Consider two economies that spend different shares of their gross domestic product to R&D activities. Is it true that the economy with a larger share of R&D spending grows faster in the long-run

Q: According to the graph: Select one or more: a. UK workers have more free time than Greek workers.…

A: According to the graph, the x axis measures the average annual hours of free time per worker and y…

Q: Which of the following are myths about the U.S. economy? Check all that apply. A. The United States…

A: The tax revenue in America is around 24% of GDP and America is the largest consumer market.

Q: power to sustain, add to, or degrade the natural capital that supports all life and human economies.…

A: Humans tend to affect the environment in a variety of ways.Plastic pollution, air pollution and…

Q: Which of the following statements is false? ○ If there are only two goods, guns and butter, it is…

A: Efficient Point of production in an economy is said to be that point which lies on the…

Q: Use a production-possibility curve to show how resource growth and improvement in technology can…

A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…

Q: Which among the sentences stated below can be said to be most true O Analyzing the literacy rate,…

A: In an economic, economic efficiency is classified as allocative and productive that can be obtained…

Q: Draw a production possibilities frontier for a country that produces two goods: capital goods and…

A: (PPF) Frontier of Production Possibilities The production possibility frontier is a graphical…

Q: Economic growth means an increase in the ability of an economy capable to produce goods and…

A: Economic growth and development are the major goals of every country.

Q: What are the three important macroeconomic goals about which most economists, and society at large,…

A: Macroeconomics: It relates to the whole economy.

Q: What are our nation’s major macroeconomic goals? Are they in conflict with each other? Under what…

A: Macroeconomics is the study of country and government decisions. Macroeconomics studies the economy…

Q: Leroy is considering setting up a large IT business to produce website for companies in Jamaica. He…

A: Economies of scales is referred as the benefit the producers achieve in terms of cost of production…

Q: Consider a simple economy whose only industry is fishing. In this industry, productivity-the amount…

A: Here is the solution,

Q: Which of the following describes an increase in technological knowledge? A farmer discovers that it…

A: Technological advancement is an important driver of economic growth as it allows to produce goods…

Q: Would you expect the relative returns to primary education, on the one hand, and secondary and…

A: In an economy, it can be seen that primary education is mandatory for all people, while higher…

Q: As productive resources and technological know-how increase, a nation’s production-possibility curve…

A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…

Q: Which of the following is not true about productivity?       A. Productivity is an indicator of the…

A: According to the economist "Adam smith", An Economy refers to an inquiry into the nature and causes…

Q: Economic models are presented     Through graphs and / or mathematical equations     With graphs…

A: Economic models are used to make predictions about the economic behavior. It gives the analyst a…

Q: GDP per capita is one way to measure an economy's growth. China and India began to progress when…

A: Both china and India allowed private partnership at the same time

Q: Explain three (30 comparative differences between real GDP and real GDP per capita.

A: Real GDP :- Real GDP refers to the value of total economic output produced inside the geographical…

Q: Suppose you are watching a news report with a friend. The news report points out that a certain…

A: Gross Domestic Product per capita means a country's GDP divided by the country's total population.…

Q: The catch up effect means that countries that start off rich tend to grow more rapidly than…

A: Catch up effect implies that the poor countries catch up with rich countries with higher per capita…

Q: In 1980, Denmark had a GDP of $90 billion (measured in US dollars) and a population of 6.1 million.…

A: Given: Denmark GDP in 1980 = $90 billion Denmark population in 1980 = 6.1 million Denmark GDP in…

Q: What are the advantages and disadvantages for a country to implement economic planning?

A: Since you have asked two questions, I am answering the first one for you. Economic planning refers…

Q: Accumulation of capital and change in technology bring economic growth, which means that the PPF…

A: The law of scarcity notes that economic resources are limited, but the people's wants are not…

Q: ) If consumption goods in poor countries are much cheaper than the same consumption goods in richer…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: a technological advancement in sector “ X” of the economy affect the number of people who work in…

A: Technology advancement create various changes in the labour force. Sometimes it create more job…

Q: Suppose you are watching a news report with a friend. The news report points out that a certain…

A: The GDP per capita is measured by dividing the Real GDP of the country by the total population. The…

Q: Case: Suppose you are watching a news report with a friend. The news report points out that a…

A: Below is the given information: The African nation generates GDP per capita = $1300 per year…

Q: the process of economic development, a family is more likely to_________: Question 28 options:…

A: Economic development involves the investment process by individuals. Children of the family,if…

Q: A complete macroeconomic model would not like include the following market A- labor B- capital C-…

A: Underground market is also known as black market i.e. illegal business of buying and selling of…

Q: Which statement regarding The future economic situation of the United States is most accurate? Which…

A: Economic system: It refers to the system under which government try to allocate resources. The…

Q: Which of the following are myths about the U.S. economy? Check all that apply.   A. The United…

A: Since US consume 88% of total items that are produced in US, therefore, we can say that US is…

Q: How can you explain that the per capita GDP has been almost multiplied by three in WE from 1820 to…

A: In the beginning of 1820 Ottoman empire was scarce in labour and capital but it had ample amount of…

Q: economy not achieve multiple economic goals simultaneously?

A: Basic features of an economy are - 1) resources our scarce or limited  2) while wants are unlimited…

Q: What are our nations major macroeconomic goals? Are they in conflict with each other ?

A: Macroeconomics refers to the behavior of the entire economy. macroeconomics can be defined as a…

Q: Agriculture is the backbone of Africa. But Africa has high poverty rate and the a large amount of…

A: Introduction: Because Africa is an agrarian economy (an agricultural economy is one in which…

Q: The population problem is not just a matter of expanding numbers but also one of rising affluence…

A: The problem of the world population is not only a matter of increasing numbers but also one of…

Q: Production possibility concept is useful in macroeconomics to ____________. a. Know the production…

A: The production possibilities curve “is a frontier between all combinations of products that can be…

Q: 5. In 2013, the average person’s income in Iceland was $41,000. This is an example of what type of…

A: Answer: Per capita income/GDP: It refers to the average GDP per person in an economy. Per capita GDP…

Q: Construct a production possibilities curve for a hypothetical country. Put public capital goods per…

A: Definition: Production Possibility Curve (PPF) The production possibility frontier (PPF) shows the…

Q: discuss the different types of economies and how each one of them operates. discuss advantages and…

A: There are different types of economies practiced across different countries.

Q: Which of the following prices would you expect to rise rapidly over long periods? Why? Cable…

A: There will be an increase in the prices of the goods rapidly because of the following reasons:…

Q: Which of the following statements about point C is FALSE?     a) production of both X and Y can…

A: The production possibility frontier would result in the various combinations of the goods which can…

Q: Use the concept of an economy-wide production possibilities to explain full employment output and…

A: Full employment in its entirety output is Pareto efficient. It means that the economy can't raise…