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. O 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.

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…

Which of the following would NOT be included in this year's GDP? Select one: Oa. The tuition fee for a course in economics. O b. Season tickets to the Minnesota Vikings home games. O c. The purchase of 100 shares of Harley Davidson stock. Od. The commission charged by a real estate agent.

The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2011. Prices and Quantities Year 2010 2011 2012 2013 57.9. O 100.0. O 127.8. Price of Waffles O 171.4. $2.00 $2.00 $2.00 $4.00 Quantity of Waffles 80 In 2012, this country's GDP deflator was 100 120 150 Price of Pancakes $1.00 $2.00 $3.00 $3.00 Quantity of Pancakes 100 120 150 200

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The following diagram represents an economy in which total factor productivity z increases. PPF2 PPF, 12 (0,0) in Leisure, I PPF3 What are the income effect, and substitution effect? O A to D: income effect D to B: substitution effect A to B: substitution effect B to D: income effect O A to D: substitution effect D to B: income effect OB to D: substitution effect A to B: income effect Consumption, C

QUESTION 21 A E В Time In the accompanying diagram, which phase of the business cycle would be most closely associated with an economic contraction? O a.B Ob.A O.D Od.C Level of Business Activity

Economists find in a business cycle, a peak represents the end of, and a trough represents the end of Select one: a. an expansion; a recession O b. a depression; an expansion O c. a recession; an expansion O d. a trough; a peak

Variations of actual real GDP around potential real GDP are called economic fluctuations. What is another name for these fluctuations? Select one: O a. Economic growth O b. Trade surpluses O c. Income variations O d. Business cycles Check