Elementary textile production was found in several locations throughout Africa. Select two accurate statements about this budding proto-industry.ㅁㅁㅁArcheological findings provide evidence that West Africa had a long tradition of professionally organized production of cotton cloth.Madagascar is known for its early silk production.Incomes from the Nubian gold mines were used to pay for the establishment of local textile weavers.In the 12th century, Great Zimbabwe became a leading textile producer.

a. Archaeological findings suggest that West Africa had a well-established tradition of textile…

Answered: Elementary textile production was found…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose you run an independent trucking business. You own a tractor trailer for hire. You work with a broker who offers you business to transport various cargos from one location to another. You can choose to take a particular job at the price offered or not. The broker works with many similar truckers. Now suppose that the economy improves as U.S. manufacturers produce more output. What impact will this have on the independent trucking industry in the short run, in terms of the market price, output of an individual firm, and market equilibrium quantity? What impact will this have on the firm’s profits? What impact will the increase in manufacturing output have in the long run on each of these variables?
What was the dominant form of business in 1840s America? a) Small firms run by individuals or families that specialized in few activities b) Large, hierarchical firms that operated regionally c) A mix of small and large firms that operated transnationally d) Multinational corporations
Using shifts in supply and demand curves, describe a change in the industry in which your firm operates. The change may arise from a change in costs, entry/exit of firms, a change in consumer tastes, a change in the Macroeconomy, a change in interest rates, or a change in exchange rates. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing. Explain what happened to industry price and quantity by making specific references to the demand and supply curves. If more than one change occurred, then decompose the change into smaller pieces so that your explanation has a step-by-step character to it. (Hint and warning: Demand and supply curves. Please make this answer in the benefits sector.
Using shifts in supply and demand curves, describe a change in the industry in which your firm operates. The change may arise from a change in costs, entry/exit of firms, a change in consumer tastes, a change in the macroeconomy, a change in interest rates, or a change in exchange rates. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing. Explain what happened to industry price and quantity by making specific references to the demand and supply curves. If more than one change occurred, then decompose the change into smaller pieces so that your explanation has a step-by-step character to it. (Hint and warning: Demand and supply curves are used at the industry level, not at the firm level.) Describe how your company could profitably use the analysis.
State what market structure exists in Jamaica since the early 2000s. Explain if excess profit will exist in the long run
Perfect competition is a hypothetical market form associated with neo- classical economic theory. A number of assumptions are made which provide the key components of the definition, including: the existence of perfect knowledge, no barriers to entry and homogeneous output. Critically analyze the perfect competition and pure competition from the viewpoint of economics.
Which of the following are common characteristics of multinational enterprises (MNEs)? Check all that apply. Low labor productivity ✔Acquisitions in nonrelated markets ✔ Creation of the demonstration effect ✔ Foreign sales that represent a high proportion of total sales Company headquarters that are always located in the country where production occurs ✔Diversified operations Complete the following table by indicating whether each assumption is used by multinational enterprise (MNE) analysis, conventional trade theory, or both. Check all that apply. Assumption Factor inputs move freely among nations. Goods are exchanged at competitive prices. Resources are transferred from lower to higher productive uses. MNE Analysis Conventional Trade Theory
The "balance" in microeconomics refers to: Firm revenue = HH income HH Income = Firm Profit HH market power = firm market power Firm costs = HH income Firm profits = HH economic welfare
Why is the perfect competition often used as a benchmark? Question 3 options: The perfect competition model is more frequently observed in the real world compared to other market models It provides a useful comparison to markets that operate in more complex, real-world conditions. It accounts for a variety of issues like pollution, inventions of new technology, poverty, and government programs that other models do not account for. In the real world, all markets are perfectly competitive, so this model allows us to compare them to one another.
Suppose all firms in a perfectly competitive market structure are in long-runequilibrium. Then demand for the firms’ product increases. Initially, price andeconomic profits rise. Soon afterward, the government decides to tax most (but not all) of the economic profits, arguing that the firms in the industry did not earn the profits. Rather, the profits were simply the result of an increase in demand. What effect, if any, will the tax have on market adjustment?
Which of these statements accurately captures a current trend in operations?Products and services are designed more quickly and by teams.Cost competition is more important than any other basis for competition.There is increased focus on local markets and local competition.Jobs are increasingly specialized as workers focus on basic assembly tasks.
In perfect competition, one result of the model was that there was no positive economic profit (just a normal profit) in the long run. In a monopoly, the firm typically earns a positive economic profit. Why is there a difference? Explain the profit-maximization rule for employing factors of production. Explain in terms of our different factors of production (land, labor, and capital) and how firms will choose how much of each factor to employ. (Ctrl) - O Focus 明 and Windows a IOI 9 144 トト 12 + ins & %$4 4 8 { Y D G J K C V N .. Σ エト

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS