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Examples of all three sectors of the economy in the setences below. What are those examples exactly?
Sunlight flooded the cabin as the plane changed course. It was a bright, clear morning. Robyn looked out of the window as England slid slowly by beneath them: cities and towns, their street plans like printed circuits, scattered over a mosaic of tiny fields, connected by the thin wires of railways and motorways. Hard to imagine at this height all the noise and commotion going on down there. Factories, shops, offices, schools, beginning the working day.
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- For each of the following scenarios, use the graphical depiction of the Malthusian model to illustrate what happens to a country’s population size and per-capita income in the short run and in the long run. a. Scientists discover a new strain of wheat that can produce twice as much grain per acre. b. A war kills half of the population. c. A volcanic eruption kills half the people and destroys half the land.e) Suppose a tariff allowed an industry to create 200,000 jobs paying an average of $22,500 per year. Before the tariff consumers bought 3 billion units (60% imported) at a price of $30. After the tariff they bought 2.75 billion units (none imported) at a price of $36. How much did total consumer spending on the good increase and how much per new job?Check all of the following that are true. The Korean peninsula provides a useful natural experiment in which the effects of differing economic philosophies are stark Nations that repress their citizens tend to have some of the worst living conditions in the world Economically repressed North Korea had a GDP per capita (PPP) of $1,700 and a -1.1 percent GDP growth rate as of 2015, while South Korea and its much freer economy had a 2017 GDP per capita (PPP) of $39,400 and economic growth of three percent Nations that provide their citizens the most economic freedom (strongest rule of law, limited government, efficient regulation, and open markets) are the least prosperous
- Suppose the economy initially produces 15,000 gallons of drinking water and 400,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving production to point B ) is tons of steel. Suppose, instead, that the economy currently produces 336,000 tons of steel and 20,000 gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving to point C ) is tons of steel. Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional gallons of drinking water at point B is the opportunityAssume there are only two goods in the world: pizza and electric fans. Draw a production possibility frontier (PPF) illustrating the trade-off between the two (specific numbers are not needed – we are only looking for the basic shape of the PPF). On the same graph, draw new frontiers showing 1) what happens if a major plague reduced worldwide population significantly, and 2) if a machine is invented which doubles the number of fans that can be made in a day (but is irrelevant in the production of pizza).Which of the below statements is INCORRECT about about a specific market economy such as the U.S. (America), or market economies in general? Group of answer choices In market economies government bureaucrats direct everything from the number of bars of soap a factory can produce to the number who students who may study electrical engineering. Complex economies in which billions of transactions every day, the vast majority of which happen withou any direct government involvement. In the twentieth century in one market economy life expectancy increased from forty-seven years to seventy-seven, and infant mortality plunged by 93%..
- Why do you think that college enrollments have flattened from 2010 to 2019 and are projected to be flat up to 2030? What was happening in 2010? How have the "marginal benefits" of going to college changed recently? How have the "marginal costs" of going to college changed recently? You might have some ideas of how "marginal benefits" or "marginal costs" have changed recently--state those. Or try to find a news article that suggests a particular change in people's perceptions of the net benefit of college. College Enrollment: Public & Private, 2019 (millions) (Source: statista.com) 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 1980 1990 2000 2010 2020 2030 -Public-Private 1960 1970 2040Suppose the fictional country of Biscayne produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for sorghum, an agricultural good, and electric scooters, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of electric scooters. 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. ELECTRIC SCOOTERS (Thousands) 180 150 120 90 30 0 30 60 90 PPF 120 SORGHUM (Millions of bushels) 150 180 бо PPF ?The input-output matrix for a simplified economy with just three sectors (natural resources, manufacturing, and trade and services) is given below. Natural Resources Manufacturing Trade and Services 0.1045 0.0428 0.0028 0.0825 0.1086 0.0584 0.0868 0.1019 0.2031 Natural Resources Manufacturing Trade and Services Suppose the demand (in millions of dollars) matrix is the matrix D, shown below. Find the amount each sector should produce. 450 D= 301 126 Production levels of units from natural resources, services are needed. (Round to the nearest whole number as needed.) units from manufacturing, and units from trade and
- In my opinion, I believe that the United States is not an economically just society. The economic structure lacks balance and an even distribution. The United States economy benefits from our struggles. Healthcare is outrageously expensive, and student loans are almost impossible to pay back. There are opportunities nowadays for the wealthy to remain so, and those in poverty struggle to make their way up. Taxes can be legally written off through business entities, making LLC owners prosperous in regard to finances. When you receive your next paycheck, look at the total amount of tax taken from your earnings. It is a ridiculous number, for what we are paying in taxes. Our tax dollars go straight to the government for "roads" and "education". In reality, we have billions of dollars being sent across the world, and our money is practically thrown away. Our economy is currently extremely unjust, and we have to pay to stay alive in the sense of healthcare and highly taxed food. In order to…Members of some market-oriented and command economies seem to pity or look down upon people living in traditional systems. These individuals say that traditional cultures are backwards, underprivileged, suffering, and living in the past. Armed with such beliefs, many “modern" societies dedicate themselves to introducing their lifestyles, technology, and economic systems to the more traditional groups. While some traditional economies embrace the opportunity to grow and "evolve," others do not. People in some traditional economic systems are not interested in changing. They are happy to live much as their past generations have lived, they enjoy being part of a very close-knit community, and they respect the traditions and beliefs of their ancestors. Questions: 1. Should market and command governments encourage people in traditional economies to adopt their ways? 2. Do these traditional systems need help or does outside assistance do more harm than good for these societies?Which of the following statements is true? Select one: a.Wealthy countries tend to score highest on the "least corrupt" scale. b.Poor countries are likely to remain poor because when one country's economy grows, it is at the expense of some other country's economy. c.Poor countries are poor because they lack resources. d.The pursuit of economic growth harms children by encouraging child labour industries and discouraging school attendance. In general, countries which are less corrupt by most international measures Select one: a.experience higher long term growth rates. b.have higher short term growth rates but are no different in the long run. c.have growth rates similar to more corrupt countries. d.are poorer than countries with higher levels of corruption. As GDP per person rises Select one: a.the number of children per family tends to fall. b.environmental quality falls and continues to fall. c.the incidence of child labour rises. d.the economy shifts towards more labour…