Refer to the following table when answering the following question East and West Fish and Chip Production West East Labor Force 100 375 200 kilos |100 kilos Fish Production per Person 60 kilos Chip Production per Person 20 kilos Which of the following statements is true?
Q: Suppose that there is technological change that reduces the cost of recruiting for firms. Using the…
A: A Search and Unemployment Model with Two Sides. It involves both the supply (workers) and demand…
Q: 1. Suppose that the reserve requirement against deposits is 0%, but that cautious banks voluntarily…
A: Banks keeps voluntary reserves of 5% . Assets for a bank => Loans , shares /bonds , interbank…
Q: Relative to single price policy third-degree price discrimination Select one: may increase welfare…
A: Third-degree price discrimination is caused when a firm charges a different price to different…
Q: Which of the following is one of the healthcare models Hurley considers? a. Fully private with a…
A: A "Model of Care" is a wide term that refers to the manner in which health services are provided.As…
Q: decrease; appreciate
A:
Q: In January 2013, Lindsay's Lawn Service (LLS) had equipment valuing $11000. During 2013, LLS bought…
A: Answer; 1.What was the gross investment in 2013? LLS is buying a new equipment of $9000…
Q: Assume that a very tiny and very poor DVC has income per capita of $300 and total national income of…
A: Per capita = total income/ population.
Q: 1. When the federal government spends more than it takes in via taxes, it runs a fiscal deficit. A…
A: A budget basically refers to a financial plan that covers a certain time period, generally a year.It…
Q: Which of these statements are true? The discount rate is normally equal to the federal funds rate.…
A: The federal funds rate is the rate at which commercial bank borrow from each other on overnight…
Q: 12. Consider the graph below. Marginal cost of safety Marginal safety benefit + safety 0. no risk…
A:
Q: What is the relation between elasticity and tax incidence? Question 8 options: Only the…
A: * SOLUTION :- (8) From above information the answer is provided as
Q: Suppose the demand curve is given by P=20-Q. Suppose the supply curve is such that the market price…
A: Given: Demand curve: P=20-Q Market price=$10 One time payment=$40
Q: For the same demand and cost conditions, which of the following is true? Group of answer…
A: In a monopoly, there is a single firm producing unique product which allows it to have full control…
Q: Suppose that a standard tuna sushi (6 units) costs 10 pounds in UK and 11 US Dollars in California,…
A: Given information 6 Sushi cost in UK=10 pounds 6 Sushi cost in California=11 dollars Nominal…
Q: Assume the following data describe the condition of the banking system: Checking deposits $800B Cash…
A: Answer; a. M2 = $ 1900B b. Required Reserve = $180B c. M2 will increase by amount =…
Q: The demand and total cost functions for a monopolistically competitive market are: Q(P) = 300/N – P,…
A:
Q: In the short run, if the central bank decreases the money supply, the currene will and output will…
A: Central bank can control money supply in an economy by open market operations, required reserve…
Q: You've decided to sell sweatshirts for the upcoming game. You project that at a price of $31.24 per…
A:
Q: 1. Cost allocation could be a variable input to encourage design of products that are simpler to…
A: 1. Cost allocation could be a variable input to encourage design of products that are simpler to…
Q: 17. If a firm's MPL = 2.0 when that firm hires 25 units of labor to produce 100 units, then which of…
A: Firm is hiring the labor to produce the output and for each unit of labor hire there is change in…
Q: Consider a hypothetical market for milk. The market is perfectly competitive. A equal, what happens…
A: Demand curve shows a negative relationship between price and quantity demanded. Supply curve shows a…
Q: Refer to the following graph to answer the next five questions Milkshakes B PPF In the graph, Point…
A: Production possibilities frontier shows the combinations of two goods that a country can produce…
Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…
A: Economics is a social science that deals with economic behavior and the problem of scarcity.
Q: A person has 80,000 in a savings account that earns interest at 7% per year, compounded annually. If…
A: Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate 80,000=12000[1-(1.075)^-time…
Q: A $5,900 balance in a tax-deferred savings plan will grow to $108,679 18 in 50 years at an 6% per…
A: PV = 5900 Interest rate = 6% n = 50 Income tax = 28%
Q: The people in an economy have $10 million in money. There is only one bank that all the people…
A: The formula for money multiplier: Money multiplier = 1 / Required Reserve Ratio
Q: Which of the following pairs of company profits and consumer surplus maximize welfare (or…
A: Consumers surplus difference to the difference between willingness to pay and actual price of the…
Q: If the country of Magnolia had G = $700 and T = $800, then it had a budget deficit of $100 O it had…
A: Government has a balanced budget if its spending is equal to the revenue it collects from tax.
