Select one: O a. An increase in productivity and an increase in the number of employed persons O b. An increase in productivity and a decrease in the number of employed persons O C. An increase in productivity but no change in the number of employed persons O d. A decrease in production. More information is needed to determine the directional change in productivity and employment

Select one: O a. An increase in productivity and an increase in the number of employed persons O b. An increase in productivity and a decrease in the number of employed persons O C. An increase in productivity but no change in the number of employed persons O d. A decrease in production. More information is needed to determine the directional change in productivity and employment

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 2P

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In a strong, growing economy, what happens to the number of jobs and types of jobs? O The number of jobs grows and the types of jobs grow as well. O The number of jobs varies with the old types of jobs and the new types of jobs. O There are fewer workers in each type of job as machines replace them, though there is no change in the types of jobs. The average trend is that there is an increase in the number of jobs but some types of jobs cease to exist while other, new types of jobs replace them. Which of the following is the best example of frictional unemployment? * John, a coal miner, was laid off because of a lack of demand for workers in his O industry. He is looking into new opportunities in computer programming, but they require him to gain some new skills. Heather recently graduated with her doctorate in economics. She is searching for a job that matches her skills. Peter, a highly skilled construction worker, lost his job when the recession began. He is looking for work, but…
A company's wages and salaries are part of its value added. Suppose, however, that the cleaning and machinery maintenance that its own employees used to do are now contracted out to specialist firms who come in to do the same work more cheaply. a. What happens to the company's value added when it "contracts out" such work? The company's value added will O A. increase, since the company is saving money by losing employees and spending that money on new clients. B. not change, since the money that the company saves from firing employees is almost equal to what it pays to specialist firms. O C. increase, since the company doesn't have to pay salary to its own employees who used to do this job. O D. decrease, since the company will receive bad reports from fired employees. O E. decrease, since the cleaning and machinery maintenance now become intermediate services purchased from other firms. O F. not change, since now these services are included in value added of specialist firms.
If the value of the goods and services a country produces decreases while its population stays the same, which statement must be true? O A. The country's rate of inflation has increased. O B. The country's per capita GDP has decreased. C. The country's unemployment rate has decreased. OD. The country's total GDP has increased. O O O
OC 7.5%. O D. 6.67%. O E. -3%. QUESTION 20 Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the table, nominal GDP for this simple economy equals Product Quantity Price Strawberries 250 $1.00 Strawberry jam 30 4.00 Second hand cars 10 950.00 Tablets 85 210.00 Shirts 60 18.00 O A. $19,300. O B. $19,050. OC. $28,800. O D. $28,550, O E. 435 units. Click Save and Submit to save and submít. Click Save All Answers to save all ansuwers.
Below is a summary of the goods produced by a small economy in 2017: Product Quantity Price per unit Rice $3 13,500 Flour 17,000 Olive oil 5 2,500 Sugar 4 19,000 Salt 2 16,500 What is the GDP for this economy in 2017? Select one: O a. $262,000 O b. $175,000 O c. $196,000 O d. $233,800
The first table describes an economy's labor market in 2014 and the second table describes its production function in 2014. Suppose that labor productivity increases in 2014. The increased labor productivity. supply of labor. OA. increases; increases OB. increases; does not change O C. does not change; decreases O D. does not change; increases the demand for labor and the Real wage rate (2009 dollars per hour) 80 70 60 50 40 30 20 Labor hours 15 20 25 30 35 40 45 50 Labor hours supplied 55 50 45 40 35 30 25 Labor hours demanded 15 Real GDP (2009 dollars) 1,425 1,800 2,125 2,400 2,625 2,800 2,925 3,000 8885799 20 25 30 35 40 45
Why is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the above
In some year, nominal GDP is $5.36 trillion and real GDP is $4.78 trillion. What is the value of the GDP deflator for that year? Select one: O a. 112.1 O b. 2 O c. 0.892 O d. $0.58 trillion Check
Suppose you read in the Wal Street Journal that, during the fourth quarter of 2020, the U.S. economy expanded at the fastest rate in two decades. It follows that one would expect in the unemployment rate and. in real GDP during the fourth quarter of 2020. O a. a decrease; a decrease O b. an'increase; an increase O c. a decrease; an increase O d. an increase; a decrease Next page
If nominal GDP is $900 and GDP deflator is 120, what is the real GDP in the economy? O a. 1350 Ob. 750 Oc. 850
Suppose that in 2018, per-person GDP in the United States was $62,794, and in China, it was $9,770 (measured in 2011 U.S. dollars). It is accurate to say that the income level in the United States is China is characterized by a larger share of household production in total output than the United States is. O The United States is characterized by a larger share of household production in total output than China is. O China is characterized by a higher share of industrial production in total output than the United States is. O The large difference in income between the United States and China exceeds any underestimate of China's GDP as the result of its larger share of household production. Show Transcribed Text than in China. Why is this comparison accurate? Suppose that in 2018, per-person GDP in the United States was $62,794, and in China, it was $9,770 (measured in 2011 U.S. dollars). It is accurate to say that the income level in the United States is O China is characterized by a…
The transactions listed to the right take place in 2010. The addition to gross domestic product is 1. An elderly couple go to the movies and pay $120 for the tickets. 2. A family sells numerous knick-knacks at a garage sale for $95. 3. A young executive buys 100 shares of IBM for $8,000. O A. $10,205. 4. A university student receives $600 from his parents. O B. $11,180. O C. $20,680. 5. A young couple down on their luck receive food stamps worth $180. 6. A plumber performs work for a neighbour and receives $100 in cash that he doesn't record in his company's records. O D. $18,605. 7. A surgeon operates on a friend's husband and charges $4,000 for the operation instead of her usual $8,000. 8. A teenager paints the porch on his parents' house. The paint costs $85. The cost of hiring a professional to do the job would have been $400. 9. A high school graduate works a summer job and makes $6,000. 10. The Bank of Canada sells a bond for $1,500. ...