Answered: 2) In economics, How much of it do we…

Business

Economics

2) In economics, How much of it do we get? Who gets to have more?

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Introduction To Macroeconomics

Section: Chapter Questions

Problem 1.1P

See similar textbooks

Similar questions

What are the economic problems and how we do resolve these problems? ( Explain 4 problems and their solutions)
Draw and explain a production possibilities frontier for an economy that produces cheese and milk. What happens to this frontier if a disease kills half of the economy’s cows? (1 Mark) Use a production possibilities frontier to describe the idea of “efficiency
Question 12 (i) Monica can go to work today and earn $500. However, she is also thinking about studying for the English test. If she studies for the English test she will not be able to go to work. What is Monica’s opportunity cost of studying for the English test? A: $0 B: $500 C: $500 minus the benefit from studying for the test D: The benefit of studying for the test minus $500 (ii) Which of the following is(are) considered as sunk cost for a competitive firm in the short-run? Variable cost Fixed cost A: 1 only B: 2 only C: Both 1 and 2 D: Neither 1 nor 2
For questions 1-3, choose the letter of the diagram in figure 2.1 that best describes the type of shift that would occur in each situation for the U.S. farming market, ceteris paribus. Figure 2.1 Price Supply Curve (leftward) Quantity (a) Price Supply Curve (rightward) Quantity (b) Price Demand Curve (leftward) Quantity (c) Demand Curve (rightward) Price Quantity (d)
1. Which of the following would be studied in microeconomics? A. the output of the entire economy B. the general level of prices in the Malaysian economy C. the total number of workers employed in a country D. the output and price of meat in Malaysia
3) Compare the lives of sugar producers in the Americas and gold miners in Africa. How did these products affect livelihoods in each region? How did sugar and gold transform global economy? Sources:
QUESTION 8 (Table: Matcha Tea and Coho Salmon Production Possibilities) Use Table: Matcha Tea and Coho Salmon Production Possibilities. The table shows the maximum amounts of matcha tea and Coho salmon that Colombia and Washington can produce if each produces just one good. The opportunity cost of producing 1 unit of matcha tea for Colombia is Coho salmon. Table: Matcha Tea and Coho Salmon Matcha Tea Coho Salmon Colombia 40 20 Washington 10 10 Oa 2 Ob.0.25 Ocl 0.5 Od.
Need help with economics ppf homework! (questions are in the image) Thank you! (last question is a multiple choice)
2. What are the main sources of new-product ideas? (from Chapter 9)
6. Comparative advantage Raphael and Susan are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Raphael Susan Barley (Bushels per acre) 40 28 Alfalfa (Bushels per acre) 8 7 On the following graph, use the blue line (circle symbol) to plot Raphael's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Susan's PPF.
6. Comparative and absolute advantage Elijah and Aneesha are farmers. Each one owns a 16-acre plot of land. The following table shows the amount of watermelon and zucchini each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing watermelon or zucchini or to produce watermelon on some of the land and zucchini on the rest. ZUCCHINI (Pounds) 160 Elijah Aneesha On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. 144 128 112 96 80 64 48 32 16 0 Watermelon Zucchini (Pounds per acre) (Pounds per acre) 5 0 5 8 80 160 240 320 400 480 560 WATERMELON (Pounds) 4 + H 640 720 800 Elijah's PPF Aneesha's PPF (?) has an absolute advantage in the production of watermelon, and absolute advantage in the production of zucchini. Elijah's opportunity cost of producing 1 pound of zucchini is Aneesha's opportunity cost of producing…
4. Shifts in production possibilities Suppose Spain produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and locomotives, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. (? 420 PPF 350 280 210 140 70 PPF 40 80 120 160 200 240 ALFALFA (Millions of bushels) LOCOMOTIVES (Thousands)