🌷 The primary determinant of a countrys standard of living is. Economics Flashcards. 2022-11-06

The primary determinant of a country's standard of living is: A

Ken and Traci are two woodworkers who both make tables and chairs. A marginal change is best illustrated by which of the following? The graphs show the demand for cigarettes. A company that formerly produced software went out of business because too many potential customers bought illegally-produced copies of the software instead of buying the product directly from the company. However, Spring Break is still months away, and you may reverse this decision. Which of the following statements is correct about the roles of economists? People buy more when prices are low than when prices are high. Economists are best viewed as policy advisers.

ECO Exam 1 Flashcards

We would expect unemployment to be higher. Teresa eats three oranges during a particular day. Fewer goods and services are produced and the economic pie gets smaller. Kendra must decide between going to Colorado or Cancun for spring break. There would be no justification for government involvement in the economy if it were not for externalities. The shop does not sell day-old donuts, so all unsold donuts are thrown away at 3 p.

Economics Flashcards

In the presence of a market failure, government action can sometimes improve on the market outcome. Kittell sued Vermont Michael Kittell was employed at Vermont Weatherboard. Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally-planned economy. A student's opportunity cost of coming to class was the value of the best opportunity the student gave up. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. In one month, Ken can make 3 tables or 18 chairs, whereas Traci can make 8 tables or 24 chairs. Russell spends an hour studying instead of playing tennis.

The primary determinant of a countrys standard of living is a the countrys

Last year, it produced 200 textbooks and 500 widgets. It is difficult to conceive of a situation where time is not scarce, however. Efficiency refers to the size of the economic pie; equity refers to how the pie is divided. A student in a dorm plays her CDs at 120 decibels late at night. When the "invisible hand" guides economic activity, prices of products reflect a. Newton's second law of motion Marked out of 1.

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Nancy retires and takes a part-time job. Equity is decreased and efficiency is increased. A rationale for government involvement in a market economy is as follows: a. Which of these consumption activities will most likely impose an external cost? The self-interest of households is reflected more fully in the outcome of a centrally-planned economy than in the outcome of a market economy. Lauderdale as your Spring Break destination this year. In the imaginary country of Countriana, in 1996, the average worker had to work 10 hours to produce 20 units of output. South African firms are faced with stricter government regulations than Kenyan firms.

ECON 2030

A certain production possibilities frontier shows production possibilities for two goods: wheat and shirts. A ten-year-old uses his allowance to buy new Nike shoes. When the government prevents prices from adjusting naturally to supply and demand, a. Equity is decreased and efficiency is decreased. All of the above are correct. A positive economic statement such as "Pollution taxes decrease the quantity of pollution generated by firms" a. This year, it produced 250 textbooks and 600 widgets.

In advance of a particular trip, three seats remain unsold. While operating a saw at the plant, Kittell was seriously injured when a splinter flew into his eye and penetrated h. Discuss the Company Social Value. Last week, the city government announced a plan to build a "halfway house" for convicted criminals on Oak Street. Efficiency means that a. The marginal cost of going to Cancun decreases. If there is a market failure, such as an externality or monopoly, government regulation might improve the well-being of society by promoting efficiency.

Warren drinks four cups of coffee during a particular day. A typical worker in Italy can produce 24 units of product in an eight-hour day, while a typical worker in Poland can produce 25 units of product in a 10-hour day. A donut shop sells fresh baked donuts from 5 a. An executive plays a vigorous game of golf. For which of the following individuals would the opportunity cost of going to college be highest? While operating a saw at the plant, Kittell was seriously injured when a splinter flew into his eye and penetrated his head.

. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. A person's willingness to pay for a good is based on a. We would expect unemployment to be lower. Darin grows and sells marijuana to Jennifer. Markets are never a good way to organize economic activity. The opportunity cost of this decision is a.