In 2014, a devastating typhoon hit the Philippines, destroying roads and buildings, and killing thousands of people. How will this natural disaster impact the U.S. economy in the short run? Choose one: O A real GDP will decrease; price level will decrease; unemployment will decrease O B. real GDP will increase; price level will increase; unemployment will decrease OC. real GDP will decrease; price level will decrease; unemployment will increase O D. real GDP will increase; price level will increase; unemployment will increase

In 2014, a devastating typhoon hit the Philippines, destroying roads and buildings, and killing thousands of people. How will this natural disaster impact the U.S. economy in the short run? Choose one: O A real GDP will decrease; price level will decrease; unemployment will decrease O B. real GDP will increase; price level will increase; unemployment will decrease OC. real GDP will decrease; price level will decrease; unemployment will increase O D. real GDP will increase; price level will increase; unemployment will increase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The previous year had an unemployment rate of 14.1%, nominal GDP of $28.9 trillion, and real GDP of $26.1 trillion. If the unemployment rate changes to 18.6% and overall price levels remain constant, which choice below could be the current year nominal GDP? O $39.3 trillion O $39.2 trillion $39.1 trillion O $28.0 trillion
16
An economic expansion rather than a recession occurs Select one: O a. when growth in real GDP is positive. O b. when the unemployment rate falls below 5 percent. O c when the federal budget is balanced. O d. when the unemployment rate is not changing.
High employment is: The goal of maintaining a healthy labor market in which at least 96% of workers can earn a livable wage. The goal of maintaining a low national unemployment rate of about 4-5% of the labor force. O The goal of maintaining a low unemployment rate of 4-5% in every regional and local labor market in the country. The goal of maintaining a free and fair national labor market in which all workers can compete for jobs. The goal of maintaining a low national unemployment rate of near 0% unemployment of the labor force. a A Moving to the next question prevents changes to this answer. $ 4 R FL V % 5 T G 19 B 6 tv MacBook Pro Y H & N U J * 00 8 M A 4+ 1 ( 9 K Nc ✓ O < 4 ) O L W P
Potential GDP is O a. a measure of the short term fluctuations in real GDP. O b. another name for nominal GDP. O c. equal to the maximum amount of goods and services that can be produced at any given time. O d. the level of output produced when the economy is fully employed. O e. another name for real GDP.
Macroeconomic indicators can be categorized as "leading" or "lagging". Which one in the list below is not a lagging indicator? Select one: O O a. The Consumer Price Index b. Labor market statistics c. Commodity prices d. Retail Sales
Which of the following is incorrect about the outcome of the cost of expected inflation? Select one: O a. It results in unfair tax treatments. O b. It does not result in relative price distortions. O c. It increases menu costs. O d. It increases shoe leather cost. Which of the following statements best apply to the closed economy model? Select one: O a. An increase in labour results in an increase in output. O b. The interest rate adjusts to equilibrate demand and supply. O c. Reducing taxes is the best option for increasing income. O d. The government uses fiscal policy to regulate the economy. Complete the statement below. Classical dichotomy Select one: O a. distinguishes between money and inflation. O b. makes the distinction between money demand and money supply. O c. makes a distinction between real and nominal variables. O d. isolates the real interest rate and real GDP
Economists use the neoclassical growth model to explain fluctuations in the business cycle because can; the model shows how economic growth changes when the factors of production (capital, labour force and technology) change. O cannot; the model does not take into account technology changes. O cannot; the model only explains what determines the long term trends in output or output per labour. O can; as a long-run model, it captures business cycles over very long periods of time. O cannot; the model is more focused on government activity than private sector activity. O O
Please answers both please
uestion 3 How will an increase in labor productivity affect equilibrium in the labor market? O The demand for labor will decrease because fewer workers will be needed to produce the same output. The equilibrium wage and quantity of labor will decrease. O The demand for jobs will increase and the equilibrium wage and quantity of labor will increase. O The supply of labor will increase and the equilibrium wage and quantity of labor will increase. O The demand for labor will increase and the equilibrium wage and quantity of labor will increase.
Solve both of the subparts
A person may become unemployed as a result of cutbacks in a business's production. O True False