Suppose Congress cuts spending for the military, and then unemployment rises in the Philippine defense industry. Is there causation in this situation, or are we observing an association between events?
Q: Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done…
A: A theoretical idea that represents the economic process using a set of variables is referred to as…
Q: By using the concept of the Heckscher-Ohlin model, and information assumptions below this i. Two…
A: a) There is no need to prove that cloth is labour intensive and food is land intensive since these…
Q: Explain in detail what are Computable General Equilibria Models?
A: Computable General Equilibria (CGE) models are large economic models that are used to estimate the…
Q: All economic models are wrong. Yet, we study models in order to answer economic questions. Explain.
A: In economics, economic agents have to make rational choices so that the limited resources in the…
Q: Statement 1 (S1): Complementarities increase the incentives for other agents to take similar…
A: A. True, True
Q: How is trust the building foundation of the circular flow model/economic model? 3.
A: Circular flow of economic model represents the economic arrangement in which there are two major…
Q: Consider now the two-period model in general equilibrium, so that prices, investment, and labor…
A: The combined productivity level of all the inputs used in a production function is called as the…
Q: How does aging change the shape or size of the PPF in the Grossman model from period to period? Draw…
A: The Grossman model states that with age health declines but it doesn’t state that expenditure on…
Q: Which of the statements best describes an exogenous variable in an economic model? An exogenous…
A: Exogenous variable:An exogenous variable is a variable that is not affected by any other variable in…
Q: If you suspect the presence of multicollinearity, how would you characterize the degree of…
A: Classical Linear Regression Model (CLRM) is the basic model of econometrics. The following are the…
Q: Do you think that the pure market economy in these circumstance of COVID 19 play an effective role…
A: The Covid-19 is a new type of pandemic disease which was originated in the province of Wuhan in the…
Q: COVID-19 has disturbed the overall economies of the world. Whether its developed or underdeveloped…
A: In economics, different theory helps in understanding the nature of the situation and helps in…
Q: Give an example (besides the ones noted in the text) of a mental model, a visual model, and a…
A: In economics, a model is a theoretical construct that depicts economic processes using a collection…
Q: Given the pandemic greatly affecting the economy, how can the economy realign to fit the “new…
A: Macroeconomics is the discipline of economics that investigates an economy's overall behaviour and…
Q: which one of two would be more profitable economic model or the socio eonomic model of social…
A: Socioeconomic model: Social-monetary model" alludes to the citizenry's abilities to appreciate…
Q: Explain the cause-effect relationship...
A: The term "cause and effect" refers to a link between two events in which one causes the other.
Q: Which statement is not true about the use of models in economics? 1. They are based on simplifying…
A: Answer -The statement no.3 " They must closely mirror real life in order to be informative" is not…
Q: Take into consideration the fact that this course tries to analyze the history of economic thought…
A: Economic theories help in understanding different economic problems.
Q: Determine if the following statement is normative or positive: Households that participate in SNAP…
A: Positive Economic: The positive economic deals with the issues or things as they exist. It studies…
Q: For a competitive equilibrium in a two-period model, must there be an equal amount of borrowing and…
A: Two-period model shows how the consumers trade off their current consumption with the future…
Q: Differentiate between an exogenous variable and an endogenous variable in an economic model? Why…
A: Economic models contain many different types of variables, two of which are the Exogenous Variable…
Q: Which of the following is an INCORRECT statement regarding economic models? An economic model is…
A: Economic Model : An Economic Model can be defined as the theoretical model of the real life…
Q: Suppose Country Y gets hit by a hurricane that devastates the country. How would the circular flow…
A: Every economy has to face the scarcity of resources, which implies that the resources with the…
Q: . Energy is always transferred from a autotrophs to heterotrophs b. heterotrophs to autotrophs c.…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Name and explain at least five macroeconomics objectives
A: Macroeconomics is the study of whole or aggregate things. For example, Macroeconomics studies the…
Q: You want to make a model showing how people decide to decorate their houses and lawns. You assume…
A: Models are developed by economists and other experts from various fields to test their relevance in…
Q: Assume our standard model. It takes Andreas 60 minutes to make a unit of beer and 15 minutes to make…
A: Opportunity cost also called implicit cost is the cost of the second-best alternative foregone.…
Q: Economists make assumptions to minimize the number of experiments that yield no useful data. develop…
A: Assumptions refer to the well-accepted truth or estimate truth from the well-defined other truth.
