Question 27 Refer to Figure 1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy. If the United States decided to double its support of university research, this would cause a movement fromn.
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Question 27
Refer to Figure 1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy. If the United States decided to double its support of university research, this would cause a movement fromn.
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- worn out in the production process. ment Now IzMe: Section 2.7 uge your comprehension of this section. To begin, please click the wnward arrow located at the top right of this box. Assignment Score: 0.00% Submit Assignment for Grading Save ns tu2et10h_Ch02_Sec07.02m « Question 2 of 3 » Check My Work Three different economies have made choices about the production of capital goods. Which of the following is most likely to produce the greatest growth in the production possibilities curve (PPC)? O a. Less production of capital goods than what is needed to replace worn-out capital. Ob. Capital goods produced at the exact rate needed to replace worn-out capital. c. More production of consumption goods that replace worn-out capital. O d. Greater production of capital goods than what is needed to replace worn-out capital. MacBook Air DD F6 EZ F8 F9 F10 F11 F12 & * 6 7 8 { P + 000Define factors of production and describehow they contribute to output.Draw a circular flow diagram. Determine the parts of the model that correspond to theflow of goods and services and the flow of dollars for each of the following activities.i. Ms. Goh earns RM3, 000 rental income from her 10 percent ownership of landproperty.
- From the data below calculate the gross national product at factor cost: Ksh. MillionImports 42,000Value of physical increase in stock 1,300Exports 43,000Capital formation 25,000Government expenditure 29,000Consumer expenditure 84,000Taxes on expenditure 20,000Subsidies 3,000Net property income from abroad 400Assume an economy where there are two producers: a wheat producer and a bread producer. In agiven year, the wheat producer grows 3 million tonnes of wheat, of which 2.5 million tonnes aresold to the bread producer at $30 per bushel, and 0.5 million tonnes are stored by the wheatproducer to use as seed for next years crop. The bread producer produces and sells 100 millionloaves of bread to consumers for $3.50 per loaf. Determine GDP in this economy during this yearusing the product and expenditure approaches.Question 14 Payments to households not in exchange for goods and services currently produced are: O a consumption expenditures O b.investment expenditures Oc transfer payments. Od government purchases.
- Capital Goods b O A. a only O B. b only O C. a, b, c D. d only O E. e only e с Consumer Goods The figure shows the macro production possibilities frontier. Which point(s) represent real GDP greater than potential GDP?Draw an example production function in terms of output and capital.GIVE 2 specific properties which define its shape; explain these usingthe definition and properties of MPK.In macroeconomics, the connection from inputs to outputs forthe entire economy is called _______________. a)physical capital b)a production function c)human capital d)an aggregateproduction function
- The outer flow in the circular flow diagram is measured in O goods and services produced inputs (factors of production) O government revenues O money MacBook Air 吕口 F3 D00 F4 F5 F6 F7 F8 2$ & 4 7 8 Y 6An automobile manufacturer uses labor, capital, and a variety of intermediate goods in the production of cars. The car requires $4,000 of steel, $6,000 seats, $10,000 of electronics, $2,000 tires, $10,000 of labor, $5,000 of capital and has a 20% sales markup to consumers. a. What is the total value of intermediate goods? b. What are the total payments to factors of production? c. What is the total value of sales? d. What is the value of GDP from the sale of this car?a. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?