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- All 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?Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?Could a nation be producing in a way that is allocatively efficient, but productively inefficient?
- It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?What would be another example of a system in the real world serve could serve as a metaphor for micro and macroeconomics?Each person is assign O Security Stability Which of these economic goals is most important in a market economy? O Equity O Efficiency Job an 5 Which of these economic goals is most important in a command economy? = age REMLER DE RU
- nvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.Save A production possibilities frontier (PPF) is ou O A. a curve that shows the potential productive capabilities of the frontier (defined as the area outside of cities) of a developing economy. O B. a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. O C. a curve showing the generally attainable combinations of two products that may be produced with all planned or potential, yet undeveloped technology. O D. a curve that illustrates the demand of two goods for the average consumer.Point A B C D E Production chocolate bars 0 10 20 30 40 Production cans of cola 100 90 70 40 0 The above table shows production points on Sweet - Tooth Land's production possibilities frontier. Which of the following is an example of a point that is inefficient? A. 0 chocolate bars and 100 cans of cola OB. 38 chocolate bars and 0 cans of cola OC. 32 chocolate bars and 40 cans of cola OD. 20 chocolate bars and 80 cans of cola MEEDI
- uppose the rtomahon in the ulowing tatletra smple sconomy that produces only the fowng four goods shoes, hanburgers shins, and coon Furher amethat al of he cn isett prode sherte 2012 Statietics 2020 Staetios 2021 Statice Quanity 100 M5 00 136 75 13.000 Product Ouantity 10 0.00 Price Quantity Price Price Shoes 100 0.00 120 Hanburgers Shita 300 35.00 3.00 30.00 3.50 00 30.00 Cotton 12.000 12.000 if the base year is the year 2012. then realGDP for 2000 equasS nd your anwer o the nearest penny) and th rel GDP for 2021 oguals nd your anwr to the neat pen b. The annua) growth rate of real GDP in 2021 is s. (Enter your reponse aa percentege rounded to teo decimal places)Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40Do economists have any particular expertise atmaking normative arguments? In other words, they haveexpertise at making positive statements (i.e., what willhappen) about some economic policy, for example, butdo they have special expertise to judge whether or notthe policy should be undertaken?
