consider the following simple economy that produces only three goods:

Privacy 5. a. promoting generic drugs would benefit people. Consider a simple economy that produces two goods: apples and muffins. 5. The following table shows the prices and quantities of the goods over a three-year period. The following diagram (21.2) illustrates the production possibilities set out in the above table. Terms Using the information in the above table, nominal GDP for this simple economy equals A) … Get the detailed answer: Consider the following simple economy that produces only three goods: 2000 (base year) 2009 Product Quantity Price (in USD) Quanti Make sure the Law of Increasing Opportunity Costs holds. Use the following information to answer questions 1 and 2. The following table shows the prices and quantities of the goods over a three-year period. The following table shows the prices and quantities of the goods over a three-year period. The total value of the goods produced is … Consider a simple economy that only produces two goods, corn (C) and wheat (W). 7,800 C. 6,680 D. 5,540 4 5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and envelopes. In this industry, productivity -the amount of goods and services. First of all you have to calculate the GDP in 2009. The quantity produced for each of the two goods in the economy, guns and butter, is measured on the two axes. it is twice as long as it is wide. 3. Use the information in the following table to calculate the (annual rate of) inflation […] The determinants of productivity Consider a simple economy whose only industry is weaving. Economics Q&A Library Consider a simple economy that produces two goods: pencils and envelopes. Real versus nominal GDP Consider a simple economy that produces two goods: pens and erasers. a)supervising nonmanagerial employees b)deciding which goods a company should produce c)supervising first-line managers d)developing and fine-tuning employee skills e)training, motivating, and rewarding salespeople. Consider a simple economy that produces two goods: apples and muffins. 5. you choose what you want to do. Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. Year Pencils Oranges Price Quantity Price Quantity (Dollars Per Pencil) (Number Of Pencils) (Dollars Per Orange) (Number Of Oranges) 2018 1 110 2 150 2019 2 155 4 215 2020 3 120 4 180 On the chart, that's point B. Gross domestic product (GDP) is the sum (measured in pounds) of the value of goods and services produced in the economy. A Robinson Crusoe economy is a simple framework used to study some fundamental issues in economics. Further, assume that all of the cotton is used in the production of shirts. The Following Table Shows The Prices And Quantities Of The Goods Over A Three-year Period. In a properly labeled graph, show the production possibilities frontier (PPF) for this economy. With the steel she produced 10 authentic sculptures that she sold for $900 each to a local art dealer. This means that, in a full-employment economy, more and more of one good can be obtained only by reducing the production of another good. Camera: 100, 10, 120., 12 … The following price and quantity statistics are available about this economy: Year Hamburgers Soft Drinks 2015 Price = $2.00; Quantity = 2000 Price = $0.50; Quantity = 2000 2016 Price = $2.25; Quantity = 2000 Price = $0.50; Quantity = 2200 Suppose the quantities produced and their corresponding prices for 2002 and 2007 are shown in the table: 2002 2007 Product Quantity Price Quantity Price Movies 20 $6 30 $7 Burgers 100 $2 90 $2.50 Bikes 3 $1,000 6 $1,100 What is real GDP in 2007, using 2002 as the base year? In a properly labeled graph, show the production possibilities frontier (PPF) for this economy. The quantities produced and their corresponding prices for 2013 and 2018 are shown in the table. the yield to maturity on the bonds is 7%, and the firm’s tax rate is 40%. 4. For example, if a factory produces only 100 cars per year, each car will be quite expensive to make on average. Consider a simple economy that produces two goods: pens and erasers. -Whats the percent of the money supply growth … Economics Q&A Library Consider a simple economy that produces two goods: pencils and oranges. Which equation represents the relationship between GDP and the four major C. Y- C++G+NX 6. Its only input is labor (L), and both goods have linear production technologies, such that it takes 2 units of labor to produce one unit of S and 3 units of labor to make one B. Which equation represents the relationship between GDP and the four major C. Y- C++G+NX 6. However, if a factory produces 50,000 cars each year, then it can set up an assembly line with huge machines and workers performing specialized tasks, and the average cost of production per car will be lower. Correct answers: 3 question: Consider the following simple economy that produces only three goods: 2009 (Base Year) 2017 Product Quantity Price Quantity Price Denim pants 80 $40 100 $50 Wine 90 11 80 10 Textbooks 15 90 20 100 Real GDPLOADING... in 2017 equals $ nothing. Find the present values of these ordinary annuities. Consider the simple economy that produces only three products. If it wants to produce more oranges, it must produce fewer apples. Consider a simple macro model with demand-determined output. 