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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

1. Economic models

Suppose an economist theorizes that the price level in the economy is directly related to the money supply, or the amount of money in circulation in the economy. The economist proposes the following relationship:
P=A×M
•P=Price Level
•M=Money Supply
•

What method could an economist use to gather empirical data in order to test the proposed relationship between money and the price level?

b) An economist would look for data on past changes in the money supply and note the resulting changes in the price level.What method could an economist use to gather empirical data in order to test the proposed relationship between money and the price level?Economists do not usually develop theoret...

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Posted by Cleveland on August 29, 2024
Suppose two economists are arguing about policies that deal with unemployment. One economist says, "The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars." The other economist responds, "That's ridiculous. If the government spent an additional 50 billion dollars, it would reduce unemployment by only one-tenth of 1 percent, and that effect would only be temporary!" These economists ________.

a. disagree because they have different scientific judgments...

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Posted by Cleveland on August 29, 2024
Suppose two economists are arguing about policies that deal with unemployment. One economist says, "The government should fight unemployment because it is the greatest social evil." The other economist responds, "That's ridiculous. Inflation is the greatest social evil." These economists ________.

b. disagree because they have different values...

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Posted by Cleveland on August 29, 2024
Positive statements are ________.

d. statements of description that can be tested...

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Posted by Cleveland on August 29, 2024
In making which of the following statements is an economist acting more like a scientist?


d. A reduction in unemployment benefits will reduce the unemployment rate....

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Posted by Cleveland on August 29, 2024
Which of the following statements is normative?

b) The unemployment rate should be lower...

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Posted by Cleveland on August 29, 2024
Which of the following statements about microeconomics and macroeconomics is not true?

a. The study of very large industries is a topic within macroeconomics...

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Posted by Cleveland on August 29, 2024
Which of the following issues is related to microeconomics?

a) The impact of oil prices on auto production...

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Posted by Cleveland on August 29, 2024