(i) If the economy produces 15 units of manufactured goods, what is the maximum number of non-manufactured goods it can produce? 1 (i) How many manufactured goods could it produce if production of non- manufactured goods was 50 units? 1 (b) At what point will the economy be if it were only producing non manufactured goods. 1 (c) What does point f and g indicate. 2 A 50 40 30 20 10 10 20 30 40 Manufactured goods Non-manufactured goods
Q: ears ago a house was purchased for P5M. If it is sold today for P10M, what is the rate of…
A: Purchase price = 5 Million Selling price = 10 Million Time = 10 years
Q: onsider a simple economy that produces two goods: pens and oranges. The following table shows the…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: $620 Personal Consumption Expenditures Saving 50 200 Government Purchases 750 Net Domestic Product…
A: Given information:-
Q: QUESTION 2 When a business purchases a new piece of machinery for $45,000, this purchase is…
A: The answer is - investment
Q: Payments of factor income to the rest of the world Net private domestic imestment Persoral income…
A: PI {personal income} is described as the money received collectively by the natives of a nation. The…
Q: The Canadian economy produces a vast array of goods and services, trom cars to cannabis Suppose that…
A: In an economy, GDP is the sum of the components of aggregate demand that are consumption, net…
Q: Table 1 All Numbers are in $ Billion Output Consumption Income) Spending 400 800 1,200 1,600 2,000…
A: The equilibrium level of output Output Y should be equal to the sum of consumption, investment, and…
Q: Suppose the nation of Utopia has the following national income and product accounts. Depreciation 50…
A: Disclaimer :- as you posted multiple questions we are supposed to solve only the first one.…
Q: In 2009, Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company, which makes…
A:
Q: a. There is a trade-off between the amount of consumption that people can enjoy today and the amount…
A: a) The income of the person is limited. If he wants to consume it in future, he has to save it…
Q: 15) The value of goods added to a firm's inventory in a certain year is treated as investment, since…
A: Gross domestic product is the market value of all goods and services produced in an economy in a…
Q: 12) In 2018, the total consumption in the X Country was $22,400 and the total investment activities…
A: GDP by expenditure approach combines the actual expenditures realized by the four major pillars of…
Q: The value of final goods and services equals: Select one: O a. the sum of the value added by all…
A: GDP measures the final value of all goods and services produced in an economy during a given period…
Q: Describe how the automoble industry affect both national economics and society.
A: Economics refers to the study of behavior of human beings for the use of scarce resources in…
Q: 2.Distinguish the final goods or services, intermediate goods or services, and capital goods?
A: "In economics goods are of three types- final goods or services, intermediate goods or services, and…
Q: 1. Suppose real GDP is currently $500 billion. Assuming that the price level remains constant, this…
A: The aggregate supply signifies the amount of final commodities and services that business firms are…
Q: GRAPH Reset Capital Goods Production Possibilities (Present) Production Possibilities (Future) 17 16…
A: Here, two production functions are given to represent current and future production of consumption…
Q: Real GDP Consumption expenditure (dollar) 2,500 3,250 4,000 4,750 5,500 6,250 Investment Government…
A: Here we calculate the equilibrium level of expenditures for this economy and choose the correct…
Q: 14. In 2020 consumption (Ci) for selected countries was as follows Jordan 2.5 billion $, USA 100…
A: The data is fixed in time when is is taken for a given year. And data is varaiable in component of…
Q: This person earns $1000 of income today and $2000 income next year. Point C represents his…
A: At C,Consuption Today=$1000At B,Consumption today=$2000Now, If an individual increases its…
Q: e statement that total sales by businesses rose by 1.5 percent means that GDP. because O A.…
A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an…
Q: * 18.Suppose the consumption equation is represented by the following: C = 250 + .8YD. When fixed…
A: Marginal propensity to consume is the ratio change in consumption spending due to change in…
Q: If deflation is OCcurring and nominal Gross Domestic Product (GDP) is increasing over time, then…
A: GDP is considered an important factor to evaluate the stability, growth, and performance of an…
Q: 5. Diagram P, is a creation prospects bend on which two focuses, An and B, have been plotted.…
A: Answer - Need to find - Would P3 be bound to be reached in ten years if point A were chosen or point…
Q: Table Value.1: Sales Value Production Sale Stage Value Farmer sells wheat $0.22 Miller sells flour…
A:
Q: A company in the United Kingdom earns $100 million by producing and selling advertising chances to…
A: Intermediate goods, producer goods or semi-finished products are goods, such as partly finished…
Q: Suppose that permanent income is calculated as the average of income over the past five years – that…
A:
Q: A simple economy produces only lumber, granola bars, and computers. Annual production of these goods…
A: GDP at constant prices refers to the final value of all the goods and services produced in an…
Q: Question 11 Gross domestic product (GDP) is best defined as the total market value of all O a) final…
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…
Q: 3.2. There are different types of goods and services in the economy. Explain the difference between…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Consumption per period (billions of dollars) $1,600 1,400 Consumption 1,200 1,000 800 400 200 $400…
A: We have given the consumption graph plotted between the consumption per period and disposable…
Q: 3. The more important question concerns the cumulative effect of an initial change in autonomous…
A: The Keynesian cross model says, Y=C+I+GC=a+cY where C, I and G are consumption , investment and…
Q: If the sales tax increases to 12%, what percentage of our Archie's income will jeff now pay in text…
A: The sales tax on any sale of goods and services impacts consumer choices by affecting their buying…
Q: QUESTION 1 Table 1 gives data on weekly family consumption expenditure (Y) (in dollars) and weekly…
A: Household final consumption expenditure is the amount a resident household spends on goods or…
Q: Answer your friend who claims that a) (1) housing boom in Japan is unbelievable due to its declining…
A: (a)(1).From the table,we can understand that igration rate has dropped in japan.Therefore it would…
Q: 50. As disposable income increases, O a. consumption and saving both decrease O b. consumption…
A: 50) Disposable income is the sum of consumption and savings.