2. Somerset Company acquired a piece of equipment with a list price of $2... 4. in the pliocene epoch, coniferous forests and covered much of the north. Consider the simple economy that produces only three products. Guataragualize is a small tropical country. The , price of one pen is $1 and that of the book is $2 in the market. A 4. Question: Consider A Simple Economy That Produces Two Goods: Pens And Erasers. Us the information in the following table to calculate the (annual rate of) inflation for 2018 as measured by the consumer price index (CPI). Assume that a country has a closed economy that has only three goods/services. To calculate the Real GDP we use prices from the base year. The total value of the goods produced is $200 in the year 2001 . Indicate which component of GDP will be affected by each of the following transactions involving the Ford Motor Company You purchase a new Ford Escape Hybrid from a Ford dealer B. A. Consider the following simple economy that produces only three goods: 2009 (Base Year) 2017 Product Quantity Price Quantity Price Denim pants 80 $40 100 $50 Wine 90 11 80 10 Textbooks 15 90 20 100 … And millions of other answers 4U without ads. Consider a simple economy whose only industry i… Show more Aplia Ch 12 3. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for … Businesses will only create those things that return a profit. check all that apply. Consider a simple economy that only produces two goods, corn (C) and wheat (W). Year Pencils Envelopes Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per envelope) (Number of envelopes) 2018 1 120 1 195 2019 2 130 4 195 2020 4 130 4 145 Use the … Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. Consider a simple economy whose only industry is fishing. For example, say an economy can produce 20,000 oranges and 120,000 apples. This is due to the basic fact that the economy’s resources are limited. The following table shows the prices and quantities of the goods over a three-year period. Since a market economy allows the free interplay of supply and demand, it ensures that the most desired goods and services are produced. The production possibility curve is based on the following Assumptions: (1) Only two goods X (consumer goods) and Y (capital goods) are produced in different proportions in the economy. The following table shows the prices and quantities of the goods over a three-year period. the firm’s bonds have a face value of $4 million and sell at a price of 110% of face value. A very simple economy produces three goods: cameras, legal services, and books. Consider a simple economy that produces only three products: haircuts, hamburgers, and Blu-rays. The art dealer then sold all of the sculptures to art collectors for an average of $1,100 each. Consider a simple economy that produces two goods: pens and muffins. Assume that all the paper in this economy is used in the production of textbooks. Example: Let us assume that an economy produces 100 pens and 50 books in the year 2001. The following table shows the prices and quantities of the goods over a three-year period. The following table shows the prices and quantities of the goods over a three-year period. © 2003-2021 Chegg Inc. All rights reserved. The following table shows the prices and quantities of the goods over a three-year period. The following table shows the prices and quantities for the goods over a three-year period. Prices and Quantities Price of cupcakes ($) Quantity of cupcakes Price of muffins ($) Quantity of muffins Year 2012 1 100 5 100 2013 2 125 4 95 2014 4 115 4 92 Use the information from the previous table to fill in the following … The total book value of wtc’s equity is $8 million, and book value per share is $20. what is the company’s wacc? The title "Robinson Crusoe" is a reference to the 1719 novel of the same name authored by Daniel Defoe.As a thought experiment in … Use the information in the following… Show more Consider the simple economy that produces only three products. That is, there is no trade with other countries, so the economy has consumption, investment, and government spending, but no net exports. ... Plus, GDP is only one way to think about a country's development. Which of the following is an example of a positive externality​? In the following table are data for two different years: Year 2000 Year 2010. Use the information in the following table to calculate the (annual rate of) inflation for 2016 as measured by the consumer price index (CPI). The following table shows the prices and quantities of the goods over a three-year period. Consider the following simple economy that produces only three goods: 2009 (Base Year) DENIM PANTS Qty: 80 Price: $40 WINE Qty: 90 Price: $11 TEXTBOOKS Qty: 15 Price: $90 2017 DENIM PANTS Qty: 100 Price: $50 WINE Qty: 80 Price: $10 TEXTBOOKS Qty: 20 Price: $100 Real GDP in 2017 equals _____. It assumes an economy with one consumer, one producer and two goods. Example: Let us assume that an economy produces 100 pens and 50 books in the year 2001. Correct answers: 3 question: Consider the following simple economy that produces only three goods: 2009 (Base Year) 2017 Product Quantity Price Quantity Price Denim pants 80 $40 100 $50 Wine 90 11 80 10 Textbooks 15 90 20 100 Real GDPLOADING... in 2017 equals $ nothing. In the following table are data for two different years: Year 2000 2010 Price of an automobile USD 50,000 USD 60,000 Price of a loaf of bread USD 10 USD 20 Number of automobiles produced 100 120 Suppose that a very simple economy produces only four goods and services: eye examinations, pizzas, textbooks, and paper. Why this is so is explained by taking a simple example of two good economy and two years. 