total government control total economic freedom Nigeria (58.7) which is the BEST way to describe the economies of Kenya, Nigeria, and South Africa? OA They are pure command economies. O B. They are pure market economies. OC. They are mixed economies that lean command. O D. They are mixed economies that lean market.

total government control total economic freedom Nigeria (58.7) which is the BEST way to describe the economies of Kenya, Nigeria, and South Africa? OA They are pure command economies. O B. They are pure market economies. OC. They are mixed economies that lean command. O D. They are mixed economies that lean market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that the share of population employed in Country B is 60 percent, and that Countries B and D have the same real GDP per capita. Based on the information in the table, what share of Country D's population must be employed? Country Population (millions) Average Labor Productivity ($) 2,000 A B с O E Select one: a. 24 percent O b. 12 percent O c. 8.3 percent O d. 83.3 percent 100 150 75 250 95 10,000 25,000 50,000 60,000
Matt is an operations manager for a company interested in manufacturing abroad. When he visits potential sites for building a new plant, he knows to look at the local housing provisions, close medical facilities, and neighboring colleges. All of these cultural attributes represent O a. technological prowess. Ob. social infrastructure. O c. material availability.
Case: Suppose you are watching a news report with a friend. The news report points out that a certain African nation generates a GDP per capita of only $1300 per year. Since your friend knows that Slovenia’s GDP per capita is approximately $26 000, he suggests that Slovenians are materially 20 times better off than the people of the African nation. 4. Why would the exclusion of this type of production affect the measurement of African output more than Slovenian output?
1&2 are separate questions. 1. The marginal revenue product of a factor shows how much an additional unit of a factor adds to - the level of production - dollar revenue. - profitability. - unit costs. 2. A profit‑maximizing firm operating in a perfectly competitive market will add new units of a factor of production until - marginal revenue product equals factor price. - marginal product equals factor price. - marginal revenue product equals marginal product. - marginal revenue product equals marginal revenue.
Which one of the following statements is FALSE? a. Tariffs are taxes charged on imports or exports. b. Import substitution is the policy of encouraging domestic production in place of imports. c. Foreign trade zones are areas where foreign-owned manufacturers can operate free of many tariffs and regulations. d. Compared to other countries in the world, The United States has an unusually high ratio of trade to GDP. e. Over the last several decades international trade has grown.
Which of the following examples explains how the United States is a Mixed Economy? O A. Most corporations are run by executive agencies and prices are set by Congress. B While most economic decisions are made by market forces, our government has some aspects of government control, such as minimum wage and free education C. There is absolutely no government interference in the economy in the US. D. Although our government controls most of the factors of production and usually answers the 3 economic questions, there is some individual economic freedom such as the ability to choose your own job MP3 US 9: hp esc 个 -> ! 23 2$ & ( ) 1 2 3. 4 5 7 8. 9-
Figure 2-4 50 45 40 25 35 30 28 25 20 15 10 5 V Z 10 20 30 40 50 60 70 80 opak Refer to Figure 2-4 Suppose this economy is producing at point W. Which of the following statements would best explain this situation? a) The economy lacks the resources to produce at a more desirable point. b) The economy's available technology prevents it from producing at a more desirable point. c) There is widespread unemployment in the economy. d) Any of the above statements would be a legitimate explanation for this situation.
2. In a one-factor economy, you have the following information: Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Foreign, has a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. a. Graph Home's & Foreign production possibility frontier. Specify the maximum quantity that can be produced from both goods. Find the absolute value of the slope. b. Compare the opportunity cost of apples in Home and in Foreign. c. If apples are sold at $9/unit and bananas are sold at $5/unit. Find the wages paid in Home to produce apples and bananas. d. Identify the good that Home should specialize in and why.
Note - no plagiarism I will give you upvote
The inescapable economic fact is that Select one: A. unions are always exploiting firms. B. there are unlimited resources, and we just have to decide how to allocate them. C. capitalists are always exploiting the workers. D. there are unlimited wants and limited resources. O E. capitalists and unions cannot work together.
Advocates for a structural solution to the Great Recession argued that O government should cut taxes across the board to stimulate demand for goods and services. O firms should be allowed to go bankrupt, allowing the economy to correct for resource misallocations O firms in financial distress should be taken over by the government and run for the public good O massive public works projects should be implemented to produce public capital, keep people employed, and help workers maintain job skills
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