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- In budget impact analysis, which of the following aspects should not be taken into account? Select one: O a. The reporting of the results in physical and monetary units. O b. The effects on health and quality of life resulting from the use of the health technology. O c. Uncertainty about the use of the health technology in practice. O d. The rate of adoption of the health technology.Question 16 ) Listen Refer to the production possibilities curves. Curve (a) is the current curve for the economy. Focusing on curve (a), point N suggests that the economy currently produces: (a) (b) Capital Goods O a) A combination of output that is less than its potential O b) Less goods for the future than at point P O c) Less goods for the present than at point P O d) More goods for the future than at point P Question 17 ) Listen Consider an economy that is producing inside its production possibilities curve. This economy could move closer towards its production possibilities curve by: a) Distributing incomes more equally b) Acquiring additional resources c) Employing more of its available resources d) Increasing the levels of wages and prices Consumer GoodsGarfield enjoys pizzas and hanging out (leisure). He sleeps 8 hours per day. Of the remaining16 hours, for each hour he chooses to work he gets paid 2 pizzas. Garfield must pay 6 pizzas intaxes but receives dividends equivalent to 6 pizzas.1. Draw Garfield’s budget constraint (put consumption on the vertical axis and leisure of thehorizontal). Make sure to show the vertical and horizontal intercepts as well as the slope.b. Now suppose that Garfield chooses to work 10 hours per day. Find how many hoursof leisure and how many pizzas he will consume.c. Using your answer from b, show Garfield’s optimal point on the budget line and drawthe indifference curve passing from that point.4. Suppose that Garfield’s wage falls to 1 pizza per hour. Draw Garfield’s new budgetconstraint. Make sure to show the value of any intercept that has changed.5. Suppose that in response, Garfield decides to work for 6 hours per day. How much leisurewill he take, and how much pizza will he consume?6. Use an…
- The Economics Student Club has $30 to spend on pizza and pop at each of its meetings. If pizza costs $8 and the club buys 3 pizzas, how much money can be spent on pop? O $24 O $3 O $30 O $67. After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $100,000 worth her art each year. She found a studio that she can rent for $2,000 per month and know that materials will cost her $20,000 per year. She now earns $90,000 per year. If her calculations are correct, Jean's annual economic profits from the venture will be. a) $80,000 b) $56,000 c) $10,000 d) -$34,000Dead capital is Select one: O A. useful only if employed in a labor-intensive production process. O B. useful only if employed in a capital-intensive production process. O C. unlikely to have any productive use. O D. unlikely to be applied to its most efficient use.
- QUESTION 22 Under a barter system, any good can be used as a medium of exchange. O a. True O b. False17. Which of the following would depict the logical order for preparing (1) a production budget cash budget, (3) a sales budget, and (4) a direct-labor budget? A. 1-34-2. B. 2-3-1-4. C. 2-1-3-4. D. 3-1-4-2. E3-1-24.Choose the statement that is incorrect. (DD OA. Diminishing marginal utility of wealth means that the gain in utility from an increase in wealth is smaller than the loss in utility from an equal decrease in wealth. OB. Diminishing marginal utility of wealth means that the pain from a loss is greater than the pleasure from a gain of equal size. OC. Expected wealth is the utility value of what a person expects to own at a given point in time. OD. We can measure the degree of risk aversion by the compensation needed to make a given amount of risk acceptable.
- Chapter 17: The Theory of Investment Question: The work in process motive for holding inventories suggests that: P 4. firms hold inventories in order to produce more output. when a product is only partly completed, its components are counted as part of the firm's inventory. when sales are low, firms produce more than they sell and put the extra goods in inventories. Od. firms cannot produce more because of higher cost of production. P firms hold inventories to avoid losing sales.4.Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25. Suppose a student's beverage budget is $20 per week. What is the algebraic expression of the budget? (1.5 Points) 20-25C+1 25T O 20-2,5 C O 20=1ST 1SC+2.50"Because it is good for individual households to increase their saving in the short run, it is therefore good for a nation's economy in the short run if all households increase their saving." This statement is an example of: O a. the fallacy of composition. O b. the post hoc fallacy. O c. the ceteris paribus assumption. O d.marginal analysis.