Q: Assume our standard model. Both Andreas and Katya have 5 hours. In an hour, Andreas can knit 5…
A: Free trade allows countries or the individuals to specialize in production of the good in which they…
Q: Discuss the scientific approach adopted by economist in analyzing economic situations
A: Economics is a social science that revolves around the study of production, consumption, and…
Q: Explain the difference(s) between an economic and an econometric model . Write down examples for…
A: Economic models are used by the economist to explain consistently recurring relationships. This…
Q: Define the concept of economic models
A: The model that compares the market variables to forecast the change in the market is known as an…
Q: Which of the following is the discipline that studies the use of statistical tools to estimate…
A: According to the given questionIn simple words we can say that the statistical tools are those tools…
Q: In relation to social research, what does the term "philosophical framework" mean?
A: Philosophy raises issues of knowing. As a result, economic philosophy raises concerns regarding the…
Q: Einstein was quoted saying "Everything should be made as simple as possible, but not simpler." When…
A: Introduction: Einstein was implying that while it is preferable to make even complicated things as…
Q: Statement 1 (S1): Complementarities increase the incentives for other agents to take similar…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Suppose, as an economist, you are ask to analyze an issue unlike anything you have ever done before.…
A: Economists look at how society uses limited resources like land, labor, raw materials, and equipment…
Q: b. What is the difference between positive and normative analysis? Which of the following statements…
A: Positive statement is the statement that tells as it is. For example, the inflation in the economy…
Q: The scientific method is: not applicable to economics, because economics deals with human…
A: Scientific methods are those which are universal, which have precision in their measurement. These…
Q: Supply and Demand Graph $6.00 Price (per) $5.00 $4.00 $3.00 $2.00 $1.00 Demand 100 Supply 0 50 200…
A: At equilibrium price and quantity are determined through the interest of market forces . Demand =…
Q: More difficult) Assume our standard model. Both Andreas and Katya have 5 hours. In an hour, Andreas…
A: Trade refers to exchange of goods across people or countries. The study of economics argues that a…
Suppose Congress cuts spending for the military, and then
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Southeast Asia’s online shopping boom is here to stay, even after the pandemic Southeast Asian shoppers will likely continue buying groceries and other essential items online — even after the coronavirus pandemic ends, according to research from consultancy Bain & Company and Facebook. A new report from the two firms said e-commerce and other digital trends across the region were accelerated by the Covid-19 outbreak — the disease that has infected more than 7 million people worldwide. “Some of these trends are here to stay,” Praneeth Yendamuri, a partner with Bain & Company based in Singapore.“One of the trends we identified was essential online shopping, and that’s here to stay,” he told CNBC’s “Street Signs” on Tuesday. He explained that online groceries are a massive category that is relatively underpenetrated due to logistics and other reasons. But the sector grew nearly three times during the outbreak in Southeast Asia, and one in three users who were surveyed said they…Statement 1 (S1): Complementarities increase the incentives for other agents to take similar actions. Statement 2 (S2): Complementarities occur when agents or sectors, their resources and capacities play respective assigned roles in a coordinated, well planned process of development. * True, True True, False False, True False, False S1: Multiple equilibria is a condition in which more than one equilibrium exists. S2: These equilibria sometimes may be ranked, in the sense that one is preferred over another, but the unaided market will not move the economy to the preferred outcome. * True, True True, False False, True False, FalseEast Asian economies have expanded their proportion of global GDP over the last few decades. Likewise, intra-East Asian trade — that is, trade between East Asian countries – has increased as a share of global trade. Furthermore, East Asian countries are growing their commerce with one another. By using gravity model, explain why.