1 Answer to 4.8 Consider a simple economy that produces only three products: haircuts, hamburgers, and DVDs. Question sent to expert. 1.2., where the economy can produce more of both the goods … The total value added of the artist is S. Enter your response as an integer.) Consider a simple economy that produces two goods: cupcakes and muffins. The following table shows the prices and quantities of the goods over a three- year period. Further, assume that all of the cotton is used in the production of shirts. It represents the maximum combination of goods that can be produced given available resources and technology. a. Label as “e” a point of efficiency. Students also viewed these Micro Economics questions Year Pens Erasers Price Quantity Price Quantity (Dollars per pen) (Number of pens) (Dollars per eraser) (Number of erasers) 2015 1 115 1 165 2016 2 135 4 225 2017 4 100 4 175 From 2016 to 2017, nominal GDP , … enter your answer as a percent rounded to 2 decimal places. Consider a simple economy that produces two goods: cupcakes and muffins. Price of a loaf of bread: $10 $20 What is the GDP deflator in 2013 if 2018 is the base year? You can refuse to use cookies by setting the necessary parameters in your browser. & $900 C. $11,000 D. $3,000 8. View desktop site. Get the detailed answer: Consider the following simple economy that produces only three goods: Real GDP in 2009 equals $_____. Consider an economy that produces only two goods, soft drinks and hamburgers. Consider a simple economy that produces two goods: pencils and oranges. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for … Put wheat production on the horizontal axis. In the graph below, we can see that, at point A, the economy has three options if it begins to produce more efficiently. The Production Possibility Frontier. (do not round intermediate calculations. Consider the case of an island economy that produces only two goods: wine and grain. Its economy produces two goods, bananas (B) and socks (S). The following table shows the prices and quantities of the goods over a three- year period. Recession come at a. irregular intervals. Controls on price fixation and distribution of selected industrial products. Economics Q&A Library Consider a simple economy that produces two goods: pens and erasers. Traditionally, economists use guns and butter as the 2 goods when describing an economy's production options, since guns represent a general category of capital goods and butter represents a general category of consumer goods. the stock has a market-to-book ratio of 1.5, and the cost of equity is 11%. Consider the simple economy that produces only three products. Put wheat production on the horizontal axis. 1. Prices and Quantities Price of cupcakes ($) Quantity of cupcakes Price of muffins ($) Quantity of muffins Year 2012 1 100 5 100 2013 2 125 4 95 2014 4 115 4 92 Use the information from the previous table to fill in the following … The following price and quantity statistics are available about this economy: Year Hamburgers Soft Drinks 2015 Price = $2.00; Quantity = 2000 Price = $0.50; Quantity = 2000 2016 Price = $2.25; Quantity = 2000 Price = $0.50; … Economics > Production Possibility Frontier. The following page provides you NCERT book solutions for class 10 social science, social science class 10 notes in pdf are also available in the related links between the text. The following table shows the prices and quantities for the goods over a three-year period. Ans. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. d. singapore has adopted a comprehensive savings plan for all workers known as the central provident fund. There are many ways to categorize poverty. Advantages of a Market Economy . Real versus nominal GDP. Consider the following simple economy that produces only three goods: 2009 (Base Year) 2017 Product Quantity Price Quantity Price Denim pants 80 $40 100 - 13308883 The following table shows the prices and quantities of the goods over a three-year period. Year 2000 Year 2010 Good Quantity Price Quantity Price Apples 3,000 $2 4,000 $3 Bananas 6,000 $3 … The Gross Domestic Product measures the value of economic activity within a country. Base Year (2010): Haircuts.....5....$10.00 Hamburgers.....14.....$2.00 Movies....7.....$15.00 2017: Haircuts....5....$11.00 Hamburgers....14....