Homework Answers
The slope of budget costraint is given by the price of one good divided by the price of other good.
The correct option is therefore,
BUDGET CONSTRAINT.
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Take Test: READING QUIZ CH. 2 | SECTION 2.1 QUESTION 7 The slope of the is...
launch sprcourse assessmentide_1353639,18coursed879278, content 444281111 Home Take Test: READING QUIZ CH. 2 | SECTION 2.1 QUESTION...
launch sprcourse assessmentide_1353639,18coursed879278, content 444281111 Home Take Test: READING QUIZ CH. 2 | SECTION 2.1 QUESTION 6 The law of explains why people and societies rarely make all-or-nothing choices O a. consumption O b.marginal analysis O c. diminishing marginal utility O d. utility
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
Question 1 Question 3 At one time, mest of the watches produced in Germany were sold...
Question 1 Question 3 At one time, mest of the watches produced in Germany were sold in Germany. Today, hewever, Germany both experts and imports watches, How could comparative advantage explain these data? The law of diminishing returns states that as additional increments of resources those additional increments_ the marginal bene it from Select the correct answer below Select the correct answer below: It cannot: comparative advantage predicts that a country either exports a product or imports it, not both...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
uateu! Jan 29 at 10:09pm Quiz Instructions Read each question or statement carefully and be sure...
uateu! Jan 29 at 10:09pm Quiz Instructions Read each question or statement carefully and be sure to read all responses before selecting your answer. B answer. Remember that this quiz is an individual effort and that you may not discuss the content of this quiz instructor. Quizzes will be available for review for three days after the deadline. D | Question 7 Increasing opportunity cost occurs along a production possibilities frontier because ns Webi- O producton takes time in order...
labor supply Ae leisure is an inferior goud instead of a normal good. The income effect...
labor supply Ae leisure is an inferior goud instead of a normal good. The income effect of a demand for leisure and a increase will lead to higher higher higherw c lower: higher lower lower 10 I If buyers expect the price of a good to rise in the future, the result is: a decrease in supply today h an increase in supply today a decrease in quantity demanded today d an increase in demand today TL If a person...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making....
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers' demand C) The resources we use to produce goods...
Consider a Ricardian model. There are two countries called Australia and New Zealand and two goods called beer and chees...
Consider a Ricardian model. There are two countries called Australia and New Zealand and two goods called beer and cheese. In Australia the unit labour requirement for a beer is 10 hours and for a cheese is 10 hours. In New Zealand the unit labour requirement for a beer is 4 hour and for a cheese is 1 hour. Australia has an endowment of 2000 hours of labour. New Zealand has an endowment of 400 hours of labour. 1 Draw...
Quick intuition check via True or False Questions 1. 2. If all prices double and income...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
launch sprcourse assessmentide_1353639,18coursed879278, content 444281111 Home Take Test: READING QUIZ CH. 2 | SECTION 2.1 QUESTION 6 The law of explains why people and societies rarely make all-or-nothing choices O a. consumption O b.marginal analysis O c. diminishing marginal utility O d. utility
Question 1 Question 3 At one time, mest of the watches produced in Germany were sold in Germany. Today, hewever, Germany both experts and imports watches, How could comparative advantage explain these data? The law of diminishing returns states that as additional increments of resources those additional increments_ the marginal bene it from Select the correct answer below Select the correct answer below: It cannot: comparative advantage predicts that a country either exports a product or imports it, not both...
uateu! Jan 29 at 10:09pm Quiz Instructions Read each question or statement carefully and be sure to read all responses before selecting your answer. B answer. Remember that this quiz is an individual effort and that you may not discuss the content of this quiz instructor. Quizzes will be available for review for three days after the deadline. D | Question 7 Increasing opportunity cost occurs along a production possibilities frontier because ns Webi- O producton takes time in order...
labor supply Ae leisure is an inferior goud instead of a normal good. The income effect of a demand for leisure and a increase will lead to higher higher higherw c lower: higher lower lower 10 I If buyers expect the price of a good to rise in the future, the result is: a decrease in supply today h an increase in supply today a decrease in quantity demanded today d an increase in demand today TL If a person...
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers' demand C) The resources we use to produce goods...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
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