When a California farmer decides to harvest lettuce using machines instead of by migrant workers, the farmer is answering the _______ part of one of the two big economic questions. :
Select one
"a. "scarcity
"b. "for whom
"c. "what
"d, "how
Economy answer three main question:
In the above statement, it answer how we should produce lettuce (using machine or migrant workers). Option D is correct.
When a California farmer decides to harvest lettuce using machines instead of
The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions. "for whom" "why" "when" "how" Economics is best defined as how people make money and profits in the stock market. controlling a budget for a household. making choices with unlimited wants but facing a scarcity of resources. making choices from an unlimited supply...
1. Which of the following describes the reason why scarcity exists? A. Governments make bad economic decisions. B. The gap between the rich and the poor is too wide. C. Wants exceed the resources available to satisfy them. D. There is too much unemployment. 2. Which of the following defines economics? Economics is the social science that studies ________. A. the best way of eliminating scarcity B. the choices made to cope with scarcity, how incentives influence those choices, and...
When the FDIC decides to deal with a failed bank using the pay off and liquidate policy, what is being paid off? a. Deposit balances to the bank's depositors b. Face (par) value of common stock to the bank's stockholders c. Amounts due to the bank's vendors d. Salaries, bonuses, and severance packages to the bank's executives and workers
Problem 2 Mr. Lee runs an orange grove, SweetOrange. It's harvest season and each week using labor services (L) and equipment (K) SweetOrange can bring q(L,K) = 250L1/3 K1/3 pounds of oranges to market. a) Does technology at SweetOrange display diminishing returns to labor? Does it display diminishing returns to equipment? Explain. b) Does technology at SweetOrange display increasing, constant, or decreasing returns to scale? c) If SweetOrange employs 2 workers and uses 3 pieces of equipment, what is the...
A 6-month forward contract for corn exists with a price of $1.70 per bushel. If Farmer Jayne decides to hedge her 20,000 bushels of corn with the forward contract, what is her profit or loss if spot prices are $1.65 or $1.80 when she sells her crop in 6 months? Her total costs are $33,000. 5. S0 loss or $3,000 loss $1,000 gain or $1,000 gain A) $1,000 gain or $1,000 loss C) D) B) S0 gain or $3,000 gain...
QUESTION 16 Which of the following is NOT part of the first big economic question? A. What goods and services are produced? B. For whom are goods and services produced? C. How are goods and services produced? D. Why are goods and services produced? 3.0304 points QUESTION 17 A person has a comparative advantage in producing a particular good is that person A. Has higher productivity in producing it than anyone else has. B. Has less desire to consume...
Which of the following events will NOT shift the Production Possibilities for the USA outwards? Select one: a. Kansas builds a new 8,000-Megawatt wind energy farm b. 5 million people from Central American legally immigrate to California to work there c. Florida makes it illegal for people to use Uber or Lyft. d. New Jersey decides to provide free college for its residents. e. Nebraska develops genetically modified corn that can grow twice is fast and resist pests Which category...
please help with part D-H! Problem 2 Mr. Lee runs an orange grove, SweetOrange. It's harvest season and each week using labor services (L) and equipment (K) SweetOrange can bring q(L,K) = 250L1/3 K1/3 pounds of oranges to market. a) Does technology at SweetOrange display diminishing returns to labor? Does it display diminishing returns to equipment? Explain. b) Does technology at SweetOrange display increasing, constant, or decreasing returns to scale? c) If SweetOrange employs 2 workers and uses 3 pieces...
The supermarket GoodFood orders fresh milk daily directly from Farmer Brigg. The daily demand for milk at the supermarket is normally distributed with an expected demand of 100 gallons and a standard deviation of 20 gallons. GoodFood pays $0.70 per gallon and sells the gallon for $1.00. If GoodFood has milk left over at the end of the day, he cannot keep it and sell it the next day, because it will be sour. However, Farmer Brigg can feed the...
You manage a plant that mass-produces engines by teams of workers using assembly machines. The technology is summarized by the production function qequals=2020KL where q is the number of engines per week, K is the number of assembly machines, and L is the number of labor teams. Each assembly machine rents for requals=$50 comma 00050,000 per week, and each team costs wequals=$4 comma 0004,000 per week. Engine costs are given by the cost of labor teams and machines, plus $5...