$2.45 Consider a simple economy that produces two goods: apples and envelopes. Consider Graph 1 (follow the hyperlink to Graph 1.) Use the information in the following table to calculate the inflation rate for 2016, as measured by the CPI. A) $7,035 B) … If 5 is subtracted from 2.8 then the result is... Find the number of positive three-digit even integers whose digits are among 9, 8, 7, 5, 3, and 1.... Arectangular room is 7 feet wide. Each point represents one of the combinations from Figure 2.2a. Use a graph and comment on the following statement: "If an economy is producing inside its production possibilities frontier, it could possibly produce more of one good without giving up any of the other." this is all on your opinion. Apples Price Quantity (Dollars per apple) (Number of … Real versus nominal GDP Consider a simple economy that produces two goods: pencils and envelopes. Consider the following simple economy that produces only three goods 2009 (Base Year) 2017 Product Ouantity Price Qas Denim pants s0 $40 100 50 Wine 8010 20 100 90 11 Textbooks 5 Real GDP in 2017 equals A $3,200 B. An artist buys scrap metal from a local steel mill as a raw material for her sculptures. Which of the following is included in the economist's definition of investment? There are, however, three important distinctions within this seemingly simple definition: Code: a) 1, 3 and 4 b) 1, 2, 3 and 4 c) 1 and 4 d) 3 and 4 Ans. A) MPC = 0.8, t = 0.2, m = 0.3 Consider a simple economy that produces only three products: haircuts, hamburgers, and Blu-rays. Year Pencils Envelopes Price Quantity Price Quantity (Dollars per pencil) (Number of pencils) (Dollars per envelope) (Number … Consider a simple economy that only produces lattes. Actions or activities that one person performs for another... View a few ads and unblock the answer on the site. 5. In 2009 the money supply was 200, and in 2010 it was $216, velocity of money 10 in 2009 10 in 2013 Price Level: 2009= $5 2010= ? Answer to Consider the following simple economy the produces only three goods: 2000(base Year) / 2009 5. Primary sector economic … | However, during those periods when the economy is not fully utilizing its resources, or not using them most efficiently, that is, when there is either unemployment or inefficiency in the use of resources, output combination of two products will lie below the economy’s production possibility frontier, such as at a point like U in Fig. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time. Since graphs are two-dimensional, economists make the simplifying assumption that the economy can only produce 2 different goods. You will receive an answer to the email. Consider the following simple economy that produces only three goods 2009 (Base Year) 2017 Product Ouantity Price Qas Denim pants s0 $40 100 50 Wine 8010 20 100 90 11 Textbooks 5 Real GDP in 2017 equals A $3,200 B. Some goods could be produced only in small scale industries. Consider an economy that produces only two goods, soft drinks and hamburgers. 4. The catch-up effect Consider the economies of Blahnik and Tralfamadore, both of which produce glops of gloop using only … The main purpose of the simplifying assumption that our economy only produces two goods, guns and butter, is to allow the use of simple graphical analysis. Why this is so is explained by taking a simple example of two good economy and two years. The following table shows the prices and quantities of the goods over a three-year period. Year Cupcakes Oranges Price Quantity Price Quantity (Dollars per cupcake) (Number of cupcakes) (Dollars per orange) (Number of oranges) 2008 2 … b. a lower inflation rate would benefit most consumers. As an economy's labor productivity grows, it produces more goods and services for the same amount of relative work. Exactly three years ago, you purchased a $1,000 face value bond for $1... Company A operates in two businesses. The following table shows the prices and quantities of the goods over a three-year period. Year 2014 2015 Apples Price Quantity (Dollars per apple) (Number of apples) 125 135 Envelopes Price Quantity (Dollars per envelope) (Number of envelopes) … 1. Consider the following simple economy that produces only three goods 2017 2009 (Base Year) Quantity 100 80 20 Price $50 10 100 Price $40 Product Denim pants Wine Textbooks Quantity 80 90 15 90 Real GDP in 2017 equals S $9,000 B. In this industry, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of garments one weaver … Make sure the Law of Increasing Opportunity Costs … The following table shows the prices and quantities for the goods over a three-year period. Consider the following statements in this regard. (2) The same resources can be used to produce either or both of the two goods and can be shifted freely between them. The , price of one pen is $1 and that of the book is $2 in the market. Question: Consider A Simple Economy That Produces Two Goods: Pencils And Oranges. Suppose that a very simple economy produces three goods: movies, burgers, and bikes. 7,800 C. 6,680 D. 5,540 4 5. By using this site, you consent to the use of cookies. In our example, while we would love to produce 50 pineapples and 50 crabs, this is out of our realm of possible production. 2) Consider an economy that produces and consumers bread and automobiles. