The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. O This PPF is not an economic model. Question: Which of the following is true regarding this economic model? Gather data Correct 6. hence , the correct statement regarding economic model is the third one . Economic model - It is the theoretical construction of the economic processes , with the help of economic variables , is known as the economic model . The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is . and manufacturing centers are located along Loops 410 and 1604. This economic and demographic pattern support the ____ Model of urbanization. The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. A. A) The growth model predicts that poor countries will never catch up with rich countries, but lower -income industrialized countries are catching up to higher -income industrialized countries as a group. While simple . The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. true. This essay describes the seven key properties of useful economic models: parsimony, tractability, conceptual insightfulness, generalizability, falsifiability, empirical consistency, and predictive precision. Economic models The following diagram presents a circular-flow model of a simple economy. . C. The source of economies of scale is a fixed ordering cost. The correct choice for this question is second explanation. Which of the following is TRUE regarding the economic order quantity (EOQ) model? Economic model - It is the theoretical construction of the economic processes , with the help of economic variables , is known as the economic model . This model demonstrates the flow of resources, goods, services, and income between households and businesses through the resource market and the market for goods and services. -- When a country sustains high growth rates, life expectancy at birth increases. Ordering cost per order is dependent on order quantity. Which of the following is a true statement regarding the economic growth model's predictions and how it actually affects the real world? C&A sells 600 bottles of a dietary supplement per week at $100 per bottle. The source of economies of scale is a fixed demand rate. Question: Which of the following is true regarding this economic model? Which of the following is true regarding this economic model? The source of economies of scale is a fixed order quantity. Which of the following is true regarding this economic model? O The fact that there are only twe goods produced in this theoretical economy, when, in reality, economes produce many moe types goods, means this model is generally useless. Which of the following is TRUE regarding the economic order quantity (EOQ) model?A. A. 8. AACSB: Analytical Thinking Blooms: Remember Cachon - Chapter 12 #13 Difficulty: 1 Easy Learning Objective: 12-01 Evaluate optimal order quantities and performance measures with the EOQ model. Outline the flow of goods and resources to and from economic decision-makers: One way to understand how the economy works is the circular flow model. Answer: The Correct answer is "The circumstance that there are solely 2 product made during this hypothetical economy may be a simplifying supposition that also permits economists to validate key financial ideas". a. The source of economies of scale is a fixed demand rate. C. The source of economies of scale is a fixed ordering cost. The source of economies of scale is a fixed order quantity. Because it does not take into account international trade, the circular-flow diagram s useless for the purposes of modeling how dollar and resources move throughout an economy. This PPF is not an economic model. hence , the correct statement regarding economic model is the third one . Ordering cost per order is dependent on order quantity. D. Even a simplified economic model can provide 99 percent accuracy. This model demonstrates the flow of resources, goods, services, and income between households and businesses through the resource market and the market for goods and services. CHAPTER 2 1. b. a. c. This PPF is not an economic model. B. Which of the following is true regarding this economic model? Because, in reality, the economy is very large, the; Question: Which of the following is true regarding this economic model? All of the following are true regarding the central business district (CBD) within most cities EXCEPT . The supplement is ordered from a supplier who charges C&A $30 per order and $50 per bottle. Households earn their income when firms purchase or rent these resources to use them to produce goods and services . Specify an econometric model Correct 4. Which of the following is true regarding the . Which of the following is true regarding this economic model? 1. Because it does not take into account international trade, the . All of the following are true regarding the gravity model EXCEPT. . The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists demonstrate key economic concepts. in order to construct such a model, an economist would need real life data regarding . Western Europe, Australia, Canada, Japan, New Zealand, and the United States are high-income countries Why do economic growth rates matter? 8. Because it does not take into account international trade, the circular-flow diagram s useless for the purposes of modeling how dollar . A. D. Construct a formal or informal economic model Correct 3. The growth model predicts that poor countries will catch up with rich countries, and this is what we observe across all developmental categories of countries . 32. Sector. D. --High growth rates coincide with improved living standards. B. (i) Because it does not take into account international trade, the circular-flow diagram is useless for the purposes of modeling how dollar and resources move throughout an economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. (i) Because it does not take into account international trade, the circular-flow diagram is useless for the purposes of modeling how dollar and resources move throughout an economy. