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I'm a freshman at Utah State diving into macroeconomics. One of the key points from my text states: "Knowledge increases productivity, do specialization increases total output." Can someone help me understand this? What is the total output, our goods, our economy? Or can someone give me am example to relate it to?
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Which international trade concepts results in specialization and trade increases in total world output?
comparative advantage
What is TP in economics?
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
What is the behavior of total variable cost as output increases?
tvc will also inscrease as output increase
Total variable cost does not increase in proportion to output is it true?
False, it is the fixed cost which is not increased or decreased with proportion to output.
With a given level of world resources international trade may bring about an increase in total world output?
With a constant level of world resources, international trade brings about an increase in total world output. International trade causes each country to specialize in the production of goods in which it has a comparative advantage. In this case, the world uses its resources more efficiently resulting in additional output.
Which international trade concepts results in specialization and trade increases in total world output?
comparative advantage
What is TP in economics?
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
What is the behavior of total variable cost as output increases?
tvc will also inscrease as output increase
Total variable cost does not increase in proportion to output is it true?
False, it is the fixed cost which is not increased or decreased with proportion to output.
What are example of expenses?
Variable costs are costs that increase in total as output increases. For example, total labor costs increase per each hour worked; total direct materials costs increase per unit produced, etc.
What are example of variable expenses?
Variable costs are costs that increase in total as output increases. For example, total labor costs increase per each hour worked; total direct materials costs increase per unit produced, etc.
With a given level of world resources international trade may bring about an increase in total world output?
With a constant level of world resources, international trade brings about an increase in total world output. International trade causes each country to specialize in the production of goods in which it has a comparative advantage. In this case, the world uses its resources more efficiently resulting in additional output.
If something is hotter and smaller does it give off a greater luminosity?
an increase in temperature or radius causes an increase in luminosity, assuming the other variable doesn't change. luminosity is the total energy output, rather than a measure of energy output against size.
What are three broad categories of economics indicators?
Three broad categories of economic indicators are: Total Output, Income, and Spending, Employment, Unemployment, and Wages, and Production and Business Activity.
Which term applies to this definition?
The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost.
What is the output effect and the price effect for an oligopoly?
Since P>MC for an oligopoly, the output effect is that selling one more unit at the sales price will increase profit.The price effect is that an increase in production will increase the total amount sold, which will decrease the price and decrease the profit on all other units sold.If the output effect is greater than the price effect, the owner will increase production.If the price effect is greater than the output effect, the owner will not increase production (and may even decrease production).Oligopolists will continue to increase or decrease production until these marginal effects balance.
Explain fully the relationship between the definition of macroeconomics an output?
Macro Economics is not considering only the out put without having any input. Macroeconomics is that branch of Economics which study the overall economic system or entire economy or aggregate variables. Such as total or national income(for Afghanistan 13 bn $), total employment(15 mn), total or aggregate saving, aggregate supply and demand and general price(6%). •Macroeconomics deals with aggregates of variables or quantities(total) and not with individual quantities, deals with national income and not with individual income, deals with general price level and not with individual prices, deals with national output and not with individual output'.
