What is the shape of the PPF in the HO model and why? A The PPF...
What is the shape of the PPF in the HO model and why?
A
The PPF is curved, representing changing opportunity costs
B
The PPF is curved, representing downward sloping IC curves
C
The PPF is linear, representing fixed unit labor costs
D
The PPF is linear, representing multiple factor endowments
Homework Answers
The PPF curve in the HO model is downward sloping that represents the changing opportunity cost in the market. it is like a convex curve. With negative slope. the answer is "A".
42. In an industry where firms experience internal scale economies, we wong-run Ousu of production will...
42. In an industry where firms experience internal scale economies, we wong-run Ousu of production will depend on: A) individual firms' fixed costs. B) the size of the labor force. C) whether the country engages in intra-industry trade. D) the size of the market. E) whether the country engages in inter-industry trade. 43. In the model of monopolistic competition, if firms have average cost curves, then opening trade will the total number of firms and the average price. A) downward...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered...
1. John works at a coffee shop and makes S10 per hour. He decides to leave...
1. John works at a coffee shop and makes S10 per hour. He decides to leave work an hour early to go see a movie that costs S8 per ticket. The opportunity cost of going to the movie is: a) $8 b) $10 c) $16 d) $18 4. The best economic theories are the result of which of the following a) A good idea b) An idea, formulation of the idea into a theory, test of theory against data, revision...
3. This question is about the labor market for workers who produce widgets. A. Sketch this...
3. This question is about the labor market for workers who produce widgets. A. Sketch this supply and demand model of the labor market for workers who produce widgets. Label the axes and the equilibrium wage and level of employment - B. Explain why the demand curve is downward sloping. -C. Explain why the supply curve is upward sloping - D. List one ceteris paribus factor in the supply curve. - E. List one ceteris paribus factor in the demand...
The figure below describes a PPF of an economy producing computers and wheat. What is the...
The figure below describes a PPF of an economy producing
computers and wheat. What is the opportunity costs to produce
additional 15 units of computers at Point B?
Wheat - 15 45 6075 80 Computer a. 10 units of wheat b. 20 units of wheat c. 30 units of wheat d. 40 units of wheat
ECON 2301 Ecre to look at the instructor's lecture notes and video over the PPF model...
ECON 2301 Ecre to look at the instructor's lecture notes and video over the PPF model if you are ge s CA2 Spring 2019 FPC unclear about the questions Guns and Butter PPC 15 K 14 13 12 11 A 10 9 8 7 5 3 2 1 o 1 2 3 4567 8 9 10 11 12 13 14 15 16 17 18 Butter 2. Given the above graph, calculate the following. (Be sure to show your work.) Given...
Which of the following statements is false? a. When the marginal product of labor is increasing,...
Which of the following statements is false? a. When the marginal product of labor is increasing, marginal cost is also increasing. b. The average fixed cost curve is downward sloping and approaches the horizontal axis as output increases. c. The marginal cost curve intersects the average variable cost curve at the minimum point of the average variable cost curved. d. When the marginal cost is greater than the average total cost, the average total cost must be increasing. please explain...
Specific Factor Model 3. Specific factor model a. Why is the specific-factors model referred to as...
Specific Factor Model
3. Specific factor model a. Why is the specific-factors model referred to as a short run model? b. An economy can produce good 1 using labour and captal and good 2 using labour and land. The total supply of labour is 100 units. Given the supply of capital, the output of the two goods depend on labour input as follows: Labor Input to GoodI Labor Input to Good 2 Output of Good 2 0.0 39.8 52.5 61.8...
When marginal cost of production rises above the average total cost of production, we know that:...
When marginal cost of production rises above the average total cost of production, we know that: A. the firm has economies of scale B. average total cost is decreasing C. marginal cost is negative D. average total cost is increasing Average total cost curves are usually depicted as downward sloping at low levels of output because: A. Average fixed costs are declining B. Opportunity costs decline as output (Q) increases C. Average fixed...
1. In order to test whether the multiple linear regression model y bo +b,x1 + b2X2 is better than the average model (lazy model), which of the following null hypotheses is correct: a. Ho' b1...
1. In order to test whether the multiple linear regression model y bo +b,x1 + b2X2 is better than the average model (lazy model), which of the following null hypotheses is correct: a. Ho' b1 = b2 = 0 Но: B1 B2-0 с. We have a dataset Company with three variables: Sales, employees and stores. To build a multiple linear regression model using Sales as dependent variable, number of stores and number of employees as independent variables, which of the...
42. In an industry where firms experience internal scale economies, we wong-run Ousu of production will depend on: A) individual firms' fixed costs. B) the size of the labor force. C) whether the country engages in intra-industry trade. D) the size of the market. E) whether the country engages in inter-industry trade. 43. In the model of monopolistic competition, if firms have average cost curves, then opening trade will the total number of firms and the average price. A) downward...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered...
1. John works at a coffee shop and makes S10 per hour. He decides to leave work an hour early to go see a movie that costs S8 per ticket. The opportunity cost of going to the movie is: a) $8 b) $10 c) $16 d) $18 4. The best economic theories are the result of which of the following a) A good idea b) An idea, formulation of the idea into a theory, test of theory against data, revision...
3. This question is about the labor market for workers who produce widgets. A. Sketch this supply and demand model of the labor market for workers who produce widgets. Label the axes and the equilibrium wage and level of employment - B. Explain why the demand curve is downward sloping. -C. Explain why the supply curve is upward sloping - D. List one ceteris paribus factor in the supply curve. - E. List one ceteris paribus factor in the demand...
The figure below describes a PPF of an economy producing
computers and wheat. What is the opportunity costs to produce
additional 15 units of computers at Point B?
Wheat - 15 45 6075 80 Computer a. 10 units of wheat b. 20 units of wheat c. 30 units of wheat d. 40 units of wheat
ECON 2301 Ecre to look at the instructor's lecture notes and video over the PPF model if you are ge s CA2 Spring 2019 FPC unclear about the questions Guns and Butter PPC 15 K 14 13 12 11 A 10 9 8 7 5 3 2 1 o 1 2 3 4567 8 9 10 11 12 13 14 15 16 17 18 Butter 2. Given the above graph, calculate the following. (Be sure to show your work.) Given...
Specific Factor Model
3. Specific factor model a. Why is the specific-factors model referred to as a short run model? b. An economy can produce good 1 using labour and captal and good 2 using labour and land. The total supply of labour is 100 units. Given the supply of capital, the output of the two goods depend on labour input as follows: Labor Input to GoodI Labor Input to Good 2 Output of Good 2 0.0 39.8 52.5 61.8...
1. In order to test whether the multiple linear regression model y bo +b,x1 + b2X2 is better than the average model (lazy model), which of the following null hypotheses is correct: a. Ho' b1 = b2 = 0 Но: B1 B2-0 с. We have a dataset Company with three variables: Sales, employees and stores. To build a multiple linear regression model using Sales as dependent variable, number of stores and number of employees as independent variables, which of the...
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