In the simple circular-flow diagram, who sells the factors of production? Select one: a.households only b.neither households nor firms c.firms only boucobolds and firms
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- could someone draw a graph on paper please? a. Using one of the graphing tools described in the directions, plot the Production Possibilities Curve for Teavana. b. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 47 Jade Citrus Mint Tea and 35 Spiced Apple Cider. Label this point F. What term best describes this point? c. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 16 Jade Citrus Mint Tea and 20 Spiced Apple Cider. Label this point G. What term best describes this point?The circular-flow diagram illustrates that, in marketsfor the factors of production,a. households are sellers, and firms are buyers.b. households are buyers, and firms are sellers.c. households and firms are both buyers.d. households and firms are both sellers.What is ‘Toyota is contemplating increasing the production of SUVs based on projected future consumer demand’ classify as? a. Micro, examining one individual b. Micro, examining one specific firm c. Micro, examining one sector
- 5 8 Market for Factors of Production 7 6 Bank of America pays rent for its office rentals. O Dale pays for his movie ticket. O Peter buys gourmet jam. O Turner Construction rents trucks for its business. 2 3 Market for Goods & Services Which of the descriptions below best matches the flow described by #5? Hint: To see the origin of the flow, pay attention to the subject of the sentence, are we talking about a firm or a household? To see the kind of flow, first, think whether it is a monetary flow or a real flow and, if it's a real flow, think whether we are talking about goods & services or about factors of production -- this will help you identify the market involved. Target earns big revenue on Black Friday. O Spencer receives wages for tutoring. O Laura offers her labor delivering sandwiches for Jimmy John's. O Safeway sells groceries. 4 3/1 1 SecondsA Markets for Goods and Services Firms Households C Markets for Factors of Production Refer to Figure 2-1. Which arrow shows the flow of the factors of production? Select one: arrow A cross out arrow B cross out Oc arrow C cross out O d. arrow D cross outWhat are the four factors of production?
- 34. If the resources in an economy is fully owned by the government, such economies are called_____. a. Mixed economy b. Economic system c. Command economy d. Capitalist economyple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…Economists refer to the inputs that firms use to produce goods and services as a. derived factors. b. derived resources. c. factors of production d. instruments of revenue.
- Activity 2: Production Possibilities Frontier EBP Construction is producing cements and plywood. The production function of the economic goods are presented in the table below. Plywood ("000 units) Cement Point ('000 units) A B 73 70 C 50 30 D 36 44 E 17 63 F 80 I Directions: Do the following tasks on a separate sheet of paper: a. Graph the PPF. b. Describe the nature of point A-F. c. Describe the nature of point G which is inside the PPF. d. Describe the nature of point H which is outside the PPF. PASIG NOISIAIHelp meProduction Possibilities Frontier Use the following information to complete this assignment. B C DE F G A Units of capital goods 6. 5 4 3 2 1 Units of consumer goods 3 4 5 Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other. 6.
