What is the effect of an increase in the population? An increase in the population _______. A. increases the supply of labor and potential GDP B. increases the real wage rate, increases firms' costs, and decreases potential GDP C. increases the supply of labor, increases labor productivity, and increases the demand for labor D. increases the real wage rate and potential GDP
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What is the effect of an increase in the population?
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- 1. How does an increase in labor-productivity increase income? a. An increase in productivity, increases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. b. An increase in productivity, decreases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. c. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate increases. d. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate decreases.71.Improvements in nutrition and health care typically increase life expectancies and decrease mortality rates , but don't increase the rate of population growth . T F8. When countries experience a rise in income over time which of the following sectoral changes is most likely to occur? A. The car manufacturing sector's output as a % of GDP will decrease B. The tourism sector's output as a % of GDP will increase C. The consumer electronics sector's output as a % of GDP will decrease D. The agricultural sector's output as a % of GDP will increase 7. The demand for coffee from a local coffee shop has an income elasticity of +0.6. After an 8% rise in average incomes the demand for the coffee sold by the coffee shop is expected to: A. Increase by 4.8% Decrease by 4.8% B. C. Increases by 13.3% D. Decrease by 13.3% 8. The diagram shows the market for second-hand cars in a recession when real incomes are falling. From the information in the diagram the most likely conclusion that can be made is: A. The price of new cars has fallen B. The price of second-hand cars has fallen C. The YED of second-hand cars is negative D. Second-hand cars are normal goods 9.…
- 31. Which of the following happens when the country's labour is more productive? a.A decrease in total factor productivity b.An increase in real wage c.An increase in real production d.A decrease in factor incomeWhen 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 lefHow does a tax on interest income influence the economic growth rate? A tax on interest income drives a wedge between the interest rate _______ by borrowers and the interest rate _______ by lenders, which _______ the amount of saving and investment and _______ the economic growth rate. A. received; paid; lowers; slows B. paid; received; increases; increases C. received; paid; increases; increases D. paid; received; lowers; slows Thanks
- An ________ is someone who starts a new business or introduces new products into the economyWhat is the likely effect of increasing public investment in higher education on a country's long-term economic growth? A. It will lead to a decrease in economic growth due to higher taxes. B. It will have no effect on economic growth. C. It will lead to higher long-term economic growth due to an improved labor force. D. It will initially boost economic growth but lead to a decline in the long run.During an economic expansion, real GDP ____ and unemployment ____.(a)increases, increases(b)increases, decreases(c)decreases, increases(d)decreases, decreases
- The term demographic transition refers to ____. a. the slowing down in the growth of a population as it approaches the carrying capacity b. the decline in death rates followed by a decline in birth rates that occurred when the germ theory of disease was discovered c. a stabilization of crude birth rates d. the decline in death rates followed by decline in birth rates when a country becomes industrialized e. a requirement for a population to reach a specific size before it becomes stable1. Define production. 2. Give the production function. Name & explain each variable. 3. How does each variable in the production function reflect economic prosperity for a nation?a. If a large increase in investment increases labor productivity, explain what happens to: i. Potential GDP ii. iii. iv. V. Demand and supply of labor Employment The real wage rate Real GDP per person