn't receive any benefit from Sean's choice. If Sean still spends…
A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can produce up to 250 days in a year. For every day plant A can produce either 10 units of good x or 5 units of y. For every day plant B can produce either 5 units of good x or 4 units of y. Question 9-16. Case B: the firm produces only y in plant A and only x in plant B. How many units of x and y are produced? Question 10 Quantity of y produced in Plant A Question 11 Quantity of x produced in Plant B Question 12 Quantity of y produced in Plant B Question 13 Quantity of x produced by the firm Question 14 Quantity of y produced by the firm Question 15 MRT, defined as the amount of y for each unit of x, of plant A Question 16 MRT, defined as the amount of y for each unit of x, of plant B
Question 1 Imagine we live in a world with two types of skill sets: people with high ability and people with low ability. A diploma will cost a high ability person about 8K and will cost a low ability person about 20K. Businesses use education as a screening tool and they intend to pay 25k to workers without a diploma and $X to those with a diploma. In what range must X be to make this an effective screening tool? Your answer will include a set of equations showing the dollar range for both low ability and high ability people.
3. Voluntary contributions toward a public goodLarry and Raphael are considering contributing toward the creation of a public park. Each can choose whether to contribute $400 to the public park or to keep that $400 for a new suit.Since a public park is a public good, both Larry and Raphael will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.80 of benefit. For example, if both Larry and Raphael choose to contribute, then a total of $800 would be contributed to the public park. So, Larry and Raphael would each receive $640 of benefit from the public park, and their combined benefit would be $1,280. This is shown in the upper left cell of the first table.Since a new suit is a private good, if Larry chooses to spend $400 on a new suit, Larry would get $400 of benefit from the new suit and Raphael wouldn't receive any benefit from Larry's choice. If Larry still spends $400 on a new suit and…
Give examples and definitions of how these economic terms are used: (Simple definitions) -factory market -opportunity cost -wealth -wants -needs -production possibilities graph -scarcity
An important insight by early economists was that an economy based on free-market transactions is ▼ group self objective-organizing. Adam Smith developed the idea that ▼ self-interest equality goodwill, not benevolence, is the foundation of economic order.
What are the four basic factors of production? Provide at least one example of each factor of production and discuss how that factor is used economically.
Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice The optimal choice of output for a firm that produces electric heaters Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy A worker’s decision about how many hours to work Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The impact of new technology in the market for DVD recorders Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The relationship between…
Please answer all. 1. According to the textbook, which of the following statements is (are) correct? (x) Efficiency means that society is getting the most it can from its scarce resources. (y) Equality means that the benefits of society's resources are distributed uniformly among society's members. (z) Suppose that Senator Jefferson argues that replacing the income tax with a national sales tax would increase the level of output and Senator Thomas objects that this policy would benefit the rich at the expense of the poor. Consequently, Senator Jefferson’s argument is primarily about equality, while Senator Thomas’s argument is primarily about efficiency. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) only 3. Which of the following statements is (are) correct? (x) College students often choose to attend college even though it reduces the present level of income because they believe that future income and job satisfaction will be greater if they…
how different economic systems and different social norms can create very different business and social incentives. Note that there are a lot of different things to consider here, but just as an example, just consider how an economic system characterized by respect for property would have a fundamentally different incentives for production and trade than one which automatically assumes that all resources are common property.