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- 7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides information about the prices and output for these three goods for the years 2018, 2019 and 2020. Price per Geod X Quantity of Good X Price per Good Y Price per Good Z Xear Quantity of Goed Y Quantity of Goed Z 2018 $10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 $11 14 $5.4 12 $10 23 d. Using 2018 as the base year, fill in the following table. Xear Real GDP 2018 2019 2020Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.12 Investment Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of a country. Which allocation would be the most likely explanation for shift number 3? (A) R (B) W (C) x (D) Y (E) Shift number 3 is not possible. LHH actment Consumption
- Are households demanders or suppliers in thegoods market? Are firms demanders or suppliers in thegoods market? What about the labor market and thefinancial market?Name a way that your family interacts in the marketsfor the factors of production and a way that itinteracts in the markets for goods and servicesAre firms primarily buyers or sellers in the goods and services market? In the labor market?
- Are households primarily buyers or sellers in the goods and services market? In the labor market?Table 4.6 shows the amount of savings and barrowing in a market for loans lo purchase homes, measured in millions of dollars, at various interest rates. What is the equilibrium interest rate and quantity in the capital financial market? How can you tell? Now, imagine that because of a shift in the perceptions of foreign investors, the supply curve shifts so that there will be 10 million less supplied at every interest rate. Calculate the new equilibrium interest rate and quantity, and explain why the direction of the interest tale shift makes intuitive sense.What is comparative advantage?
- In the labor market, what causes a movement along the supply curve? What causes a shift in the supply curve?pring20 fall20 The Producer Price Index (PPI) is a Select one: a. price index measuring the changes in prices of all new goods and services produced in the economy. b. statistical measure of a weighted average of prices of a specific set of goods and services purchased by wage earners areas. O C. price index that tracks the price levee of commodities that firms purchase from other firms. O d. statistical measure of a weighted average of prices of commodities that firms produce and sell. Clear my choice3. In the labour market, workers would like to receive higher wages and firms would like to pay lower wages. a. Suppose that workers succeed in having a minimum wage established above the equilibrium wage. What will happen to the number of workers employed when compared to the original equilibrium? b. Suppose that firms succeed in having a maximum wage established below the equilibrium wage. What will happen to the number of workers employed compared to the original equilibrium? c. What wage maximizes the number of workers employed? Why?
