Within the circular flow model, economists define households as O A. families living in their own houses. O B. individuals or groups living together. C. married or engaged couples. D. individuals or groups within the same legally defined family. O E. families with at least 2 children.
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A: Solution is given below
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- In 2012, an estimated 7.8 million Mexican-born immigrants were employed in the United States. a. If 60 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $100 per month, how much money did they remit in total? b. If, instead, 100 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $250 per month, how much money did they remit in total? c. The actual amount remitted to Mexico in 2012 by Mexicanborn immigrants living in the United States was about $23 billion. If we assume that 75 percent of the Mexicanborn immigrants remitted money to Mexico that year and if we further assume that each of those immigrants remitted an equal amount each month, how much per month did each of those immigrants have to remit to total $23 billion for the year?College students sometimes work as summer interns forprivate firms or the government. Many of these positions pay little or nothing. a. What is the opportunity cost of taking such a job? b. Explain why students are willing to take these jobs. c. If you were to compare the earning later inlife of workers who had worked as interns and those who had taken summer jobs that paid more, what would you expect to find?Q1) Individuals are counted as unemployed if they have Select one: O a. no job O b. no job and are not looking. O c. no job but looked for a job at least once in the last four weeks. O d. no job but looked for a job at least once in the last six months. Q2) Which of the following is not a topic studied in Macroeconomics Select one: O a. Unemployment O b. Gross Domestic Products (GDP) O c. None of the options O d. Inflation
- Which of the following are microeconomicissues? Which are macroeconomic issues?a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold?b. What will cause the nation’s inflation rate tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?d. Suppose that society decided to reduce consumption and increase investment. What groups might be hurt? ExplainWhy isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…
- Which of the following statements is true? According to Okun's law: Select one or more: O a. unemployment is illegal. O b. more unemployment causes more inflation. O c. the unemployment rate is correlated with the growth rate of GDP. O d. higher growth of gross domestic product tends to cause more unemployment. O e. the higher the growth rate of the Gross Domestic Product, the lower the growth rate of unmeployment, other things being equal.Please no written by hand solution Assume a society consists of two economic? groups: one group is rich and the other group is poor. Suppose that 50 percent of the population is rich while the other 50 percent of the population is poor. Consider two scenarios. Scenario? A: The rich have ?$60000 ?each, while the poor have ?$2000 each. Scenario? B: The rich have ?$7500 ?each, while the poor have ?$750 each. If you only care about average income and not about? equity, you would prefer ? a or b ?, which has an average income of ?$ ________. ?(Enter your response to the nearest dollar?.) Now suppose that you only care about equity or inequality. In this? case, you would prefer ? Scenario B or Scenario A ?, which has a? rich-to-poor ratio of ________. ?(Round your response to one decimal place?.) ?Finally, suppose you only care about living standards. In this? case, you would prefer ? Scenario B or Scenario A because it has lower poverty.4.Explain all three Circular flow economic models in one structure.
- College students sometimes work as summer internsfor private firms or the government. Many of thesepositions pay little or nothing.a. What is the opportunity cost of taking such ajob?b. Explain why students are willing to take thesejobs.c. If you were to compare the earnings later in lifeof workers who had worked as interns and thosewho had taken summer jobs that paid more, whatwould you expect to find?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?(Please 2 answer s) Question 27 : Consider tablets which are used by a majority of consumers. Suppose that due to the development of 5G technology, tablets underwent a major advance from 2020 to 2021 in terms of the number of functions they could do. The tablets in 2021 sold at the same price as those in 2020. Which of the following would tend to increase in 2021 as a result of this major advance? Select only one : O CPI O Purchasing power of money O GDP deflator O None of the above Question 28 : Suppose a country enters a major recession where the number of unemployed increases a lot and the wages of jobs fall a lot. Assuming no other major changes, what would be the effect of this change on a country's CPI? Select only one : O Increase O Decrease O Stays the same O Unclear
