Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 26, Problem 1DQ
To determine
Macroeconomic model.
Expert Solution & Answer
Explanation of Solution
Macroeconomists focus on a three key statistics of
Economics Concept Introduction
Concept introduction:
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Students have asked these similar questions
If nomiņal GDP is 10trillion and real GDP is 12trillion then the GDP deflator is:
120, indicating that the price level has increased by 20% since the base year.
83.33, indicating that the price level has increased by 83.33% since the base year.
O 120, indicating that the price level has decreased by 20% since the base year.
O 83.33, indicating that the price level has decreased by 16.67% since the base year.
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton.
Further, assume that all of the cotton is used to produce shirts.
Product
Shoes
Hamburgers
Shirts
Cotton
2009, then the nominal GDP for 2017 equals:
O 18672.5
O 8250
O8750
2009 Statistics
Quantity
100
85
60
11,000
O 10422.5
Price
$52.00
3.00
35.00
0.85
2016 Statistics
Quantity
115
120
55
10,000
Price
$65.00
3.00
30.00
0.70
2017 Statistics
Quantity
110
135
75
11,000
Price
$70.00
3.50
30.00
0.75
If the base year is the year
3. The world was growing at a constant
growth of 0.00007% rate between 100,000
BC and 1750AD. If birth rates per thousand
averaged 35 during this period , what was
the average death rate in equilibrium.
(approximately)
O 31
35
40
8. Which of the following statements is
correct?
A model is an exact representation of what
goes on in the economy.
Equilibrium in GDP growth rate is when the
growth rate is zero.
A model is an economic relationship that is
only represented by mathematics.
Equilibrium is a self-perpetuating situation
that does not change, unless a force for
change is introduced from the outside and
alters the basic data describing the
situation.
9. According to Malthus, which of the
following are the not the causes of
diminishing average product of labor?
Environmental effects of over-cultivation
(e.g. increased carbon emissions)
Increase in population growth rate
More labour is devoted to a fixed quantity
of land.
The new land brought into cultivation is of
inferior quality…
Chapter 26 Solutions
Economics (Irwin Economics)
Knowledge Booster
Similar questions
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