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Questions and Answers

(1071 solutions)

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Which of the following statements about trade is true?

b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage....

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Posted by Cleveland on August 29, 2024
If a nation has a comparative advantage in the production of a good, ________.

a. it can produce that good at a lower opportunity cost than its trading partner...

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Posted by Cleveland on August 29, 2024
If a nation has an absolute advantage in the production of a good, ________.


b. it can produce that good using fewer resources than its trading partner...

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Posted by Cleveland on August 29, 2024
Suppose that Darnell, an economist from a research facility in Washington, and Eleanor, another economist from a graduate program in the Northeast, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over saving incentives. The following dialogue represents a portion of the transcript of their discussion:
Eleanor: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards.
Darnell: I think a switch from the income tax to a consumption tax would bring growth in living standards.
Eleanor: You really think households would change their saving behavior enough in response to this to make a difference? Because I don't.
The disagreement between these economists is most likely due to    .
Despite their differences, with which proposition are two economists chosen at random most likely to agree?

The disagreement between these economists is most likely due todifferences in scientific judgments   .Points:1 / 1Close ExplanationExplanation:There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. In this case, the econo...

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Posted by Cleveland on August 29, 2024
The following table presents statements analyzing policies regarding smoking, lung cancer, and cigarette taxes.
Classify each of the listed statements as either positive or normative.
Statement
Positive
Normative
Lung cancer kills millions of people each year.
Too many people smoke.
If the government were to increase taxes on cigarettes, fewer people would smoke.
The government should increase taxes on cigarettes.

lassify each of the listed statements as either positive or normative.StatementPositiveNormativeLung cancer kills millions of people each year.Too many people smoke.If the government were to increase taxes on cigarettes, fewer people would smoke.The government should increase taxes on cigarettes.Poi...

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Posted by Cleveland on August 29, 2024
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.
Microeconomics
Macroeconomics
The effect of an increase in the money supply on the rate of inflation
The effect of government regulation on a monopolist's production decisions
The government's decision on how much to spend on public projects

Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.MicroeconomicsMacroeconomicsThe effect of an increase in the money supply on the rate of inflationThe effect of government regulation on a monopolist's production decisionsThe government's...

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Posted by Cleveland on August 29, 2024

Opportunity cost and production possibilities

Alex is a talented artist who sells hand-crafted goods on his website. Alex currently crafts and sells both picture frames and cutting boards. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good.
Choice
Hours Crafting
Produced
(Picture frames)(Cutting boards)(Picture frames)(Cutting boards)
A8040
B62311
C44216
D26119
E08020
On the following graph, use the blue points (circle symbol) to plot Alex's initial production possibilities frontier (PPF).
Suppose Alex is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame per day is    per day.
Now, suppose Alex is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frame per day is    per day.
From the previous analysis, you can determine that as Alex increases his production of picture frames, his opportunity cost of producing one more picture frame    .
Suppose Alex buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability to produce cutting boards. Use the green points (triangle symbol) to plot his new PPF on the previous graph.
Because he can now make more picture frames per hour, Alex's opportunity cost of producing cutting boards is    it was previously.

On the following graph, use the blue points (circle symbol) to plot Alex's initial production possibilities frontier (PPF).Your AnswerInitial PPFNew PPF012345678302520151050CUTTING BOARDSPICTURE FRAMES0, 20Correct AnswerPoints:1 / 1Close ExplanationExplanation:Each row of the table refers to one poi...

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Posted by Cleveland on August 29, 2024
Suppose the fictional country of Yellowstone produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rice, an agricultural good, and electric generators, 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 electric generators.
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.

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.Your AnswerPPF0408012016020...

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Posted by Cleveland on August 29, 2024

3. Efficiency in the production possibilities model

Suppose the fictional country of Cuyahoga produces only two goods: sorghum and telephoto lenses. The following graph plots Cuyahoga's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F.

Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply.PointInefficientEfficientUnattainableABCDEFPoints:1 / 1Close ExplanationExplanation:Every output combination on the production possibili...

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Posted by Cleveland on August 29, 2024

he circular-flow model

The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs.
 One set of outer arrows shows how dollars flow from Households to Markets for Goods and Services, and then from Markets for Goods and Services to Firms. Then outer arrows show how dollars flow from Firms to Markets for Factors of Production, and then back to Households. The inner set of arrows shows how inputs and outputs flow from Markets for Goods and Services to Households, and then to Markets for Factors of Productions. Then inner arrows show how the inputs and outputs flow from Markets for Factors of Productions to Firms, and then back to Markets for Goods and Services. 
Based on this model, households earn income when    purchase    in factor markets.
Suppose Lucia earns $625 per week working as a math tutor for A-Plus Tutoring. She uses $8 to take a spin class at Silver’s Gym. Silver’s Gym pays Kenji $225 per week to work as a trainer. Kenji uses $125 to purchase tutoring services from A-Plus Tutoring.
Identify whether each of the following events in this scenario occurs in the factor market or the product market.
Event
Factor Market
Product Market
Lucia earns $625 per week working for A-Plus Tutoring.
Kenji spends $125 to purchase tutoring services from A-Plus Tutoring.
Lucia spends $8 to take a spin class.
Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply.

Based on this model, households earn income whenfirms   purchasefactors   in factor markets.Suppose Lucia earns $625 per week working as a math tutor for A-Plus Tutoring. She uses $8 to take a spin class at Silver’s Gym. Silver’s Gym pays Kenji $225 per week to work as a trainer....

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Posted by Cleveland on August 29, 2024