- 1) Why does the gravity model work? A) Large economices became large because they were engaged in international trade. B) Large economies have relatively large incomes, and hence spend more on government promotion of trade and investment. C) Large economies have relatively larger areas, which raises the probability that a productive activity will take place within the borders of that country. D) Large economies tend to have large incomes and tend to spend more on imports. E) Large economies tend to avoid trading with small economies. 2) Which of the following does NOT explain the extent of trade between Ireland and the U.S.? A) historical ties B) cultural Linguistic ties C) Gravity Model D) multinational corporations E) large numbers of Irish-Americans 3) In the current Post-Industrial economy, international trade in services (including banking and financial services) A) dominates world trade. B) does not exist. C) is an increasingly important component of global trade. D) is…The subtitle of the Commanding Heights series is “The Battle for the World Economy”. This episode is titled “The Battle of Ideas” and begins with the introduction of the two most important economists in the 20th century, John Maynard Keynes and Friedrich von Hayek. Keynes and Hayeks ideas were oppositional to each other, yet in the end, both men would have a profound impact in the world economy of the 20th century. Write a short essay of 1-2 paragraphs identifying the basic ideas of both men and explaining why Keynes dominated the early post WWII era and Hayek that late post WWII era. I need to write a short essay around 3 paragraphsApplication. The outbreak of the bubonic plague- the Black Death- in 1348 reduced the population of Europe by about one-third within a few years, which resulted in a massive reduction in the labor force during the plague years. Suppose the outbreak of the bubonic plague- the Black Death- in 1348 did not cause the TEP. parameter to fall (this is a reasonable assumption for simplicity as the effect of the fall in TFP was much less significant than the effect of the massive reduction in the labor force during the Black Death, so the effect of the fall in TFP was negligible compared with the massive reduction in the labor force during the Black Death). Using the complete intertemporal model developed in class, brieáy explain the eşects of the outbreak on the equilibrium values of real wage, output, real interest rate, consumption, investment, and the price level.
- Is it possible to explain this via midpoint formula? I appreciate it by the way.The country of Autarkistan is currently closed off from the world and engages in no international trade. Like the rest of the world, it produces and consumes (only) two goods, textiles and machines, using labor and capital. The textile industry employs more labor, per unit of capital, than does the machine industry. Being poor, Autarkistan has far less capital per worker than does the rest of the world. According to the Factor Proportions (H-O) model of international trade, in which good does Autarkistan have a comparative advantage? Again, suppose that Autarkistan opens up to free international trade with the world. Using the H-O model, what will happen to the real wage of labor in the machine industry in Autarkistan? Group of answer choices Rise Fall Not Change Cannot tell.The country of Autarkistan is currently closed off from the world and engages in no international trade. Like the rest of the world, it produces and consumes (only) two goods, textiles and machines, using labor and capital. The textile industry employs more labor, per unit of capital, than does the machine industry. Being poor, Autarkistan has far less capital per worker than does the rest of the world. According to the Factor Proportions (H-O) model of international trade, in which good does Autarkistan have a comparative advantage? Group of answer choices Textiles Machines Cannot tell.
- In the following examples, identify the exogenous (or independent) variable and the endogenous (or dependent) variable. a. Student loans availability and student attendance at university. The exogenous variable is and the endogenous variable is student loans availability student attendance at universityStatement 1 (S1): Complementarities increase the incentives for other agents to take similar actions. Statement 2 (S2): Complementarities occur when agents or sectors, their resources and capacities play respective assigned roles in a coordinated, well planned process of development. A. True, True B. True, False C. False, True D. False, FalseThe advent of the COVID- 19 virus has brought about what is considered a “new normal” in the world and indeed in the Caribbean. In adapting to this “new normal,” many changes must take place if communities and nations are to successfully deal with the health, social, mental, educational, financial and economic etc. issues brought about by the virus. You belong to a Reflective/Reflexive learning team given the responsibility to lead the recovery process to deal with the “new normal” and bring positive educational changes to a selected Caribbean country. Use at least three Reflective/Reflexive models or theories and show how the knowledge, skills and competencies acquired could be used effectively to develop an Education Policy document to deal with the “new normal” and bring positive changes to the education system in the selected Caribbean country post COVID- 19. focusing on Financial and Economic relevance. Training – Teachers, Students and others