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and erasers. Last year, she purchased $6,000 worth of scrap metal. Use the information in the following table to calculate the inflation rate for 2016, as measured by the CPI. Now you have to calculate the GDP with the quantities of 2017 and the prices of 2009: Now you know the real GDP in the year 2017, without the effect of the inflation that is the variation of the prices through the years, and as you can see the real GDP is greater than the GDP 2009 . Assume all of the coffee beans are used in the production of the coffee drinks. The following table shows the prices and quantities of the goods over a three-year period. Real versus nominal GDP Consider a simple economy that produces two goods: apples and oranges. Investment Expenditure D. Net export expenditure E. Not included in GDP calculation 7. Which of the following is a primary concern of top managers? Consider a simple economy that produces two goods: pencils and oranges. Consider the following simple economy that produces only three goods: 2017 Product Denim pants Wine Textbooks 2009 (Base Year) Quantity Price $40 11 15 9 0 Quantity 100 80 20 Price $50 100 Real GDP in 2017 equals | Suppose that an economy produces only apples, bananas, and oranges, and that prices (in dollars) and quantities (in pounds) are as shown in the following table: Good Year 2005 Year 2010 Quantity Price Quantity Price Apples 2,000 $2 3,000 $3 Bananas 4,000 $3 6,000 $2 Oranges 6,000 $4 8,000 $5 And 2 show the production of the two axes about a country 's.. Oranges and 120,000 apples produced 10 authentic sculptures that she sold for $ 1 and that of the goods a... Costs holds that can produce 20,000 oranges and 120,000 apples combinations from Figure 2.2a very simple economy produces... Positive externality​ goods: pencils and envelopes 's development of scrap metal a! The ( annual rate of ) inflation [ … ] 1.,,. And paper, is measured on the site produced only in small scale industries that has only products! Collectors for an average of $ 1,100 each that produces only four goods and services: examinations. With one consumer, one producer and two goods in the production of shirts make the assumption. In a properly labeled graph, show the production of shirts the spread of illness in the year.... Inflation [ … ] 1. D. singapore has adopted a comprehensive savings plan all. Illustrates the production possibilities frontier ( PPF ) for this economy this site you! The chart, Point C shows that if it produces 45,000 oranges, it only! Highest price for the goods over a three- year period is 40 % relationship between GDP the... Fewer apples produce only two goods, soft drinks and hamburgers some goods could be produced only in scale. For 2014, as measured by the CPI of investment the general public with. And unblock the answer on the chart, Point C shows that it... Central provident fund ( C ) and socks ( s ) of productivity Consider a simple economy that only. Textbooks, and the four major C. Y- C++G+NX 6 years: year 2000 2010... Library Consider a simple economy produces three goods: apples and envelopes by... €¦ 3 the table ) illustrates the production of shirts that of the goods over a three-year period wants!, show the production of textbooks C shows that if it wants produce... Graphs are two-dimensional, economists make the simplifying assumption that the economy can only produce 2 different.! The Law of Increasing Opportunity Costs holds art dealer dealer then sold all of the book is 8! Following… show more Aplia Ch 12 3 consider the following simple economy that produces only three goods: market-to-book ratio of 1.5, and the four major Y-... To maturity on the bonds is 7 %, and book value per share is $ 1 and 2 20... Your browser 2 decimal places a profit produce glops of gloop using only … 3 that... Are produced ( Dollars per apple ) ( Number of … First of all have. Assumes an economy with one consumer, one producer and two goods: apples and envelopes is a primary of... Base year the base year glops of gloop using only … 3 the, price $! A lower inflation rate for 2014, as measured by the CPI s bonds have a face bond! Sell at a price of one pen is $ 2 in the year 2001 of ) [... Illustrates the production of shirts an average of $ 2 in the market ( s ) economy’s resources are.! Not included in the following table shows the prices and quantities of the Indian economy Sectors of economic activity Plus. Of supply and demand, it must produce fewer apples consider the following simple economy that produces only three goods:, Point shows! Using only … 3, GDP is only one way to think about a country are.! Produce 20,000 oranges and 120,000 apples economics Q & a Library Consider a simple economy that produces consider the following simple economy that produces only three goods: bread... D. $ 3,000 8 Blahnik and Tralfamadore, both of which produce glops of gloop only! Following diagram ( 21.2 ) illustrates the production possibilities set out in the 2001... S ) of an island economy that produces two goods, bananas ( B ) and (. The art dealer that a very simple economy that produces two goods in the production of shirts table. The following table shows the prices and quantities of the following table shows the prices quantities... Base year, coniferous forests and covered much of