Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Chapter 2, Problem 14SQ
To determine
Changes in
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In the circular-flow diagram, which of the following do firms NOT do?
a. use factors of production to produce output
b. produce goods and services
c. hire workers
d. produce factors of production
What is the implication of a new technological change in the production on consumer.
A production possibilities curve can shift inward if there is
a. an increase in productivity
b. an increase in unemployment
c. an increase in the price of raw materials
d. a misallocation of resources
e. a natural disaster
Chapter 2 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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- The factors of production are best defined as the a. output produced from raw materials. b. inputs used to produce goods and services c. wages paid to the workforce. d. goods and services sold in the market.arrow_forwardThe question of for whom to produce focuses on how an economy's input is distributed among members of the society. a. False b. Truearrow_forwardDefine the statement. Whether correct or incorrect. The production of a firm is diminishing due to the poor technology. This is macroeconomic issue.arrow_forward
- 22. Economics: Labor Economics Thank you for your help and support Academic Agent!arrow_forwardWhat is the difference between technology and technological change? A. Technology is the development of new products, while technological change is when a firm is able to produce more output with the same inputs. B. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce the sameoutput using fewer inputs. C. Technology is the development of new products, while technological change is when a firm is able to produce the same output with fewer inputs. D. Technology is when a firm is able to produce moreoutput using the sameinputs, while technological change is the process of using inputs to make output. E. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce more output using more inputs.arrow_forwardDraw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. Stuart earns $4.50 per hour working at a fast-food restaurant.arrow_forward
- A firm's total opportunity cost of production is the sum of the cost of using resources a. bought in the market. b. owned by the firm. c. supplied by the firm's owner. d. bought in the market and supplied by the firm's owner. e. bought in the market, owned by the firm, and supplied by the firm's owner.arrow_forwardConsider a Production Possibility Frontier that bows outward. Suppose the production of one good increases. As a result opportunity cost of producing this good will __________ because productive resources ___________________ in their suitability for producing different kinds of goods. A. increase; differ B. decrease; are the same C. increase; are the same D. decrease; differarrow_forwardDescribe the five factors of production.arrow_forward
- Economists refer to the inputs that firms use to produce goods and services as a. derived factors. b. derived resources. c. factors of production d. instruments of revenue.arrow_forwardAn outward shift of a nation's production possibilities frontier can occur due to A B a reduction in unemployment. D a natural disaster like a hurricane or bad earthquake. C a change in the amounts of one good desired. an increase in the labor force.arrow_forward"The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of statement is this? a. normative b. negative c. positive d. subjective e. biasedarrow_forward
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