The country of Econoland produces two goods: textbooks and widgets. Last year produced 200 textbooks and 500 widgets. This year it produced 250 textbooks and 600 widgets. Given no other information which of the following could not explain the change?  A) Econo land experienced an improvement in widget making technology B) none of these answers are correct based on the question C) Econo land experienced a reduction in unemployment Can you help me understand this more
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- Impact Inc. is an economic consulting firm that prepares economic impact reports for cities and for events. Suppose that it has been hired by the city commission of Fan City on a proposal to hold a Monster Truck event in the city’s stadium one weekend. Which of the following would be considered an “indirect effect” in the Economic Impact report? a. The salaries earned by the truck manufacturers. b. The salaries (incomes) of the city officials. c. The value of promotional tickets given away for free to local charities. d. The value of the concession food that the provider will buy from local sources. e. The spending done by the security staff the week after the event.Over the last several decades improvements in computer software, hardware and robotics have dramatically altered the ability of machines to do complex repetitive tasks. i) Discuss the implications for semi-skilled skilled workers as a result of this improvement. ii) Discuss how the cost of the new technology influences the choice of inputs used in production and the rate of adoption of the new technology.Match each good with either "final good" or "intermediate good". Cowhide, purchased by a tanner, to be made into a belt for retail sale [Choose ] intermediate good final good A new guitar sold by a music store to a child learning to play [Choose ] intermediate good final good A ton of steel that will be used to make several new cars [Choose ] intermediate good final good A new car sold to a nice old lady who only drives it to church on Sundays [Choose ] intermediate good final good Flour used by a pizza restaurant to make a pizza [Choose ] intermediate good final good Cement purchased by a homeowner to repair a sidewalk [Choose ] intermediate good final good Cement purchased by a contractor to build a sidewalk for a new house [Choose ] intermediate good final good A pizza oven used by a restaurant to make pizza [Choose ] intermediate good final good
- Question 9 Which of the following is an intermediate good? pizza sold to a customer in a restaurant O A tractor used by a farmer O A textbook used by a teacher in a classroom O Flour used to bake bread in a bakeryThe hypothetical economy shown below produces 3 goods: Good A, Good B, and Good C. The following information shows the production and prices for three goods over three years. Use 2020 as a base year (i.e., 2020 = 100). Year 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25…The table given below reports the value of sales at each stage of production of an economics book.Table 5.1 The Production of an Economics Book Production Stage Sales Value Purchase of Timber $1.25 Processing of Timber into Paper $7.75 Printing $24.50 Retail Sales of Economics Book $38.00 Refer to Table 5.1. What is the value-added by processing timber into paper?
- Homework (Ch 03) Attempts: Keep the Highest: 3/4 2. Gains from trade Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Rye Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 6. 12 Felicidad 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Felicidad uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Contente produces 6 million bushels of Is rye and 36 million pairs of jeans, and Felicidad produces 12 million bushels of rye and 16 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each…Assume that Country A has an efficiency in output market. However, efficiency in the use of input production is not. Using graph, explain how the economy of Country A will adjust to achieve a desired equilibrium. What are the conditions to achieve this equilibrium?0 Stats Good Year Price Cars. 2020 $10,000 Tires 2020 $50 @ 2 W Homework Question 4: All Tired Out The economy of Toyotonia produces two goods: cars and tires. The tires that are produced are sold directly to car manufacturing companies while the cars are sold directly to consumers. Each new car that is produced requires 5 new tires (4 tires for driving on and one spare tire). The prices and quantities of goods purchased in Toyotonia are provided in the table below. For simplicity, assume the following: no other goods or services produced or consumed in the economy. S # 3 E a) Calculate the value of inventory investment for 2020 and for 2022. b) Calculate Nominal GDP for 2020 and 2022. c) Calculate Real GDP for 2020 and 2022, using 2020 as the base year. d) Assume the tires were imported. Redo b) and c). e) Ignore d). Of the 100 cars produced in Toyotonia in 2022, suppose only 30 cars sold in 2022. The remaining 70 will be sold in 2023. Recalculate inventory investment, Nominal GDP and…
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