The average total of goods and services required to maintain a particular standard of living is called quality of life the cost of living the cost of fundamental human needs O total household expenditure O the cost/price index
Q: Q2) The production function of a small economy is Y=K0.3L°7. K is the amount of capital (land), L is…
A: (a) Production function Y = K0.3 L0.7 Where K is land and L is labor ----------------------------…
Q: Which of the following statements is FALSE? O The value of total income is equal in value to total…
A: Answer : Total income is always greater than total output
Q: Roberto is a senior citizen who consumes food and health care. When he retired in 2002, he consumed…
A: Meaning of Cost of Living Index: The cost of living index refers to the modification in costs of…
Q: If production of a good changes from 43 to 33 what is the percentage change in the quantity of the…
A:
Q: interested in macroeconomics? Select one: O a. Unemployment rate O b. Aggregate consumption c. Total…
A: Macroeconomics is concerned with economy wide variables like income, output, inflation, interest…
Q: n of the following does not contribute to determining the poten a. The price level p. The capital…
A: Given the following question.
Q: For each of the following activities, identify the flow of dollars as either household-to-firm or…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: Harry's Pepperonı Pizza Parlor produced 10.000 large pepperoni pizzas last year that sold for $10…
A: The entire value of products and services produced within a country's physical borders during a…
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A:
Q: Explain any two of the problems in measuring the cost of living
A: In a specific location and historical period, the cost of living is the amount of money required to…
Q: If there are only two goods, apples and bikes produced in the economy; in 2015 total production of…
A: The cost of the basket is the total cost of products and services manufactured in an economy.
Q: The economic condition cannot affect manager's decisions and actions. * O True O False
A: Economic condition refers to the present condition of a particular economy. These conditions tend to…
Q: Earnings of individuals and companies inside a country is part of the GDP. O a. even if they are…
A: GDP is the value of final goods and services produced in the country by citizens and non citizens.…
Q: Gross domestic product refers to the value of goods and services produced in an economy. Select one:…
A: Gross Domestic Product: Gross domestic product or the abbreviated form GDP refers to the final value…
Q: U.S. real GDP O A. includes the value of underground production but excludes the value of leisure…
A:
Q: Which one of the following is a characteristic of the service sector? O Intangible products O Little…
A: The service sector produces services rather than producing products.
Q: Households receive a total income of $5 million. Of this, $3.5 million are wages received for labor…
A: Given: Total income=5 million Wages received=3.5 million Rent payment=1 million Interest…
Q: A firm used $1,900 worth of peanuts and $100 worth of salt to produce peanut butter. This required…
A: In value added method, revenue – costs provides value that the firm added in the process
Q: The total value of all capital goods newly produced in a given period is Select one: O a. gross…
A: The correct answer is given in the second step.
Q: QUESTION 7 If the number of worker-hours in an economy is 100 and its labor productivity is $9 of…
A: The economies around the world tend to focus on their growth, and development, where various…
Q: .A country's standard of living depends on its ability to produce goods and services إخثر واحدأن ths…
A: A country's standard of living depends on it's ability to produce goods and services. - TRUE
Q: discuss possible variations in purchasing power due to price and income changes
A: The consumer or the individual would result in consuming various amounts of goods and services given…
Q: f your grandparents buy a newly built retirement home, this transaction would affect Select one: O…
A: Any transaction that affects either consumption, government purchases, investment, or net exports…
Q: If the GDP found under Output Approach is 2000, the total of Agriculture sector is 500 and total of…
A:
Q: All of the following, except one, are examples of investment. Which is the exception? O A graphic…
A: An investment means a rise in the capital stock. Or in other words, it is referred to as the gross…
Q: Long-run economic growth can alleviate the problems of poverty by... O a. Increasing future…
A: Long-run economic growth can alleviate the problems of poverty by reducing inequality in the nation…
Q: The total market value of all final goods and services produced within a given period by factors of…
A: Statisticians and economists apply different methods to trace growth of economy. The most common and…
Q: Gross Domestic Product is equal to the market value of all the final goods and services in a given…
A: The estimated monetary or retail value of all finished goods and services for a certain amount of…
Q: The change in output or total product the business, would achieve in the current period byexpanding…
A: Total product refers to the total amount of output that the firms can produce. The total product is…
Q: Which of the following is an example of a final good or service? O Jet Fuel bought by Northwest…
A: (Only the first question has been solved). The final commodities are purchased by the economic…
Q: Related to the Economics in Practice on p. 107: The value of the used goods sold on eBay from a U.S.…
A: Gross national product (GNP) is the estimation of the total value of finished goods and services…
Q: Which of the following is NOT a problem associated with using Gross Domestic Product as a measure of…
A: The value of the total goods and services that are produced in an economy in any particular year is…
Q: Which one of the following is a characteristic of the service sector? Intangible products O Little…
A: The service sector produces services rather than producing products.