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. The concepts of economics are better visualized by using economic models , which consists of structural parameters . Which of the following is true regarding cross-sectional data sets? D. d. Transcribed Image Text: 1. An important feature of an economic model is that it is necessarily subjective in design because there are no objective measures of economic outcomes. Demand rate is dependent on order quantity. The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. View the full answer. The econometric model is identical to the economic model. Which of the following is TRUE regarding the source of economies of scale in inventory management according to the economic order quantity model? 1. the sum of all activities involved in getting high-quality products into the marketplace 2.operations 3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system. A. The concepts of economics are better visualized by using economic models , which consists of structural parameters . State hypothesis in terms of model parameters Correct 5. Even a simplified economic model can provide two standard deviations accuracy. Question Transcribed Image Text: 1. Which of the following is true regarding this economic model? O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types of goods, means this model is generaly useless. Upload your study docs or become a d. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. O This PPF is not an economic model. Markets for Goods and Services Firms Households Markets . Indicate the steps in conducting an empirical economic analysis to test an economic theory. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. While simple, the circular-flow diagram can still be useful for the purposes of modeling how dollars and resources move throughout an economy. 1 Formulate a question of interest Correct 2. B. The growth model predicts that poor countries should catch up with rich countries, but developing countries are not catching up to lowerminus−income industrialized countries as a group. Explanation : In the circular - flow model of an economy , households own all the resources . This PPF is not an economic model. C. Economic models are meant to exactly predict each and every outcome by using all variables. Which of the following is TRUE regarding the source of economies of scale in inventory management according to the economic order quantity model? Demand rate is dependent on order quantity.B. The source of economies of scale is a fixed demand rate. C. The source of economies of scale is a fixed ordering cost. Economic models The following diagram presents a circular-flow model of a simple economy. Correct answers: 3 question: Which of the following is true regarding this economic model? An economic model is a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. B. Explanation: The production chance may be outlined as a line that is synopsis of various combos of 2 diverse product which may be made with the accessible assets by victimization it . the following diagram presents a circular-flow model of a simple economy. Question. is this valid and complete econometric model wage=β1educ+β2exper+β3train+β4USname+u. C. Holding cost per unit per year is independent of order quantity. c. This PPF is not an economic model. 2.The data consist of a sample of multiple individuals. Holding cost per unit per year is dependent on the selling price per unit. answer choices . Outline the flow of goods and resources to and from economic decision-makers: One way to understand how the economy works is the circular flow model. 4. produced; performed 5. activities producing tangible products, such as radios, newspapers, buses, and textbooks. C. Holding cost per unit per year is independent of order quantity.D. The data are collected at approximately the same point in time. Which of the following is true regarding this economic model? Which of the following is true regarding this economic model? Firms , in turn , earn revenue when households buy goods and services . Transcribed image text: Which of the following is true regarding this economic model? What are the features of economic model? D ) The fact that they are only two goods produced in this theoretical economy, when, in reality, economies produce many more type goods, means this model is generally useless. Which of the following is TRUE regarding the source of economies of scale in inventory management according to the economic order quantity model? Question: Which of the following is true regarding this economic model? Which of the following is true regarding this economic model? The fact that they are only two goods produced in this theoretical economy, when, in reality, economies . -True -False True The period of time from 1,000,000 B.C. The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. Which of the following is a true statement regarding the economic growth model's predictions and how it actually affects the real world? The source of economies of scale is a fixed order quantity. A. Economic models The following diagram presents a circular-flow model of a simple economy. Which of the following is true regarding this economic model? Which of the following is true regarding this economic model? The fact that there are only two goods produced in this theoretical economy is a simplifying assumption that still allows economists demonstrate key economic concepts. What are the models of economic development? the fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model is generally useless. this ppf is not an economic model. Topic: The Economic Order Quantity 14. 48) Which of the following is a true statement regarding the economic growth model's predictions and how it actually affects the real world? What is true regarding economic model? B. D. Holding cost per unit per year is dependent on the selling price per unit. to 1300 A.D. was a period of A. slow and steady economic growth B. moderate economic growth C. rapid and sustained economic growth D. no sustained economic growth D. no sustained economic growth You are an economic advisor to the president. b. In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. The circular flow model is definitely …. Economic models are meant to be approximations that predict what happens in most circumstances.
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