Q: Question 20 prices. Nominal gross domestic product (GDP) is GDP measured in O a) base O b) current…
A: GDP is the value of all the goods and services in an economy at a given point of time. GDP is…
Q: 47) What is a greenfield investment? A) a brand-new investment B) a corporate shift toward a…
A: Greenfield investment is a type of foreign direct investment in which the investing company invests…
Q: Just need the last two parts to be done. Thankyou ABC Computer Company has a $20 million factory in…
A: Gross domestic product is the sum total of the final values of goods and services produced in a…
Q: Refer to problem 1. If potential GDP is 20000, by how much should government expenditure change to…
A: Given: I = 3400 G= 4000 C=3800+0.8Yd T=1000
Q: QUESTION 1 Table 1 gives data on weekly family consumption expenditure (Y) (in dollars) and weekly…
A: The answer of question no. (a) E(Y|X=80) 65E(Y|X=100) 77E(Y|X=120) 89E(Y|X=140) 101E(Y|X=160)…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 2. Consider an economy that produces only two goods: asparagus and candy canes. The following table describes the quantities of each good that can be produced: Candy Canes 60 40 20 0 Asparagus 0 10 20 30 (a) Plot the production possibilities frontier for this economy. Be sure to label both axes and each intercept. (b) Does this PPF follow the law of increasing opportunity cost? Why or why not? (c) A major pandemic arises that wipes out one third of the population. Illustrate and explain how this would affect the PPF from part (a).8. What is economic?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 40
- 4. Shifts in production possibilities Suppose Spain produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and locomotives, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of an Improvement in soil quality because of new fertilization techniques. Note: Select either end of the curve on the graph to make the endpoints appear, Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and It snaps back to its original position, just drag it a little farther. A20 350 PPF 280 210 140 70 PPF 40 80 120 160 200 240 ALFALFA (Millons of bushels) LOCOMOTIVES (Thousands)4. Shifts in production possibilities Suppose Spain produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and locomotives, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. (? 420 PPF 350 280 210 140 70 PPF 40 80 120 160 200 240 ALFALFA (Millions of bushels) LOCOMOTIVES (Thousands)4. Shifts in production possibilities Suppose the United Kingdom produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that results in fewer workers entering the country. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. ? CARS (Thousands) 300 250 200 150 100 50 0 0 80 PPF 160 240 320 BARLEY (Millions of bushels) 400 480 6 PPF
- 5. Discuss the concept of Economic Goods.?Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?8. Shifts in production possibilities Suppose the United States produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and industrial copiers, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 540 450 PPF 380 270 180 90 PPF 100 200 300 400 500 600 ALFALFA (Millions of bushels) INDUSTRIAL COPIERS (Thousands)
- Firm A Firm B 18- 14- 16 14- 12 10- 12 8 10- B. 8- 6- 4- 2- 2- 10 12 14 16 18 20 22 10 Corn Corn Part A What is the opportunity cost of one unit of barley for Firm A?O What is the opportunity cost of one unit of barley for Firm B? Give your answers as fractions. Part B What is the opportunity cost of one unit of corn for Firm A? What is the opportunity cost of one unit of corn for Firm B? Give your answers as fractions. Part C In which good does Firm A have a comparative advantage? In which good does Firm B have a comparative advantage? Part D In what good or goods does Firm A have an absolute advantage? In what good or goods does Firm B have an absolute advantage? Part E Suppose Firm A and Firm B divide their time equally between the production of both goods. What will be the total production of corn? units Now suppose both firms completely specialize in the product in which they have a comparative advantage and trade with one another.4. Shifts in production possibilities Suppose the United States produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of cars. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 480 PPF 400 320 240 160 80 PPF 0. 90 180 270 360 450 540 WHEAT (Millions of bushels) CARS (Thousands)9.) Suppose that Bob still has 10 hours and can produce 10 hamburgers in 1 hour or 2 plates of pasta in one hour. Jimmy also has 10 hours. He can produce 4 hamburgers in 1 hour or 1 plates of pasta in one hour. Which of the following is TRUE? a.) Jimmy has absolute advantage in production of pasta b.) Jimmy has absolute advantage in production of hamburgers c.) Jimmy has comparative advantage in production of pasta d.) Jimmy has comparative advantage in production of hamburgers 10.) If Bob and Jimmy from question 9 were to trade and mutually benefit, then: a.) Bob should specialize in making pasta b.) Jimmy should specialize in making pasta c.) The terms of trade would have to be ¼ plate of pasta per hamburger d.) It is impossible for Bob and Jimmy to mutually benefit from trade