As GDP per person rises Select one: a.the number of children per family tends to fall. b.environmental quality falls and continues to fall. c.the incidence of child labour rises. d.the economy shifts towards more labour intensive industries.
Q: Stealth bank holds deposits of $700 million. It holds reserves of $35 million and government bonds…
A: Bank Assets and Liabilities The balance sheet of a bank consists of two sides: (1) assets and (2)…
Q: Being able to work with and understand percentages and ratios is important in many different…
A: A ratio is a comparison of two quantities that are similar. Given any two identical values a and b,…
Q: Consider an economy with dynamics captured with the following graph: k ke+1 = $(k₂)
A: In the given diagram we are given 3 steady states where the given K_t+1 curve intersects the 45'…
Q: a. Consumers buy less SUV vehicles as the price of gasoline goes up. Correct diagram: [(Click to…
A: We are aware that the price and quantity of a thing are inversely related as stated by the law of…
Q: How does the equilibrium price and quantity change when there are demands to increase wages? Are…
A: When talking about equilibrium price and quantity in the market, it can be said that equilibrium…
Q: True or false Indifference curves are upward sloping but may also contain flat areas if preference…
A: The ordinal utility analysis of Hicks and Allen is the foundation of the indifference curve. It…
Q: hich of the following would be included in the calculation of gross domestic product (GDP)? The…
A: The gross domestic product refers to the production of goods and services during an accounting year.…
Q: A cash-starved town decides to impose a $6 excise tax on T-shirts sold. The following table shows…
A: In given table Price per t-shirt quantity demand quantity supplied $19 0 60 16 10 50 13…
Q: The indirect exchange rate is $0.15 / ¥1. Then the direct exchange rate is O *0.15 / $1 O $6.67 / 1…
A: given that, the indirect exchange rate is $0.15 /¥1
Q: Explain why each of the following statements is True, False, or Uncertain according to economic…
A: In the first part, as the marginal cost curve is the supply curve for the firm as well. Hence…
Q: Use an ISLM model to analyze the effects of a money supply increase on the interest rate and GDP,…
A: IS-LM model analyse the equilibrium in the money market and goods market. The equilibrium is…
Q: The Black Death: In the middle of the fourteenth century, an epidemic known as the Black Death…
A: Wages and salaries are forms of payment that are agreed upon between an employee and his or her…
Q: Justify and defend the use of cost-benefit analysis in measuring utility.
A: A cost-benefit analysis refers to the systematic process that firms use to analyze which decisions…
Q: 2. Table 1 Output possibilities for South Korea and Japan Country South Korea Japan Output per…
A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Draw a steep IS curve and shallow IS curve. Explain how differences in the assumed sensitivity of…
A: IS curve shows the different combination of rate of interest and national income at which the goods…
Q: Consider two markets. The initial equilibrium for both markets is the same, P = $6.50 and Q = 35.0.…
A: Elasticity of supply shows the responsiveness of quantity supplied with respect to change in price.…
Q: Suppose that the supply and demand schedules for a product are as follows: Price Quantity demanded…
A: The equilibrium point is the point at which the supply and demand curve meets. In other words, at…
Q: What is the price elasticity of demand? O A. The extent to which a change in price is affected by…
A: The change in quantity required or provided as a result of differences in the demand or supply…
Q: Explain the argument that if products improve in quality but the BLS ignores the quality…
A: CPI refers to the Consumer Price Index. CPI measures the total cost of goods and services bought by…
Q: QUESTION 7 Consider a coffee shop that can increase the amount of coffee sold by increasing the…
A: The price of goods and services acquired by producers & customers is termed as the cost. In…
Q: Assume that money demand in a given economy is represented with MD = 100Pe-50i where i is the…
A: The money demand equation is given to be as:- Md = 100Pe-50i Interest rate is 0 and money is neutral…
Q: What is an externality?
