Homework Answers
Answer 30. Production efficiency means
E. The economy is producing on its PPF and an increase in the production of one good cannot occur without a decrease in the production of another good.
Reason- When the economy produces at PPF it means it is utilizing all the resources available in the economy. When it produces all goods efficiently it means an increase in the production of one good cannot occur without a decrease in the production of another good.
Answer 31. D. Economists can't measure the value people place on things.
Reason- Different people value all things differently. So, it is difficult for economist to measure the value people place on things.
Add Answer to:
Question 30 Productive efficiency means: an increase in the production of one good cannot occur without...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor...
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...
A country's consumption possibilities frontier can be outside its production possibilities frontier if a
1. A country's consumption possibilities frontier can be outside its production possibilities frontier if a. the country engages in trade. b. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries. c. the country’s technology is superior to the technologies of other countries.d. All of the above are correct. 2. A production possibilities frontier will be a straight line if a. increasing the production of one good by x...
15. Causes of market failure include a. externalities and market power. (b) market power and incorrect...
15. Causes of market failure include a. externalities and market power. (b) market power and incorrect forecasts of consumer demand. c. externalities and foreign competition. d. incorrect forecasts of consumer demand and foreign competition. 16. Which of these consumption activities will most likely impose an external cost? a. An executive plays a vigorous game of golf. b. A student in a dorm plays her CDs at 120 decibels late at night. A young mother exercises to anaerobics video A construction...
Incorrect Question 11 0/2 pts When you look at countries that have high levels of GDP...
Incorrect Question 11 0/2 pts When you look at countries that have high levels of GDP and compare them to countries with very low levels of GDP, what, according to our text, can you say about the relationship between GDP and leisure time? There is a positive relationship between a country's GDP and the average amount of leisure time enjoyed by its citizens (the higher GDP, the more leisure time on average) There is no direct relationship between a country's...
Product-Costing Accuracy, Corporate Strategy, ABC Autotech Manufacturing is engaged in the production of replacement parts for...
Product-Costing Accuracy, Corporate Strategy, ABC Autotech Manufacturing is engaged in the production of replacement parts for automobiles. One plant specializes in the production of two parts: Part #127 and Part #234. Part #127 produced the highest volume of activity, and for many years it was the only part produced by the plant. Five years ago, Part #234 was added. Part #234 was more difficult to manufacture and required special tooling and setups. Profits increased for the first three years after...
Scenario Cartech Manufacturing is engaged in the production of replacement parts for automobiles. One plant specializes...
Scenario
Cartech Manufacturing is engaged in the production of
replacement parts for automobiles. One plant specializes in the
production of two parts: Part 271 and Part 342. Part 271 produces
the highest volume of activity, and for many years it was the only
part produced by the plant. Five years ago, Part 342 was added.
Part 342 was more difficult to manufacture and required special
tooling and setups. Profits increased for the first three years
after the addition of the...
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a....
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a. founder of modern market economics comparative advantage-argument for mutual benefits of international trade comparative advantage-emphasized job displacements of international trade founder of modern macroeconomics invented capitalism duo If a firm has trouble selling its good, it can lower price. increase demand. decrease supply. both a) and b) are correct. 6. People often pay too much for goods because they are not aware of which...
Match the following: 2. Adam Smith 3. Karl Marx 4. John Maynard Keynes Choices: (2 are...
Match the following: 2. Adam Smith 3. Karl Marx 4. John Maynard Keynes Choices: (2 are not used.) a. invented capitalism b. invented socialism c. founder of modern macroeconomics d. founder of modern market economics e. predicted the end of capitalism 5. If a firm has trouble selling its good, it can a. lower price. b. increase demand. c. decrease supply. d. both a) and b) are correct. 6. People often pay too much for goods because they are not...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...
15. Causes of market failure include a. externalities and market power. (b) market power and incorrect forecasts of consumer demand. c. externalities and foreign competition. d. incorrect forecasts of consumer demand and foreign competition. 16. Which of these consumption activities will most likely impose an external cost? a. An executive plays a vigorous game of golf. b. A student in a dorm plays her CDs at 120 decibels late at night. A young mother exercises to anaerobics video A construction...
Incorrect Question 11 0/2 pts When you look at countries that have high levels of GDP and compare them to countries with very low levels of GDP, what, according to our text, can you say about the relationship between GDP and leisure time? There is a positive relationship between a country's GDP and the average amount of leisure time enjoyed by its citizens (the higher GDP, the more leisure time on average) There is no direct relationship between a country's...
Scenario
Cartech Manufacturing is engaged in the production of
replacement parts for automobiles. One plant specializes in the
production of two parts: Part 271 and Part 342. Part 271 produces
the highest volume of activity, and for many years it was the only
part produced by the plant. Five years ago, Part 342 was added.
Part 342 was more difficult to manufacture and required special
tooling and setups. Profits increased for the first three years
after the addition of the...
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a. founder of modern market economics comparative advantage-argument for mutual benefits of international trade comparative advantage-emphasized job displacements of international trade founder of modern macroeconomics invented capitalism duo If a firm has trouble selling its good, it can lower price. increase demand. decrease supply. both a) and b) are correct. 6. People often pay too much for goods because they are not aware of which...
Most questions answered within 3 hours.
-
While rotating the tires on your car you notice a rock [mass =
0.1 Kg] stuck...
asked 29 minutes ago -
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 2 hours ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 2 hours ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 4 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 4 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 4 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 4 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 4 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 4 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 4 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 4 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 4 hours ago