Can you answer please? An economy produces two goods, clothing and petroleum. Which of the following would explain a pivotinwards along the petroleum axis?Select one:O a. major oil reserves in Alaska are declared off-limits to producers in order to protect the environmentO b. an increase in the size of the labor force that can produce either petroleum products or clothingO c. a productive improvement in clothing production that has no effect on petroleum productionO d. a productive improvement in petroleum production that has no effect on clothing productionO e. major oil reserves are discovered off the coast of Africa Jamdung Airlines has been offering free giveaways for the past two months. If a consumer buys one tickethe can get another half off plus a free inflight cocktail. The behaviour of the airline can be explained by:Select one:O a. The airline has imposed a supply restriction.O b. The existence of a price ceiling in the market.Oc. The existence of a price floor in the market.O d. The airline is making more than enough profits.O e. The airline is heavily taxed.

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Answered: An economy produces two goods, clothing…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

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An economy produces two goods, clothing and petroleum. Which of the following would explain a pivot inwards along the petroleum аxis? Select one: O a. a productive improvement in clothing production that has no effect on petroleum production O b. an increase in the size of the labor force that can produce either petroleum products or clothing O c. major oil reserves in Alaska are declared off-limits to producers in order to protect the environment O d. major oil reserves are discovered off the coast of Africa Oe. a productive improvement in petroleum production that has no effect on clothing production
Which of the following is NOT a concern for macroeconomics? O A. The level of unemployment caused by the COVID 19. B. The loss of economic output caused by COVID 19. O C. The change in the price level of alcohol-based hand sanitisers caused by COVID 19. O D. the change in the level of imports vs exports caused by COVID 19.
SMARTPHONES (Millions) 40 20 0 PPF 0 40 60 CORN (Millions of bushels) Which of the following is true regarding this economic model? O In order to construct such a model, an economist would need real life data regarding countries that produce only two goods. O The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. O This PPF is not an economic model. O The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists to demonstrate key economic concepts. 20 80 100
32. fast please
Suppose there is an exogenous change to the market for apples that caused supply of apples to increase by 20,000 kgs at every price, which of the following would NOT explain this exogenous change? An increase in number of sellers. O Technological improvement. Reduction in cost of inputs. O Increase in population size. O Favourable environmental/climate conditions.
The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
people are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normative
Which one of the following is a Normative statement? O a. Popcom and chocolates are sold in movie theatres O b. Chocolates are more expensive than newspapers Oc The price of chocolate is $1.25 each Od. You should eat less chocolate Which of the following is a Normative statement? O a. The unemployment rate is too high O b. 40% of the public believes that the unemployment rate is too high Oc The unemployment rate increased last month Od. All of these
Which of the following statements are normative and which are positive? 1. When the inflation rate rises, the unemployment rate falls. 2. We ought to drive our cars less and take public transportation more. 3. Goldfish are the best pets for children. 4. Sweatshop labour in third-world countries does not help those economies grow. O A. statements 1 and 4 are positive, statements 2 and 3 are normative O B. statements 1 and 2 are positive, statements 3 and 4 are normative OC. statements 3 and 4 are positive, statements 1 and 2 are normative D. statements 2 and 3 are positive, statements 1 and 4 are normative
An economy is producing two goods, chocolate and cookies, and is currently operating efficiently. Under what circumstances can this economy produce more chocolate? O if it increases the price of chocolate if it produces fewer cookies if it increases the price of cookies if more of the economy's resources,become idle
The sharp rise in housing prices from 2003 to 2005 was driven by a high level of housing. Select the correct answer below: O supply of O demand for O loans for O none of the above In 20 hours, Japan can produce 70 bushels of corn. In 14 hours, Japan can produce 60 bushels of wheat. What is the opportunity cost of producing 1 bushel of corn in terms of bushels of wheat? Assume Japan experiences constant opportunity costs. Round your answer to two decimals. Hint: Calculate how much of each good can be produced in 1 hour, then solve for the amount of foregone wheat when choosing to produce a bushel of corn. Provide your answer below: bushel(s) of wheat If a national economy runs a trade surplus, the trade sector will involve a(n). of financial capital. Select the correct answer below: inflow outflow O shortage balance
The supply curve is Choose the best options from the choices below. sloping, which means that of a good will be supplied at higher prices. O a. upward; less O b. downward; less Oc upward; more O d. downward; more From the following find the difference between Positive and Normative statements? O a. normative statements can be tested whereas positive statements cannot O b. positive statements and normative statements can be graphed Oc normative statements state "what is" and positive statements state "what ought to be." Od. positive statements can be tested whereas normative statements cannot

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