Which of the following is a normative economic statement? O Rising global demand for coal has led to increases in the price of coal. O With rising mortgage rates and rising unemployment rates, the number of unsold homes has increased. O The state of Texas is considering increasing funds for light-rail development to promote the use of public transportation. ○ Pharmaceutical manufacturers should not be allowed to patent their products so prescription drugs would be more affordable.
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- Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…
- Steel (millions of tons) 8 30 20- 10 0 Country A Production possibilition curve 10 20 30 40 Chemicals (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 8 20 10 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. O country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. O country A has a comparative advantage in both commodities. 507:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?The following table describes the productionpossibilities of two cities in the country of Baseballia:Pairs of RedSocks per Workerper HourPairs of WhiteSocks per Workerper HourBoston 3 3Chicago 2 1a. Without trade, what is the price of white socks (interms of red socks) in Boston? What is the price inChicago?b. Which city has an absolute advantage in theproduction of each color sock? Which city has acomparative advantage in the production of eachcolor sock?c. If the cities trade with each other, which color sockwill each export?d. What is the range of prices at which mutuallybeneficial trade can occur?
- Which of the following is not a scarce resource? Select one: O a. Labor, when the unemployment rate is near 10 percent O b. Sunshine for solar power in the deserts of Arizona O c. Factories used to produce personal computers O d. People able to repair industrial robots Oe. Fertile land in KansasFour roommates are planning to spend the weekendin their dorm room watching old movies, and theyare debating how many to watch. Here is theirwillingness to pay for each film:Dwayne Javier Salman ChrisFirst film $7 $5 $3 $2Second film 6 4 2 1Third film 5 3 1 0Fourth film 4 2 0 0Fifth film 3 1 0 0a. Within the dorm room, is the showing of a moviea public good? Why or why not?b. If it costs $8 to stream a movie, how many moviesshould the roommates stream to maximize totalsurplus?c. If they choose the optimal number from part (b)and then split the cost of streaming the moviesequally, how much surplus does each personobtain from watching the movies?d. Is there any way to split the cost to ensure thateveryone benefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficient number and to split the cost of the moviesequally. When Dwayne is asked his willingness topay, will he have an incentive to tell the truth? Ifso, why? If not, what will he…To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.
- Wireless, high-speed Internet is provided for free inthe airport of the city of Communityville.a. At first, only a few people use the service.What type of a good is this and why?b. Eventually, as more people find out aboutthe service and start using it, the speed of theconnection begins to fall. Now what type of agood is the wireless Internet service?c. What problem might result and why? What is onepossible way to correct this problem?Along a bowed-out production possibilities frontier, as more of one good is produced, O a. the opportunity cost of producing both goods must remain constant O b. technology remains constant O c. the opportunity cost of producing that good decreases O d. efficiency decreses O e. the opportunity cost of producing that good remains constantRyanair is considering offering dascounted flights from New York to Honolulu. The airlıne is offering a free round-trip ticket ko Hawata to the firu 600 people who show up at the new Hoedulu canunter in the aırline's main officT, starting Menday, the first day of basiness. You arrive 24 hours before it Es scheduled to open to be sure to get the free ticket, and you buy food from airport vendors whule waiting in line You successfully cbeaum the ticket What was the cost to you of obtainang the teket O the actual valae of the ticket the cost of food while you waited in line O the cost of ford while yuu wasted in line and the opportunity cost of the time you spent in line the actual value of the tacket and the cost of food while you waited in line