Edgeworth box - Study guides, Study notes & Summaries

IVY software FECN review with correct answers 100% If corn producer A is more productive relative to corn producer B, then economists say that corn producer A Select one: a. Chicago b. New York c. neither Chicago nor New York d. not enough information to answer the question - Correct Answer New York Assume a production possibilities frontier for pickup trucks and big Mac hamburgers. The economy is producing 60 big Mac hamburgers and 50 pickup trucks (point 60, 50). What is the opportun...

F710347A - Publieke economie

Efficiency from The First Fundamental Theorem of Welfare Economics requires correct answers that the economy is competitive. The marginal rate of substitution is correct answers the slope of the indifference curve. Market failure can occur when correct answers monopoly power exists in the market. when there is incomplete information. when goods are non-rival and non-exclusive A public good must be correct answers nonexcludable in consumption. A social welfare function correct answe...

INTERMEDIATE MICROECONOMICS 301 Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+ Question One A Consumer’s utility function for goods X and Y is represented by: U(xy) = x2 y. Assume her income is Kshs 1,500. The prices of goods x and y are Kshs 4 and Kshs 10, respectively. Given this information:  What is the optimal consumption bundle (x y), given income and prices? (10 Marks) ...

EC 248 Midterm Exam | Verified with 100% Correct Answers What statement best describes a health system? A. Aspects of society that have an important bearing on the health care of individuals and the population. B. Aspects of society that have an important bearing on the health of individuals and the population. C. Aspects of society that have an important bearing on the health care at the population level. D. Aspects of society that have an important bearing on health at the population level. ...

EC 248 Final Exam | Complete Solutions (Verified Answers) Health care a) is the most important determinant of health in OECD countries. b) is the most expensive determinant of health in OECD countries. c) spending continues to grow rapidly in most OECD countries. d) sector is one of the largest sectors in most OECD countries. What statement best describes a health system? a) Aspects of society that have an important bearing on the health care of individuals and the population. b) Aspects of so...

Extensive summary of the course Theory of Markets

Chapter 4: Resources and Trade: The Heckscher-Ohlin Model 1. In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would A. move the point of production along the production possibility curve. B. shift the production possibility curve outward, and increase the production of both goods. C. shift the production possibility curve outward and decrease the production of the labor-intensive product. D. shift the production possibility curve outward and decr...

SUGGESTED SOLUTIONS FOR MAY/JUNE 2015 QUESTION 1 1a. Consider the following baskets of goods: A B C If preferences satisfy all requirements, is A preferred to C or C to A? Explain your answer. Basket A has more food than basket C. Basket C has more clothing than basket A. Therefore, basket A and C cannot be compared without additional information. 1b. An island economy produces only two goods – coconuts and pineapples. There are five people (A, B, C, D and E) living on the island, w...

Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan if A. U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour. B. U.S. productivity equaled 30 units per hour whereas Japan's was 20. C. U.S. labor productivity equaled 20 and Japan's 30. D. U.S. labor productivity equaled 15 and Japan's 25 units...