(1f) If Nominal GDP is $16,000 billion and the GDP deflator is 50, then Real GDP is:$25,000 billion.$32,000 billion.$8,000 billion.(1g) For productivity to increasethe total number of hours worked has to increase.the value of the production per hour worked has to increase.the total production or output has to increase.(1a) The Helper Company’s customer service representatives received new computers and training on how to utilize them best. In regards to measuring productivity, these new computers and updated technology knowledge haveincreased profit for the Helper company.increased capital deepening for the Helper company.increased costs for the Helper company. (1b) Of the following examples, which one has little or no effect on labor productivity?The frequency of business cycles. (my guess)Technological change.The quality and quantity of available capital resources.(1c) What can you conclude when a nation’s production possibilities frontier shifts outward?The sum of goods and services produced exceeds the level of neighboring countries.The country’s real GDP has reached a peak in the business cycle.The country is achieving economic growth. (my guess)

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Answered: 1f) If Nominal GDP is $16,000 billion…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(1f) If Nominal GDP is $16,000 billion and the GDP deflator is 50, then Real GDP is:

$25,000 billion.
$32,000 billion.
$8,000 billion.

(1g) For productivity to increase

the total number of hours worked has to increase.
the value of the production per hour worked has to increase.
the total production or output has to increase.

(1a) The Helper Company’s customer service representatives received new computers and training on how to utilize them best. In regards to measuring productivity, these new computers and updated technology knowledge have

increased profit for the Helper company.
increased capital deepening for the Helper company.
increased costs for the Helper company.

(1b) Of the following examples, which one has little or no effect on labor productivity?

The frequency of business cycles. (my guess)
Technological change.
The quality and quantity of available capital resources.

(1c) What can you conclude when a nation’s production possibilities frontier shifts outward?

The sum of goods and services produced exceeds the level of neighboring countries.
The country’s real GDP has reached a peak in the business cycle.
The country is achieving economic growth. (my guess)

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