Microeconomics > QUESTIONS & ANSWERS > Sophia Micro Unit 4 Challenge 2 Questions and Answers Already Passed (All)

Sophia Micro Unit 4 Challenge 2 Questions and Answers Already Passed

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Select the statement which is correct regarding process mapping. a.) Process mapping allows firms to see where improvements can be made in production. Which of the following CANNOT be analyzed thro... ugh process mapping? c.) Financial results Which of the following is true regarding process mapping? d.) Process mapping is utilized in continuous improvement studies. Oliver asks himself if he is willing to spend more money to better train his workers. He finds the answer is "No." Which of the following shapes corresponds with this use in process mapping? a.) Diamond Dianna initiates her study by outlining which companies she is going to research and compiles a list of their websites. Which of the following shapes corresponds with this use in process mapping? a.) Oval Paula visits several websites and finds that most companies that practice sustainable processes need a more skilled workforce. Which of the following shapes corresponds with this task in process mapping? b.) Box/rectangle Which of the following is an example of a private good? d.) Camera film for sale This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 16:00:21 GMT -05:00 https://www.coursehero.com/file/69224496/Micro-Unit-4-Challange-2docx/ Although the intent of national parks is for them to be enjoyed by all, the entrance fees to the parks make them a __________. d.) club good Infrastructure, such as highways and bridges, are used by everyone. However, the elements and use create damage over time, which make them somewhat rivalrous, making them more of a __________. b.) common good Which of the following statements relates to a market economy? a.) Consumers and producers determine what to produce, how to produce and to whom the output will go. Which of the following situations is an example of a pure market economy? a.) People need to hire bodyguards because there is no police force. Which of the following examples corresponds to a command economy? d.) Government-produced movies pit political party heroes against one another. All of the following are examples of government regulation to correct a market failure EXCEPT __________. a.) the corporate income tax Which of the following is true regarding government intervention to correct market failure? This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 16:00:21 GMT -05:00 https://www.coursehero.com/file/69224496/Micro-Unit-4-Challange-2docx/ b.) Government intervention often is worse than market failure An example of market failure is __________. b.) a chemical company overproduces its product, regardless of externalities The bribery of corrupt government officials is an example of __________. b.) principal-agent problems The phenomenon that may compel some people to prolong or postpone their job search because they can collect unemployment benefits for a longer time is an example of __________. a.) moral hazard The lack of knowledge regarding relief efforts in a certain region is a type of market failure known as __________. b.) information asymmetry Analysis of the amount of money the average person spends to vacation in a national park times the number of citizens can be found using which of the following methods? c.) Contingent valuation The decrease in drugs used to treat asthma, cancer and other illnesses due to air-borne pollution is an example of ___________. d.) healthcare costs This study source was downloaded by 100000831988016 from CourseHero.com on 06-22-2022 16:00:21 GMT -05:00 https://www.coursehero.com/file/69224496/Micro-Unit-4-Challange-2docx/ Considering how much money will be involved in cleaning up a polluted site as well as what it will take for a business to comply with government regulations is an aspect of which of the following methods? a.) Cost-benefit analysis Amy recently graduated from college and has no [Show More]

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