A: Externalities are associated with the costs and benefits of a situation to the third person. They…
Q: On the following graph, AD₁ represents the initial aggregate demand curve in a hypothetical economy,…
A: Here, the given graph shows aggregate demand curves and aggregate supply curves of an economy with…
Q: To maximize profit using individual prices, the firm should charge a price for laptops of p = 650…
A: The firm will be able to sell their product if the reservation price of the consumer is above their…
Q: What end-of-month deposits for the first six monthsshould Joshua have if he is planning to withdraw…
A: Interest means the price we pay to borrow money. At the point when a lender gives a loan, they…
Q: 7.2. A consumer has a utility function u(x₁, x₂) = max{₁, 2}. What is the consumer's demand function…
A: The max function generally represent the combination of 2 or more then 2 which is not consume in…
Q: QUESTION 9 Say that Alland can produce 32 units of food per person per year or 16 units of clothing…
A: Comparative advantage is the capacity of an economy to produce a particular good or service at a…
Q: (1) Draw an Edgeworth box and show the initial allocation of goods, to be labelled e. Indicate the…
A: Here the lower left hand side corner is the point of origin for David and the top right hand corner…
Q: Dr. Heinz Doofenshmirtz and Perry the Platipus have decided to venture into farming. They both…
A: Efficient allocation refers to the situation where no one can be made better off without worsening…
Q: lassify each of the following statements as positive or normative. Explain. Bahamas faces a…
A: Normative statements are based on the opinion or these are advisory in nature. While the positive…
Q: 1. Explain why the Government Spending (G) component of GDP falls short of actual (total) government…
A: Gross domestic product(GDP) is the last worth of the labor and products delivered inside the…
Q: The amount of the tax per unit is $ Buyers pay $ Sellers pay $ of the tax per unit. of the tax per…
A: Buyer pay of tax per unit is = Price paid after tax - price paid before tax Seller pay of tax per…
Q: Consider an economy in which the consumption, investment and production functions are as follows.…
A: Given the production function: F(K,L)=AK1/2L1/2 In equilibrium, wages (labor income) is equal to the…
Q: Consider the following production function for a firm: y=(x1-1)(x2-1), if x1≥1 and x2≥1; and y=0,…
A: We are provided with the production function: y=(x1-1)(x2-1), if x1≥1 and x2≥1; and y=0, if either…
Q: How does a tariff affect someone?
A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…
Q: Consider the used car market with imperfect information. There are 10 bad quality cars (lemons) and…
A: In economics the imperfect information means a situation where sellers and/or buyers would not have…
Q: Assume that the market price for beach towels increases considerably due to a worldwide shortage in…
A: Complementary goods are consumed together in a fixed proportion.
Q: Using a two-period consumer model, explain how the household achieves the highest level of…
A: Under the 2 period consumer model household consumes in two periods where C1 is his consumption in…
Q: Consider the following simplified scenario. Imagine that the Australian national rugby union (for…
A: Profit maximisation is a process that companies go through to ensure that the best output and…
Q: Suppose the following graph depicts the supply and demand for a good after a tax is imposed. How…
A: Equilibrium in the market occurs at the intersection of demand and supply curves.
Q: What are two qualities of a political economy that favour entrepreneurs (i.e., they foster a climate…
A: A system known as political economy concentrates on and investigates the impact of the government's…
Q: A car dealer advertise the sale of a car model for a cash price of P350,000. If purchased on…
A:
Q: 6. Do you think that the 14-year nonrenewable terms for governors effectively insulate the Board of…
A: Coal, natural gas, and other fossil fuels are examples of nonrenewable resources. These resources…
Q: Consider two markets. The initial equilibrium for both markets is the same, P = $6.50 and Q = 35.0.…
A: The elasticity of supply measures the degree of sensitivity of quantity supplied to change in the…
Q: How to obtain the Elasticities Form Linear and Non Linear Demand Function?
A: The price elasticity of demand informs on the responsiveness of quantity demanded to any changes in…
Q: Consider a profit-maximizing monopoly operating with marginal cost MC(Q) = 2+2Q and total cost…
A: Monopoly is a form of market structure in which a single firm sells a commodity for which there are…
Q: Describe internal and external managerial labor markets.
