According to Smith, determined by ___ advantage in the production of a good, a nation would produce that good at a lower cost and become more competitive than its trading partner. 1-the demand side of the market 2-the supply side of the market 3-the size of the market 4-the age of the market is competitiveness ___. If there is an
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- Select the 2 statements that are correct Figure & Basebals 200 150 100 100 200 300 400 Bananes A.B point in Figure 8 shows better production efficiency than D point for the economy because it allows the economy to produce and consume more of both products. 8. Figure 8 shows the trade-off between banans and baseballs by demonstating the cross price elastic of demand between banans and baseballs DC Figure 8 is a production possibilities frontier model, which shows how one percent change of quantity demand in bananas affects the percentage change in price for baseballs D. A movement from A point to C point shows the economy is better off because people are allowed to consumer both products at C point E.Making decisions "at the margin" means that people compare the marginal costs and marginal benefits of each decision.use diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?8. JExplain what is meant by the term “market failure" by giving two major types of such failures. A (Market failure is a situation where the competitive market system on its own would either (1) produce the "wrong" amount of certain goods and services as is the case where there are external costs or benefits (i.e., e services referred to as " (p ), or (2) fail to allocate any resources to the production of certain goods and )".
- Suppose that we are in a small, local economy that produces three goods. They are: (i) Food, (ii)Gas, and (iii) Housing. The prices for reach of these goods from 2019-2022 are:Good 2019 Price 2019 Quantity 2020 Price 2020 QuantityFood 10 12 14 15Gas 2 2 1.50 1.50Housing 2,000 2,500 2,200 1,800Good 2021 Price 2021 Quantity 2022 Price 2022 QuantityFood 12 15 15 16Gas 3 2 4 2.50Housing 2,300 2,200 2,400 2,3001. Calculate the Nominal GDP for this economy for 2019, 2020, 2021, and 2022. 2. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2019as the base year. 3. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2020as the base year. 4. Calculate the Real GDP Deflators for 2021 and 2022 using the Nominal GDPs youcalculated in Q1 and the Real GDPs you calculated in Q3.5. What is the annual inflation rate for 2022 according to the Real GDP Deflators youcalculated in Q4? Now suppose that the Local Government is interested in…S EOC2: End of Chapter Problem x O Question 13 of 15 - EOC2: End x + A assessments.macmillanlearning.com/sac/4152632#/4152632/12/-1 Apps Submit All Questions Completed 12 out of 15 O Resources Save Answe < Question 13 of 15 Demand: Thinking Like a Buyer - End of Chapter Problem The current administration imposes an unannounced tariff on steel imports which causes the price of new cars to increase overnight. Use the graph provided to illustrate the impact of this on the demand curve for new cars. You may either shift the demand curve or move the labeled point to illustrate a change in quantity demanded. Market for New Cars E Demand Quantity (millions of cars) !!! Price per car($)please show all workingQuestion 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey.Rum and whiskey are substitutes in consumption. The government implements a price restriction in the sugar cane market with the aim of protecting the farmers.(i) What type of price restriction is implemented by the government? Explain. (ii) Discuss the effect on each market if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. (iii) Illustrate the effect on each market if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers.
- 4. The real world is dynamic. If so, why do agricultural economists continue to rely so heavily on comparative statics?4. A zoo cannot have everything it wants. It has to make choices. The zoo committeehas decidea that it can have several concession stands. It has to decide how many popcorn stands and how many cotton candy stands to have scattered around the zoo, The committee made up a table of the different combinations depending upon what the committee has determined to be the cost of each stand. Now the committee has to decide what combination is right. a. Use the table below to graph & label a Production Possibilities curve on the grid below Popcorn or Cotton Candy Popcorn, Cotton Candy Popcorn 10 1 9 2. 4 4 Cotton Candy b. Next, label a point of underutilization (inefficiency). Call it Point A, Next, label apoint of efficiency. Call it Point B. Last, label a point that is now unattainable. Call it Point C. c. Look at the table: To get one popcorn stand, how many cotton candy stands have to be given up (marginal/opportunity cost)? 10 -9 = ? d. What is the marginal/opportunity cost of 3 popcorn…3. In the labour market, workers would like to receive higher wages and firms would like to pay lower wages. a. Suppose that workers succeed in having a minimum wage established above the equilibrium wage. What will happen to the number of workers employed when compared to the original equilibrium? b. Suppose that firms succeed in having a maximum wage established below the equilibrium wage. What will happen to the number of workers employed compared to the original equilibrium? c. What wage maximizes the number of workers employed? Why?
- Two reasons for a government to intervene in a market are to Select one: O a. raise revenues and to promote stability O b. promote efficiency and to promote stability O c. promote equity and to promote stability O d. promote equity and to promote efficiencyAll of the following basic economic questions deal with microeconomics EXCEPT: a. How is the supply of goods allocated among the members of the society? O b. Is the economy's capacity to produce goods growing over time? What goods and services are being produced and ion what quantities? O d. By what methods are goods and services being produeed? C. All of the following economic questions deal with microeconomics EXCEPT: a. Are the country's resources being fully utilized or are some lying idle? O b. How is the supply of goods allocated among members of the society? c. Is purchasing power being eroded because of inflation? Od. Is the economy's capacity to produce goods growing over time?K possible A A small town provides a fireworks display, which is a public good, every fourth of July. For simplicity, assume the town only has two residents: Hayden and Madison. Their demands for the fireworks display are illustrated in the figure to the right. Construct the market demand curve for this public good. Use the line drawing tool to draw the market demand curve (DMarket) for the fireworks display. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Price (dollars per firework) 8.00T 7.50- 7.00- C 6.50- 6.00- 5.50- 5.00- 4.50- 4.00- 3.50- Madison Hayden 3.00- 2.50- 2.00- 1.50 1.00- 0.50- 0.00 0 2 4 6 8 10 12 14 1 Quantity (number of fireworks)