An economy is producing two goods, chocolate and cookies, and is currently operating effici circumstances can this economy produce more chocolate? O if it increases the price of chocolate if it produces fewer cookies if it increases the price of cookies if more of the economy's resources,become idle
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- What offect would an increase in the cost of materials used to produce cars have on the supply of cans? O Increase O DecreaseThe residents of Freedonia currently are consuming seven goods; yogurt, green tea, tofu, bean sprouts, cookie dough ice cream, Tito's Handmade Vodka and housing. The prices and quantities for these goods are given in the following table. Good Yogurt Green Tea Tofu Bean Sprouts Cookie Dough Quantity 3 7 18 Ice Cream Tito's Handmade I Vodka Housing 2018 2 Price 2.40 0.60 1.20 1.00 3.50 22.10 500.00 Quantity 4 9 20 4 7 I 2019 2 Price 2.86 0.72 4.80 1.20 4.00 21.35 505.00 Quantity 6 10 22 6 8 2 2020 2 a. Suppose that 2019 is the base year. Calculate the price index for 2018, 2019 and 2020. b. Determine the rate of inflation for 2019. Determine the rate of inflation for 2020. Price 3.01 0.80 5.10 1.25 4.60 25.50 512.00Suppose you observed that the consumption of organges increased sharply last year, however thet total consumer expenditure on oranges did not change. Did a supply shift, demand shift or both cause this? explain using graphs
- In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.Suppose the information in the following table is for a simple economy that produces only the following four goods: textbooks, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Froduct Textbooks Hamburgers Shirts Cotton 2007 Quantity Price 110 $55.00 80 2.50 50 30.00 110 0.85 2016 Quantity 120 110 50 1,000 Price $70.00 2.50 25.00 0.70 2017 Quantity 120 125 65 1,100 a. If the base year is the year 2007, then real GDP for 2016 equals $ nearest cent.) The real GDP for 2017 equals $ (Round your response to the nearest cent.) b. The (annual) growth rate of real GDP during 2017 is Price $75.00 2.75 25.00 0.75 (Round your response to the %. (Round your response to two decimal places.) NRecently, the market for beef has been experiencing a major change. In general,there has been a decline in demand for beef as consumers have turned more to fish andchicken or have simply been eating less meat overall. On the other hand, there has been adramatic increase in demand for “organic” or naturally raised beef. In fact, organic beef sellsfor a substantial premium over regular beef.a. Use comparative statics analysis to analyze the short-run and long-run effects of these shifts in demand.b. Answers should include a graph
- Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940An additional unit of Old Product X will bring Cindy an MU of 15 utils, an additional unit of New Product Y will bring Cindy an MU of 30 utils, and an additional unit of New Product Z will bring Cindy an MU of 40 utils. If a unit of Old Product X costs $10, a unit of New Product Y costs $30, and a unit of New Product Z costs $20, which product will Cindy prefer to spend her money on? a. Old Product X. b. New Product Y. c. New Product Z. d. More information is required.Suppose that United States produces 10, 000, 000 barrels of oil and 1,000 bushels of wheat each week. Suppose that China produces 11305 barrels of oil and 11305 bushels of wheat each week. In autarky, what is the largest amount of wheat United States can consume every week?
- An economy produces two goods, clothing and petroleum. Which of the following would explain a pivot inwards along the petroleum аxis? Select one: O a. a productive improvement in clothing production that has no effect on petroleum production O b. an increase in the size of the labor force that can produce either petroleum products or clothing O c. major oil reserves in Alaska are declared off-limits to producers in order to protect the environment O d. major oil reserves are discovered off the coast of Africa Oe. a productive improvement in petroleum production that has no effect on clothing productionQuestion 28 Oil is a main component in the manufacture of plastic bags. If the price of oil were to increase, the price of plastics bags would and the quantity would O increase; stay the same O increase; increase O increase; decrease decrease; decrease O decrease; increaseIf the price of a pie is 12, what is the maximum number of pies she could buy in a week?