A: Since you have asked multiple questions, We will solve only the first question for you. If you…
Q: The demanders in the goods-and-services market are the government and business firms households, the…
A: A circular flow model in the economy includes mainly four sectors, household sector, business firms…
Q: Note: this is an economics question. Game theory and Nash equilibria section. *Discuss the…
A: The study of behavior in settings where the results of one's choices are contingent on those of…
Q: Rhea is determining how many gallons of milk (M) and loaves of bread (B) to purchase. Use the…
A: Utility refers to the satisfaction attained by the consumers from the consuming the goods and…
Step by step
Solved in 2 steps
- 4. How is GDP per capita calculated differently from labor productivity? 5. How do gains in labor productivity lead to gains in GDP per capita? 6. What is an aggregate production function?The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020. (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year. (c) Calculate the GDP deflator for 2019 and 2020. (d) Using the GDP deflator, calculate the inflation rate in 2020.9. Which of the following will cause an increase in the level of output per worker in the long run? A. an increase in the saving rate B. a reduction in the depreciation rate C. an increase in the stock of human capital D. all of the above
- When production in an economy grows more quickly than the population in that economy, which of the following must be occurring? A. Incomes are growing at a slower rate than the population. B. Real GDP is falling. C. Real GDP per capita is constant. D. Real GDP per capita is rising. E. Living standards are falling. QUESTION 18 If immigration laws become more strict and many foreign citizens are not allowed to work and are forced to leave the United States, A. there is a movement down along the aggregate supply curve. B. the potential GDP curve will shift to the right. C. the aggregate demand curve will shift to the left. D. there is a movement up along the aggregate supply curve. E. the potential GDP curve will shift to the lefcapital, natural resources, Look at the image below and give desrciption of your understanding of what it represents in our economy: Product market Revenue Products Households Firms Income Resources Resource market Microsofft Ede entrepreneurial ability Goods and services Expenditure AGE LEAPINING 2015Practice 2 Sovyl Consider the following data on the X-product: 50 GDP deflator year price of X quantity of X Nominal GDP (base year 2005) 2010 $11.50 105,000 125 2011 $11.96 106,000 130 a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price?
- What is the term used to describe the transition of an economy from low - income to high - income status? A. Economic growth B. Economic development C. Industrialization D. Structural transformationProductivity is defined as the quantity ofa. labor required to produce a nation’s GDP.b. labor required to produce one unit of goods and services.c. goods and services produced from each unit of labor input.d. goods and services produced per unit of time.Suppose an economy's real GDP is $5,000 billion. There are 125 million workers, each working an average of 2,000 hours per year. a. What is labor productivity per hour in this economy?
- The table below shows the production possibilities in Mistania between 2014 and 2015. Using the information in this table, answer the questions below. Mistania, 2014 Cell phones 0 40 80 120 160 Growing economy OShrinking economy ONeither What does the shift from 2014 to 2015 represent? Mistania, 2014 Washing machines What could be a reason for the shift? 400 300 200 100 0 Mistania, 2015 Cell phones 0 60 120 180 240 Mistania, 2015 Washing machines OTechnological advances in the production of cell phones and washing machines OIncreases in the price of cell phones and washing machines OGreater demand for cell phones and washing machines OLoss of resources for the production of cell phones and washing machines 600 450 300 150 0Last year, real GDP per person was $4,200. The year before it was $4,000. By what percentage did real GDP per person grow during the period? a. 200 percent b. 10 percent c. 5 percent d. 50 percent.Which of the following is not true about productivity? A. Productivity is an indicator of the efficiency of production or distribution. B. Total output divided by total labor hours in the year gives us a measure of labor productivity. C. The productivity of a whole economy is measured by calculating the total import by the economy in one year. D. Productivity refers to the amount of output that a given amount of inputs can produce.
