5. Which of the following forms of capital would be likely to increase if there is an influx of new funding for literacy training?
A) Human capital
b) Social capital
c) Stock capital
d) Financial capital
e) Physical capital
6. The possibility of using one resource instead of another is known as
a) The precautionary principle
B) Substitutability
c) Sustainability
d) Manufacturing advantage
e) Comparative advantage
7. Manufactured goods that yield a flow of productive services over an extended period of time are referred to as
a) Capital services
b) Capital flows
c) Fixed manufactured capital
D) Manufactured flows
e) Inventories
8. Short Answer Problems: “In the future, as our technology advances even further, eventually we will whip scarcity. In the high-tech future, scarcity will be gone.” Do you agree or disagree with this claim? Explain your answer and what scarcity is. Why does the existence of scarcity require choices?
Lack of enough I agree, but the population will eat GMF foods, which will affect future generations Any choice is bound to be limited. Sometimes the most important limitation is the lack of funds. However, this does not always happen. To cope with this or that form of restrictions is the essence of human existence. In fact, life would have lost its sharpness and brightness, if there were no restrictions.
Недостаток достаточно
Я согласен, но население будет есть продукты GMF, которые будут влиять на будущие поколения.Любой выбор обязательно будет ограничен. Иногда самым важным ограничением является нехватка средств. Однако это не всегда происходит. Справиться с той или иной формой ограничений - это сущность человеческого существования. На самом деле жизнь потеряла бы свою остроту и яркость, если бы не было ограничений
9. Short Answer Problems: What are the factors of production? Focusing on the factors of production, describe the relationship between the big microeconomic question “How are goods and services produced?” and the question “For who are goods and services produced?”
land, labor, capital, entrepreneurial ability The answer to the second question can be obtained because it is usually possible to produce goods and services in different technological ways, with different combinations of interchangeable and mutually complementary resources. The choice of the optimal combination of all necessary resources, i.e. technological method of production of finished products, depends on the ratio of marginal productivity of resources and prices for them. The answer to the third question follows from the provisions of the so-called theory of marginal productivity of distribution, or - more simply - the theory of income distribution. The decision of the question for whom to produce depends on how income is distributed among the owners of factors of production. Incomes of resource owners are determined by the marginal productivity of resources and the emerging price level for them.
земля, труд, капитал, предпринимательская способность
Ответ на второй вопрос может быть получен, потому что обычно можно производить товары и услуги различными технологическими способами, с различными комбинациями взаимозаменяемых и взаимодополняющих ресурсов. Выбор оптимального сочетания всех необходимых ресурсов, т. Е.
Технологического способа производства готовой продукции, зависит от соотношения предельной производительности ресурсов и цен на них.
Ответ на третий вопрос следует из положений так называемой теории предельной производительности распределения или, проще говоря, теории распределения доходов. Решение вопроса, для кого производить, зависит от того, как распределяется доход между владельцами факторов производства. Доходы владельцев ресурсов определяются предельной производительностью ресурсов и возникающим уровнем цен на них.
10. Short Answer Problems: How do you think the standard of living changes in the different parts of the business cycle?
only when the rise begins employment growth, therefore, the demand is realized at peak unemployment reaches the lowest rates, competition begins to increase, the need for long-term lending increases with a gradual decrease in the ability to repay loans. during a recession, there is a reduction in production volumes and a decrease in business and investment activity; as a result, unemployment increases. the bottom is the lowest indicator of activity, increase in unemployment, etc.
только когда начинается рост занятости, следовательно, спрос реализуется
когда пик безработицы достигает самых низких показателей, конкуренция начинает расти, потребность в долгосрочном кредитовании возрастает с постепенным снижением способности погашать кредиты.
во время рецессии наблюдается сокращение объемов производства и снижение деловой и инвестиционной активности; В результате безработица увеличивается.
внизу находится самый низкий показатель активности, роста безработицы и т. д.
11. Profit is solely payment for risk taking. (true /false) True
12. Because the wage rate increases, workers can no longer afford to sacrifice a large amount of money for leisure. This is an example of the income effect. (true /false) False
13. The interest rate expresses the price of both physical and financial capital. (true /false) True
14. Profit maximization requires minimizing costs by being technologically efficient. (true /false) True
15. To the economist, total cost consists of both explicit and implicit costs, including a normal profit. (true /false) True
16. The long run is that period of time in which a firm can change all its inputs. (true /false) True
17. Economists use the term resources only when they are referring to such natural resources as iron ore, timberlands, and coal deposits. (true /false) False
18. Tariffs and quotas are expensive taxes on consumers. (true /false) False
19. Match each term with its definition.
| a) market price b) equilibrium price c) price ceiling d) price floor e) black market | - D Set level below which the price is not allowed to fall - ВPrice at which the market is cleared, with no shortage or surplus - АPrice at which a good is selling - С Set level above which the price is not allowed to rise - E Appears when there are shortages due to price ceilings |
20. Match each term with its definition.
| a) natural capital b) human capital c) social capital d) equity finance | - A clean water - C a company's good reputation - Da company uses its own funds to pay for new machinery - Bliterate workers |
21. Match each term with its definition.
| a) income effect b) substitution effect c) marginal utility d) total utility | - the satisfaction from all units consumed - purchasing power changes as price changes - using more of a good in place of others as the price of the good declines - the satisfaction from the last unit purchased |
- a) income effect - purchasing power changes as price changes
- b) substitution effect - using more of a good in place of others as the price of the good declines
- c) marginal utility - the satisfaction from the last unit purchased
- d) total utility- the satisfaction from all units consumed
22. Match each term with its definition.
| a) variable inputs b) total cost c) fixed input d) production function | - TFC+TVC - Factors that can be increased or increased in the short run - Relationship between input and output - Input that may not be increased or increased in the short run |
b) total cost - TFC+TVC
- c) fixed input- Factors that can be increased or increased in the short run
d) production function- Relationship between input and output
a) variable inputs - Input that may not be increased or increased in the short run
23. Match each term with its definition.
| a) MR b) MC c) MPR d) MRP e) MFC | - Cost of employing an additional unit of input - Cost of producing an additional unit of output - Output produced by the addition of one unit of input - Revenue derived from one additional unit of output - Revenue derived from the addition of one unit of input |
- a)MR- Revenue derived from one additional unit of output
- b) MC - Revenue derived from the addition of one unit of input
- c) MPR - Output produced by the addition of one unit of input
- d)MRP- Cost of producing an additional unit of output
- e) MFC- Cost of employing an additional unit of input
24. Match each of the following factors of production with the kind of income it provides
| a) labor b) land c) capital d) entrepreneurship | - profit - wages - interest - rent |
a) labour - wages
b) land - rent
c) capital - interest
d) entrepreneurship- profit
25. Match each of the following terms with the appropriate description
| a) absolute advantage b) comparative advantage c) factor endowment d) tariffs | - when one nation produces goods at a lower cost than another - when one nation produces goods at a lower opportunity cost than another produces it - taxes on imported goods - the quality and quantity of a given resource |
a) absolute advantage - when one nation produces goods at a lower cost than another
b) comparative advantage - when one nation produces goods at a lower opportunity cost than another produces it
c) factor endowment - the quality and quantity of a given resource
d) tariffs- taxes on imported goods