ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 2, Problem 2.4P
To determine
Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization.
Concept Introduction:
Specialized Market: is defined as a market in which a focus is on selling a single product.
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1. Suppose an economy produces steel, wheat, and oil. The steel industry produces $80,000 in revenue, spends $4,000 on oil, $8,000 on wheat, pays workers $60,000. The wheat industry produces $120,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers $80,000. The oil industry produces $180,000 in revenue, spends $20,000 on wheat, $20,000 on steel, and pays workers $80,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or deaccumulate inventories. Calculate GDP using the production and income approaches.
Please provide what rules/formulas are used to solve this and the final answer.
31-Some countries developed ICT community centers for people throughout the country. Such program enables the country to reduce the digital divide. Select one : O False true
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Prepare a chart that compares India, Spain, and South Africa based on the data you find. Describe the key differences between the countries. Rank these as high-, medium-, and low-income countries, explain what is surprising or expected about this data.
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The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Explain whether you agree or disagree.
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8.
Includes all income earned: wages, profits, rent, and profit income within an Economy.
Question 8 options:
Trade Balance
Net Income
Gross Domestic Product
National Income
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6- Please solve this question. Many Thanks
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Ch. 13 Please help solving all parts of this question. Thank you!
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QUESTION 1Coffee is now the second most traded commodity in the world after crude oil. Not only has demand for various coffee products risen sharply in Western countries in recent years, increasingly there is also greater taste for coffee drinks in developing countries such as China and India. In addition, by-products of coffee beans have become popular such as coffee leaves which can be used to brew a tea with known health benefits. However, as a natural produce, coffee plants are subject to weather conditions. Recently major producers such as Brazil have been plagued by droughts. Using the demand-supply model, explain the likely effects of these phenomena in the coffee bean market. How can a market analyst use this information to her advantage?
QUESTION 2The internet and online social media in particular are giving people unprecedented ability to express their views and share information with others. On the other hand the truth of what people say online and the sheer volume of…
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19
Earnings such as wages, interests and dividends by residents who are living in other countries are called _____________.
a.
Domestic product
b.
Factor income from abroad
c.
Price level
d.
Domestic Output
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5- Please solve this question. Thanks
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6
(I WILL GIVE YOU THUMBS UP)
Please PLEASE answer all questions correct and don’t take more than 10 minutes please and thank you and will give you thumbs up
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13 Can you help me solve this question? Thanks.
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INTR.17
Suppose that you have graduated from college. If you had not gone to college, you would have worked and earned about $30,000 per year. Which of the following is the best way to think of the $30,000 per year?
a
Sunk cost.
b
Opportunity cost.
c
It was an opportunity cost, but is now a sunk cost.
d
It was a sunk cost, but now is an opportunity cost.
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1. Jaynet spends $30,000 per year on painting supplies and storage space. She recently received a job offer from a famous marketing firm for $110,000. However, she turned the job offer down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each:What is the minimum amount that she would need to be offered to quit her painting career?
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