refer to the figure below and assume that the combined consumer goods

Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. Real GDP divided by the size of the population is called: The best economic growth measurement to compare living standards is: The expansion of total output relative to population results in which of the following? Since at least 1995 the majority of increases in U.S. real GDP are from. Answer: D Diff: 2 Type: A 14) Refer to Figure 6.2. A shift outward in the production possibilities curve of the United States. The economy tends to exhibit short-run output fluctuations and long-run stability because: B) prices are more flexible in the long run than the short run. higher standards of living; rising incomes; rising real wages. The entry of women into the workforce since the 1960s resulted in: A. The two supply-side elements of real GDP are: increases in labor productivity; increases in hours worked. The core element of the productivity speedup is an explosion of entrepreneurship and innovation based on: The fraction of the working-age population that is in the labor force is called the: The growth-promoting institutional structure that involves giving inventors and authors the exclusive rights to market and sell their creations are called _______ and _______.

Economic growth allows a society to consume: a wider variety of goods; more goods and services; high quality goods. If the

Suppose that work hours in New Zombie are 300 in year 1 and productivity is $14 per hour worked. economy moves from point a. Suppose that Alpha and Omega have identically sized working-age populations but that annual hours of work are much greater in Alpha than in Omega. D. An increase in total spending in the economy. In 1820 living standards in various places are the globe were _______ they are today. Refer capital goods values for points, are Reductions in per-unit production costs that result from increases in output levels. - Definition & Characteristics, Economic Factors Impacting Economic Development, Keynesian Economics: Definition, History, Summary & Theory, Less-Developed Countries & Obstacles to Development, Ability-to-Pay Principle of Taxation: Theory & Analysis, Public Good in Economics: Definition, Theory & Examples, Walt Rostow's Stages of Growth in Economies, The Keynesian Model and the Classical Model of the Economy, What Is the Human Development Index? Terms Select the "determinants" that directly affect the rate of economic growth. Figure 6.2 13) Refer to Figure 6.2.

The amount of real output per person in a country. Refer to the figure below and assume that the combined consumer goods + capital goods values for points a, b, and c are $10 billion, $20 billion, and $15 billion respectively. © 2003-2020 Chegg Inc. All rights reserved.

to the figure below and assume that the combined consumer goods +

Which three factors transformed industry during... What are the steps mining companies are taking to... What were politics like in England from 1600 to... After reviewing the types of investments companies... How did the American two-party political system... How did machines change workers' lives during the... How did the writings by Queen Elizabeth I affect... How are operational costs of an agricultural firm... How did the coming of immigrants help the... What Is Economic Growth and Development? The knowledge and skills that make a worker productive. The benefits of economic growth, particularly as measured by real GDP per capita, include. and

All of the following statements refer to the standard Heckscher-Ohlin Model, with 2 factors (labor and land), 2 goods, and 2 countries. If prices are inflexible, an unexpected reduction in demand for a firm's product would result in: A) rising inventories followed by cuts in production, C) Profits will rise if demand unexpectedly rises to DH. According to the graph, the substitution effect of a decrease in the price of X from $2 to $1 is equal to... a.5 b.30 c.20 d.25 Refer to the graph below. - Definition & Examples, Neoclassical Economics: Definition, Theory & Model, Multiplier in Economics: Definition, Effect & Formula, What is a Developing Nation? Refer to the figure below and assume that the combined consumer goods + capital goods values for points a, b, and c are $20 billion, $40 billion, and $28 billion respectively. a. C) $100. Characterized by sustained and ongoing increases in living standards that cause dramatic increases in the the standard of living within less than a single human lifetime.

Households, businesses, and government must _______ the economy's expanding output of goods and services in order to achieve higher production potential created by supply factors. Question: Refer to the figure above and assume that the combined consumer goods + capital goods values for points a, b, and c are $20 billion, $40 billion, and $38 billion respectively Refer A decline in a nation's rate of productivity growth will: C. Slow the growth of the standard of living.

$20 billion, $40 billion, and $28 billion respectively.

The purchase of corporate stock is considered: If all prices could quickly adjust to unexpected changes in demand: B) output would remain constant and resources remain fully employed. A total output of 3 units of capital goods and 4 units of consumer goods: would involve an inefficient use of the economy's scarce resources. Increases in capital are important to productivity growth because _______ in the quantity and quality of capital make workers _______ productive. D) $200.

This system groups these elements into two main categories: Highways and bridges, public transit systems, wastewater treatment facilities, water systems, airports, educational facilities, and so on. To reach its full production potential, an economy must achieve economic efficiency as well as full employment. The growth-promoting institutional structure that involve banks and the stock bond markets are called efficient _______ institutions. Privacy Which product would most likely be characterized by "sticky" prices? All other trademarks and copyrights are the property of their respective owners. end of the 2-year period, by what percentage did it fall short of

Instructions: Enter your answers as whole numbers. All rights reserved. positively influenced by global competition, which has expanded market possibilities for both consumers and producers.

There is a close relationship between changes in a nation's rate of productivity growth and changes in its average real hourly wage because if average real hourly wage and output per worker is.

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