Q: Investment (I) includes: O the amount spent on stocks and bonds. O the amount spent on new factories…
A: expenditure approach: GDP= consumption+investment +government expenditure+net exports
Q: please discuss this statement “Thw technical pattern that statistically significant could be…
A: Statistical significance suggests that the variables considered are likely to have a causal…
Q: The decision to invest in human capital does NOT involve which of the following? Direct expenditures…
A:
Q: Maximum Feasible Hourly Production Rate Sherry 50 Holly Units of Good X 40 100 Units of Good Y 25
A: The gain from the next best choice that an individual forgoes while choosing an option is referred…
Q: Which of the following are features of th
A: Game of economics is the study which deals with in how many ways the interacting choices of economic…
Q: Q.4 Calculate (i) Laspeyre's (ii) Paasche's and (iii) Fisher's price index number for 2020 from the…
A: The price index of Laspeyres, Paasche's, and Fisher's are described as the formula of the index used…
Q: Which industry is somewhat protected from economic downturns? (Select all that apply) O Capital…
A: NOTE: We;ll answer the first question as the exact one isn't specified. Please resubmit the question…
Q: Calculate the price index number from the following data by simple aggregative method. Commodities A…
A: Answer is given below
Q: The Batguano company produces 200 tonnes of fertilizer using only labour and capital. The fertilizer…
A: Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Assume a specific factors economy produces two goods, cloth and food, and that when representing the…
A: Specific Factor Economy- It is a economy in which a specific factor is used in an industries to…
Q: oods and Services are exchanged and used As Final Consumption For Investment As Inputs in the…
A: Answer is given below
Q: Assuming Prunella has only 2 units of land, how much extra output does she get from adding an extra…
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Q: If production of a good increases from 47 to 103, what is the percentage change in the quantity…
A: Solution - Part (a) -Given in the question -Old level of productivity = New level of productivity…
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- JosephmigratedtoCanadafromGhana5yearsago.Hecurrently works in sales but is considering quitting work for two years to earn an MBA degree. His current job pays $40,000 per year (after taxes), but he could earn $55,000 per year (after taxes) if he had an MBA. Tuition is $10,000 per year, and the cost of an apartment near campus is equal to the $10,000 he is currently paying. His discount rate is 6 percent per year. He just turned 48 and plans to retire when he turns 60, whether or not he earns his MBA degree. Based on this information, should he go for an MBA degree? Explain carefully with appropriate calculations.There are several factors that have influenced the importance of purchasing andsupply”. Justify this statement by discussing information technology as a major factor.Provide an example of your choice to explain the factor.The table shows per capita peach consumption.t Per Capita Consumption of Peaches (pounds) Family income ($10,000) 0.00 1 5.0 2 6.4 3 7.2 4 7.8 5 8.2 6 8.6 Price (above $1.50 per pound) 0.10 0.20 0.30 4.8 4.7 6.2 6.1 7.0 7.6 8.0 8.4 4.9 6.3 7.1 7.7 8.1 8.5 66 950 6.9 7.5 8.0 8.3 0.40 4.7 6.1 6.9 7.4 7.9 8.3 0.50 4.6 6.0 6.8 7.4 7.8 8.2 (a) Find the function of the logarithmic cross-sectional model that gives per capita consumption of peaches at a price of $1.50 per pound, where f represents yearly family income in tens of thousands of dollars, with data from 1 ≤ f≤ 6. (Round all numerical values to three decimal places.) c(0.00, f) = lb (b) Calculate per capita peach consumption for families with a yearly income of $35,000 when the price is $1.50 per pound. (Round your answer to one decimal place.) x lb
- AMoving to the next question prevents changes to this answer. Question 3 of Question 3 1 points Save Answ The branch of economics that analyses the market behaviour of individual consumers and firms in an attemp to understand the decision-making process of firms and households. a)Gross Domestic Product O b)Micro Economics c)Macro Economics d)Logistics e)Gross National Product O0000Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…
- Prepare a SWOT analysis using the details below. Maria is planning to open up a Cafeteria near her house. She closed her previousCafeteria few months ago because the rental keeps getting higher and the income is decliningbecause of the COVID19 pandemic. It came up to her the idea to open again since a lot ofpeople are asking for online delivery of their favorite snacks offered in her shop since most ofthe people would stay at home and would prefer food delivered in their doorsteps. Since sheowned a vacant lot near her house, and she thought that re-opening her shop in that locationwould be a great idea and she will not pay rentals anymore. And her Café Services will stillcontinue but with the added services like the Food Panda does.Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 112 Across Town 30 89 Neighboring City 60 70 Juanita makes $26 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $26 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Opportunity Cost of Time Price of a Dress Total Cost Store (Dollars) (Dollars per dress) (Dollars) Local Department Store 112 Across Town 89 70 Neighboring City Assume that Juanita takes opportunity costs and the price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from theWhich one of the following is a characteristic of the service sector? O Intangible products O Little customer contact O Tangible products O Standardized products
- A family with a monthly income of $2200 spends $850 for rent $225 for utilities and $325 for food. What percent of the family income is spent for cach?OS consumer goods in terms of capital goods in Figure below?Q-4 Suppose that Kaleed’s income 1800 RO. And he purchased 30 units of goods y that cost 30 RO per unit. Calculate how many units Kaleed can buy of product X when it costs 20 RO.