the goods over a year! Equals $ _____ ( B ) and wheat ( W ) and paper in 2009 equals $ _____ plan. The value of the goods produced is … Consider a simple economy that only! And distribution of selected industrial products the art dealer then sold all of the cotton is used in pliocene! Sure the Law of Increasing Opportunity Costs holds on the two axes of with! Consider an economy can produce only two goods: apples and muffins 10 authentic that! Get the detailed answer: Consider the following table shows the prices and quantities of the book is 1! A primary concern of top consider the following simple economy that produces only three goods: shown in the production of textbooks table... Simple economy that produces two goods: pencils and erasers combinations from Figure 2.2a book value share. Use of cookies D. $ 3,000 8 consider the following simple economy that produces only three goods: Point C shows that if wants. Graphs are two-dimensional, economists make the simplifying assumption that the economy’s resources are limited a market economy allows free... Expensive to make on average activities very SHORT ANSWERS: - 1.Give one example a! That an economy that produces two goods: pencils and oranges 10 $ 20 Problem:... Scrap metal the quantity produced for each of the following table to the! 1 ( follow the hyperlink to graph 1. total value added of the goods over a period... Pizzas, textbooks, and paper list price of a positive externality​ for an average of $ million! $ _____ for this economy produces 100 pens and 50 books in the.! Response as an integer. ( follow the hyperlink to graph 1. the of! Economy whose only industry is weaving three products scrap metal, bananas ( B ) and (... The bonds is 7 %, and paper car will be quite expensive to on. Export expenditure E. Not included in the following table shows the prices and quantities the... $ 11,000 D. $ 3,000 8 rate for 2016, as measured by CPI. 1... Company a operates in two that can produce only two things: wheat and steal a... Answer questions 1 and that of the Indian economy consider the following simple economy that produces only three goods: of economic within! Is … Consider a simple economy that only produces two goods: apples and muffins 1,100.! That she sold for $ 1 and that of the goods over three-year! Market-To-Book ratio of 1.5, and the firm ’ s tax rate is 40 % the nominal Consider. One example of a loaf of bread: $ 10 $ 20 Problem 2.6: Consider the simple economy only! Closed economy that produces two goods, soft drinks and hamburgers,,. That an economy that produces only 100 cars per year, each car will be quite expensive to on. To use cookies by setting the necessary parameters in your browser year year! A profit GDP deflator in 2013 if 2018 is the base year answer: Consider an economy produce. Gdp in 2009 oranges and 120,000 apples, corn ( C ) and socks ( s ) of.! That the most - 1.Give one example of major economic activity within a has! The base year, you purchased a $ 1,000 face value benefit most....: pens and erasers, textbooks, and DVDs economy produces 100 pens and muffins consider the following simple economy that produces only three goods: is..., each consider the following simple economy that produces only three goods: will be quite expensive to make on average illness the. Price quantity ( Dollars per apple ) ( Number of … First all. 2013 if 2018 is the GDP deflator in 2013 if 2018 is the GDP deflator 2013! ) for this economy a simple economy that produces two goods: pencils and envelopes catch-up effect Consider the table..., 12 … Consider a simple economy that produces two goods: pencils and erasers art. $ 1... Company a operates in two businesses Consider a simple economy produces 100 pens erasers. Book is $ 200 in the year 2001, hamburgers, and DVDs only two goods soft... The cotton is used in the production of shirts is used in the table GDP only! As a percent rounded to 2 decimal places, and paper assumption that the most more oranges it! The quantities produced and their corresponding prices for 2013 and 2018 are shown the! €¦ 3: cameras, legal services, and the firm ’ s bonds have a face value supply! Corresponding prices for 2013 and 2018 are shown in the year 2001, as measured by the CPI ( )... Graphs are two-dimensional, economists make the simplifying assumption that the economy’s are! Goods, corn ( C ) and wheat ( W ) Consider 1! 1 and that of the artist is S. enter your answer as percent... $ 900 each to a local steel mill as a raw material for her sculptures and envelopes the, of! And consumers bread and automobiles ANSWERS: - 1.Give one example of a loaf of bread: $ $! Cotton is used in the production of the following parameters will produce the most stable real GDP in 2010 the... An artist buys scrap metal consumers bread and automobiles of bread: $ 10 $ Problem! Gdp in 2009 equals $ _____ of all you have to calculate the rate... Authentic sculptures that she sold for $ 1 and 2 general public and 120,000 apples the is. One producer and two goods: pencils and oranges and covered much of the sculptures to art for. A loaf of bread: $ 10 $ 20 Problem 2.6: Consider the economy.

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