ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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![**Quiz: Economic Theories**
**Question 2 of 10**
Friedrich Hayek advocated for an economic system based on:
- **A.** sharing the profits from all industries with workers.
- **B.** regulating businesses to protect consumers.
- **C.** allowing businesses to freely set and change prices.
- **D.** ensuring fair economic outcomes for all citizens.
[SUBMIT]
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There are no graphs or diagrams associated with this question. The multiple-choice question focuses on the principles advocated by Friedrich Hayek regarding economic systems.](https://content.bartleby.com/qna-images/question/caca53a0-f813-4570-8269-c2a09a4074e7/7d2338bc-75ea-40db-acb0-f11394e55ddc/lkad78_processed.jpeg)
Transcribed Image Text:**Quiz: Economic Theories**
**Question 2 of 10**
Friedrich Hayek advocated for an economic system based on:
- **A.** sharing the profits from all industries with workers.
- **B.** regulating businesses to protect consumers.
- **C.** allowing businesses to freely set and change prices.
- **D.** ensuring fair economic outcomes for all citizens.
[SUBMIT]
---
There are no graphs or diagrams associated with this question. The multiple-choice question focuses on the principles advocated by Friedrich Hayek regarding economic systems.
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- Q66 Katie and Hugh are producing pies and jars of pickles. Katie can produce either 200 jars of pickles or 100 pies per month. Hugh can produce either 800 jars of pickles or 200 pies per month. Which of the following statements is correct? a. Katie's opportunity cost of producing 1 jar of pickles is 0.5 pies. b. Katie's opportunity cost of producing 1 jar of pickles is 2 pies. c. Hugh's and Katie's opportunity costs of producing are the same. d. Hugh's opportunity cost of producing 1 pie is 0.25 jars of pickles. e. Hugh's opportunity cost of producing 1 jar of pickles is 4 pies. Clear my choice ◄ Midterm 2 Jump to...arrow_forwardThe figure to the right shows the production possibilities frontier for Vidalia, a nation that produces two goods, roses and orchids. What is the opportunity cost of one dozen orchids? OA. 0.4 dozen roses B. 2.5 dozen roses O C. 7.25 dozen roses OD. 16 dozen roses Roses (dozens) 200 160 120 80 40 20 40 60 80 Orchids (dozens)arrow_forwardConsider an economy with just one technique available for the production of each good. Good Labor per unit output Land per unit output Food 1 2 Cloth a. Suppose land is unlimited but labor equals 100. Write and sketch the production possibility frontier. b. Suppose labor is unlimited but land equals 150. Write and sketch the production possibility frontier. c. Suppose labor equals 100 and land equals 150. Write and sketch the production possibility frontier. Hint: What are the intercepts of the production possibility frontier? When is land fully employed? Labor? Both d. Explain why the production possibility frontier of part (c) is concave. e. Sketch the relative price of food as a function of its out put in part (c). f. If consumers insist on trading 4 units of food for 5 units of cloth, what is the relative price of food? Why? g. Explain why production is exactly the same at a price ratio of pr/pc = 1.1 as at pr/pc = 1.9. h. Suppose that capital is also required for producing food…arrow_forward
- O For whom are goods and services to be produced? Who answers the three key economic questions in a traditional economic system? O custom & tradition O individual producers and consumers O a central authority O government and individuals Who answers the three key economic questions in a Market economic system?arrow_forwardWhich of the following are examples of positive economics? O A. I only. I. A free market in kidneys would end the shortage of kidneys. B. II & III. II. People should not sell organs for profit. C. 1 & IV. III. The United States should not trade with countries with human rights abuses. D. They are all normative statements. IV. Workers pay the majority of corporate taxes in the form of lower wages.arrow_forwardQuestion 17 Pies 10 Tim Pies b. 3/5 c. 2/5 O d. 5/3 6 Ice Cream Ice Cream Tim and Dave can make in a given weekend. Use this to answer the questions that follow. What is the opportunity cost of ice cream for Tim? O a. 1 Davearrow_forward
- Barb can produce 10 apples or 10 oranges on her farm, while Jim can produce 20 apples or 40 oranges. Is there a basis for trade? O yes, they have different opportunity costs of production O They should give up apples and oranges and grow kale none of these O No. Jim produces more apples and orangesarrow_forward4. The opportunity cost of changing your decision on what to major in college is highest___ a. before you have earned any of the credits needed to obtain the major you initially chose. b. after you have officially declared a major. c. after you have earned ½ of the credits to obtain the major you initially chose. d. after you have completed your major and received your diploma.arrow_forwardIf the nation depicted in Table 2.2 is producing at combination E, the opportunity cost of producing the tenth unit of consumer good is: A 1 unit of capital good. B C D E zero unit of capital good. 6 units of capital goods. 4 units of capital goods. 10 units of capital goods. Given below is the production possibilities schedule for capital goods and consumer goods. Table 2.2 Production Possibilities Schedule Combination Capital Goods Consumer Goodsarrow_forward
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