Homework Answers
15) externalities and market power
Because externalities leads under provision or over provision of goods and services. As a result free rider problem arises and no one willing to pay for goods and services and market fails. Market power such as monopoly leads to profit extraction and leads to under supply of goods and services.
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15. Causes of market failure include a. externalities and market power. (b) market power and incorrect...
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...
33. Which of the following activities creates a negative extemality? a) Paying your taxes b) Driving...
33. Which of the following activities creates a negative extemality? a) Paying your taxes b) Driving during rush hour c) Planting a tree d) Eating an ice cream cone e) Giving a present to your friend 34. Which of the following activities creates a positive extemality? a) Emitting carbon dioxide b) Talking on your phone at the cinema c) Planting flowers in your front yard d) Polluting the water e) Playing loud music when your neighbor is sleeping 35. If...
Refer to the figure to the right. One segment of the circular flow diagram shows the...
Refer to the figure to the right. One segment of the circular flow diagram shows the flow of funds from economic agents E to market F. Who are economic agents E and what is market F? Economic Agents OA. E-firms; F-product markets Flow of funds B. ° C. O D. E-households; F = product markets E-households ; F = factor markets None of the above. Market Economic Agents Spending on Goods and Services Economic Agents Flow of funds Market Economic...
7. Which one of the following is an example of the circular flow model and shows...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
question 1 and 5 8 je Circular Flow of Economic Activity Worksheet 1. Which of the...
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
Refer to the provided figure. If box A represents households, B the product market, and C businesses, then flow (2)...
Refer to the provided figure. If box A represents households, B the product market, and C businesses, then flow (2) and flow (4) would represent Select one: a. business sponding revenues b. the flow of goods and services. c. the flow of labor and other resources, d. money incomes and consumer spending,
The following diagram presents a circular-flow model of a simple economy. The outer set of arrows...
The following diagram presents
a circular-flow model of a simple economy. The outer set of arrows
(shown in green) shows the flow of dollars, and the inner set of
arrows (shown in red) shows the corresponding flow of inputs and
outputs.
Which of the following is true regarding this economic
model?
A) While simple, the circular-flow diagram can still be useful
for the purposes of modeling how dollars and resources move
throughout an economy.
B) Because it does not take...
LRAS SRAS с Price level AD b Уf Real GDP Goods and services market Refer to...
LRAS SRAS с Price level AD b Уf Real GDP Goods and services market Refer to Figure: Fiscal Policy 2. If an economy operates in the short run at point a, then if the government were to implement contractionary fiscal policy. then we should expect a/an decrease in SRAS, which moves the economy toward pointc. increase in AD, which moves the economy toward point decrease in AD, which moves the economy toward point b. ZIL P Yf Real GDP Goods...
Figure 2-6 &Fan 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150...
Figure 2-6 &Fan 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150 180 210 240 270 300 330 itiows 38. Refer to Figure 2-6. If this economy devotes all of its resources to the production of blankets will produce a. 0 blankets and 360 pillows. b. 200 blankets and 240 pillows. c. 320 blankets and 120 pillows. d. 360 blankets and 0 pillows. 9. Refer to Figure 2-6. If this economy moves from point F to...
Question 69 0.5 pts 69. In a market economy, who makes the decisions that guide most...
Question 69 0.5 pts 69. In a market economy, who makes the decisions that guide most economic activity? O a. firms only b. households only O c. firms and households O d. government Question 73 0.5 pts Table 24-4 The table below pertains to Studious, an economy in which the typical consumer's basket consists of 5 books and 10 calculators. Year Price of a Book Price of a Calculator 2012 $24 $9 2013 $30 $11 2014 $32 $12 73. Refer...
33. Which of the following activities creates a negative extemality? a) Paying your taxes b) Driving during rush hour c) Planting a tree d) Eating an ice cream cone e) Giving a present to your friend 34. Which of the following activities creates a positive extemality? a) Emitting carbon dioxide b) Talking on your phone at the cinema c) Planting flowers in your front yard d) Polluting the water e) Playing loud music when your neighbor is sleeping 35. If...
Refer to the figure to the right. One segment of the circular flow diagram shows the flow of funds from economic agents E to market F. Who are economic agents E and what is market F? Economic Agents OA. E-firms; F-product markets Flow of funds B. ° C. O D. E-households; F = product markets E-households ; F = factor markets None of the above. Market Economic Agents Spending on Goods and Services Economic Agents Flow of funds Market Economic...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
Refer to the provided figure. If box A represents households, B the product market, and C businesses, then flow (2) and flow (4) would represent Select one: a. business sponding revenues b. the flow of goods and services. c. the flow of labor and other resources, d. money incomes and consumer spending,
The following diagram presents
a circular-flow model of a simple economy. The outer set of arrows
(shown in green) shows the flow of dollars, and the inner set of
arrows (shown in red) shows the corresponding flow of inputs and
outputs.
Which of the following is true regarding this economic
model?
A) While simple, the circular-flow diagram can still be useful
for the purposes of modeling how dollars and resources move
throughout an economy.
B) Because it does not take...
LRAS SRAS с Price level AD b Уf Real GDP Goods and services market Refer to Figure: Fiscal Policy 2. If an economy operates in the short run at point a, then if the government were to implement contractionary fiscal policy. then we should expect a/an decrease in SRAS, which moves the economy toward pointc. increase in AD, which moves the economy toward point decrease in AD, which moves the economy toward point b. ZIL P Yf Real GDP Goods...
Figure 2-6 &Fan 360 280+ 240 200 160 120 80 40 30 Go 9o 120 150 180 210 240 270 300 330 itiows 38. Refer to Figure 2-6. If this economy devotes all of its resources to the production of blankets will produce a. 0 blankets and 360 pillows. b. 200 blankets and 240 pillows. c. 320 blankets and 120 pillows. d. 360 blankets and 0 pillows. 9. Refer to Figure 2-6. If this economy moves from point F to...
Question 69 0.5 pts 69. In a market economy, who makes the decisions that guide most economic activity? O a. firms only b. households only O c. firms and households O d. government Question 73 0.5 pts Table 24-4 The table below pertains to Studious, an economy in which the typical consumer's basket consists of 5 books and 10 calculators. Year Price of a Book Price of a Calculator 2012 $24 $9 2013 $30 $11 2014 $32 $12 73. Refer...
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