Q: Suppose that a wood pulp mill is situated on a bank of the River Tay. The Private Marginal Cost…
A: In this question, a wood pulp mill is situated on a bank of the River Tay. The Private Marginal Cost…
Q: Which of the following would lead to an increase (rightward shift) in the demand for money? an…
A: The demand for money represents the total amount of money that the people of an economy wants to…
Q: Among private consumption, private investment, government spending, and exports, which drives the…
A: In an economy, the periodic growth and decline which is being measured by GDP of the country is…
Q: Describe the difference between financial markets and financial intermediaries? How can your funds…
A: Monetary business sectors and Financial go-betweens are two channels through which the monetary…
Q: China's economic growth in 2015 is slowest in 25 Years China's growth rate slowed to an annual rate…
A: Answer; Here we will use Rule 70 : Number of years to double = 70/Annual growth rate%…
Q: 2) Consider the cost functions of a two firms that are producing the same commodity are C1 = 3q1^2 +…
A: Cost of firm 1 : C1 = 3q12 + 50 q1 Cost of firm 2 : C2 = 2q22 + 20q2 - 4q1q2 Social marginal cost…
Q: 1. What is the effect of monetary policy in the short run?
A: Dear Student as you have posted multiple questions, but according to our policies and guidelines we…
Q: To support the economy against a recession triggered by the Coronavirus, the government is…
A: Goods Market Equilibrium Condition - IS relation : Y = C + I + G + NX Where , C = c0 + c1(Y - T ) C…
Q: . Which of the following IS NOT required in order for an interaction to be deemed corrupt:…
A: Corruption is when those in positions of authority, such as managers or government officials, act…
Q: Every transaction concerning the importation of U.S. goods constitutes a O supply of foreign…
A: We will answer the first question since the exact one was not specified. Please submit a new…
Q: In the short run, if there is a tax cut, output will and the exchange rate will O increase;…
A: The measure that depicts the rate of one currency being measured in terms of another currency in…
Q: Given the Quantity Thoeory of Money: if Real GDP equals $2,000, the mone money equals 2, then the…
A: Quantity theory of money shows the relationship between price level, real GDP, velocity and money…
Q: Assume that a basket of goods consists of 10 Chalupas, 2 Pepsis, and a package of Rolaids. Year…
A: Consumer price index measures the value of market basket of goods and services bought by a consumer.
Q: If Country R has less income inequality than Country T, which of the following must be true?…
A: Since first question is incomplete so we will answer the 14th question for you. Given Country R…
Q: The market shares of the top five firms in the dishware industry are 20%, 28%, 11%, 14%, and 8%.…
A: Answer; Four firm concentration ratio measures the market share of the top four firms in terms…
Q: Q. No. 4. A pharmaceutical firm faces the following demand and cost curves. P=100– 20 and C = 50 +…
A: Answer; a) The monopolist is the seller who charges the higher price above the marginal cost by…
Q: An economy has four sectors: Agriculture, Manufacturing, Services, and Transportation. Agriculture…
A: (a) Construct the exchange table for this economy In this economy:- Agriculture Manufacturing…
Q: Describe the threepractical problemsinvolved in applyingprice theory concepts toactual pricing…
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…
Q: Case Study: Petrol price regulation in South Africa In South Africa, government has intervened in…
A: Given information set is related to liquid fuels or oil market. It is unregulated. Prime objective…
Q: The Federal Sentencing Guidelines for Organizations (FSGO) _____ encourages but does not require…
A: Financial Institutions and Activities are supervised and regulated by the Federal Reserve.Individual…
Q: Regarding the circular-flow model, which of following is true? OA The factors of production are…
A: A graphical depiction of the transfer of money between three sectors – enterprises, households, and…
Q: correct Question 19 Imagine your utility is given by In(w), where w is the amount of wealth you have…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- QUESTION 12 wine 90 80 70 60 50- 40 30 20 10 PPF 104 0 Portugal CPF 0 10 20 30 40 50 60 cloth K wine 88288988 90 80 70 60 50 40 30 20 10 0 England PPF CPF L 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. O b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. O c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. O d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.QUESTION 12 wine 90 80 70 60 50- 40 30 20 10 PPF 104 0 Portugal CPF 0 10 20 30 40 50 60 cloth K wine 88288988 90 80 70 60 50 40 30 20 10 0 England PPF CPF L 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. O b) wine costs 1 man-hour/bottle and cloth costs 1 man-hourlyard in England. O c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. O d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.France and Tunisia both have Mediterraneanclimates that are excellent for producing/harvestinggreen beans and tomatoes. In France it takes two hoursfor each worker to harvest green beans and two hours toharvest a tomato. Tunisian workers need only one hourto harvest the tomatoes but four hours to harvest greenbeans. Assume there are only two workers, one in eachcountry, and each works 40 hours a week.a. Draw a production possibilities frontier for eachcountry. Hint: Remember the productionpossibility frontier is the maximum that allworkers can produce at a unit of time which, inthis problem, is a week.b. Identify which country has the absoluteadvantage in green beans and which country hasthe absolute advantage in tomatoes.c. Identify which country has the comparativeadvantage.d. How much would France have to give up interms of tomatoes to gain from trade? How muchwould it have to give up in terms of green beans?
- Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.QUESTION 12 wine 88185432 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth wine 8818588 90 80 70- 60 +09 40 30- 20 England PPF CPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.The following table gives recent figures for yield per acre in Illinois and Kansas : Illinois: WHEAT 48 SOYBEANS 39 Kansas: WHEAT40 SOYBEANS 24 If we transfer land out of wheat into soybeans , how many bushels of wheat do we give up in Illinois per additional bushel of soybeans produced in Kansas ? Which state has a comparative advantage in wheat produc tion ? in soybean production ? The following table gives the distribution of land planted for each state in millions of acres in the same year . Illinois TOTAL ACRES UNDER TILL 22.9 WHEAT 1.9 ( 8.3 % ) SOYBEANS 9.1 ( 39.7 % ) Kansas TOTAL ACRES UNDER TILL 20.7 WHEAT 11.8 ( 57.0 % ) SOYBEANS1.9 ( 9.2 % ) Are these data consistent with your answer to question 2? Explain .
- 3. What are the RO around the globe?European Union (EU), Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation (APEC), African Union (AU), League of Arab States (LAS), Union of South American Nations (USAN), Caribbean Community (CARICOMM), Union for the Mediterranean (UfM), Union of South American Nations (USAN) 4. How these RO are affected and responded to the COVID 19 pandemic. NOTE: You can include more relevant RO (Regional Organization) 11. If Portugal has a total of 180 man-hours of resources available for production, while England has only 120, what are the resource costs of wine and cloth? a) wine costs 2 man-hours/bottle and cloth 6 man-hours/yard in Portugal. b) wine costs 1 man-hour/bottle and cloth is 1 man-hour/yard in England. c) cloth costs 4 man-hours/yard and wine 2 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth 2 bottles/yard in Portugal.Table 1: Production Capacity of COVID-FREE LAND. Toilet Rolls Sanitizers 30,000 0 28,000 1,000 24,000 2,000 18,000 3,000 10,000 4,000 0 5,000 Use information in Table 1 above to answer the following questions: Using the above figures, graph the production possibilities Frontier (PPF) of COVI_LAND (Hint! Use Microsoft Excel, for accuracy) In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is outbreak of COVID-19 and the demand for sanitizers and toilet rolls increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. (Hint: State any appropriate assumptions made).
- 7:31 PM Fri Jun 23 I. Production Possibilities learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.com For each of the following situations, show how you would represent the production or production possibilities change experienced by the country. Start out by drawing a PPF for the country with agricultural goods in the horizontal axis and manufactured goods on the vertical axis and with the assumption that resources are not identical in production. a) Show how you would represent the impact Hurricane Dorian had on the Jacksonville area. Explain briefly why you believe your picture changes in the way you illustrated. b) Show the effect that a prolonged drought. Explain briefly why you believe your picture changes in the way you illustrated. c) Economic statistics indicate that unemployment in Spain has risen from 8.6% in the first quarter of 2018 to 25.02% in the fourth quarter of 2018. Show how you would represent the impact of this dramatic increase in unemployment in Spain.…Table 1: Production Capacity of COVID-FREE LAND.Toilet Rolls Sanitizers30,000 028,000 1,00024,000 2,00018,000 3,00010,000 4,0000 5,000Use information in Table 1 above to answer the following questions: In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptionsand properties of the PPF.Minerals 25 (millions of tons) 20 15 10 5 5 10 15 20 25 Grapes (millions of tons) Figure 1 Production possibility frontier for Highland Towards the right of Figure 1 are two circular red markers with a line between them that you can use to draw a production possibility frontier on Figure 1. You can move the markers with the mouse by clicking on them and dragging. Alternatively, you can tab to each marker and then use the keyboard arrow keys. Decide where to position the red markers based on the information below. There are two countries, called Highland and Lowland, with very different geography. They both produce grapes and dig for minerals, using only labour, with constant returns to scale. Figure 1 shows the production possibility frontier for Highland and the table shows the working population and productivity for Lowland. Working population and production possibilities Working population Production of tons of grapes per person per year Production of tons of minerals per person per…