Pearson eText Microeconomics -- Access Card
2nd Edition
ISBN: 9780136849513
Author: Acemoglu, Daron, Laibson, David, List, John
Publisher: PEARSON
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Chapter 1, Problem 4Q
To determine
To distinguish between
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Pearson eText Microeconomics -- Access Card
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- Why economic growth is one of the goals of macroeconomics?arrow_forwardWhich of the following is a major macroeconomic goal of nearly every society? increasing government spending decreasing the prices of resources providing free health care to the unemployed O increasing the amount of economic growtharrow_forwardDoes improvent in technologies cause higher real wages and lower unemployment rates?arrow_forward
- There are two countries in the world: Happytimes and Treehausland. Both countries currently have a GDP per capita of 1. Use the information in the table about growth and productivity to answer the questions. Round all numerical answers to two decimal places. Country Growth rate of GDP per capita Happytimes 0.086 Treehausland 0.031 What is GDP per capita in Happytimes in 21 years21 years ? Happytimes's GDP: $ What is GDP per capita in Treehausland in 21 years21 years ? Treehausland's GDP: $ In 21 years21 years , Happytimes grows how many times more than Treehausland? Happytimes's growth: times Treehausland's growtharrow_forwardHey! Need help with the following Macroeconomics question, it contains six small sub-questions. Both charts are attatched below. Thank you in advance! What is the GDP per capita in Lusitania? What is the GDP per worker in Lusitania? What is the GDP per capita in Arctica? What is the GDP per worker in Arctica? Based on the given information, would Arctica be considered more productive than Lusitania? Explain your answer. How would you use the information given in both these tables to compare living standards in Lusitania and Arctica?arrow_forwardUse the concept of an economy-wide production possibilities to explain full employment output and economic growth. Why is full employment and economic growth both important for all economies?arrow_forward
- Draw a graph of a production possibilities curve with consumption goods and capital goods that displays the law of increasing opportunity costs. What do points on, inside and outside the curve represent? What does a rightward shift of the curve represent? How is economic growth expressed in terms of the production possibilities model?arrow_forward1. 2. Explain why macroeconomic analysis is particularly concerned with issues of economic growth, unemployment, inflation, and balance of payments? "Economic growth does not necessarily reduce the number of unemployed workers". Explain this statement.arrow_forwardWhy is Productivity important in economics? Give an example scenario Describe Productivity in Economics. Give and example scenario Using the economic definition of productivity can help us to determine how productive we really are. Explain it’s impact on wages, Role of technology and Relationships with consumption.arrow_forward
- How might the economy in the United States change as it moves closer to a technology-driven service economy?arrow_forwardIt is often stated that E-commerce will lead to fully digital economies.find a realistic view on this topic.In which parts of the business can be digitalized and which cannotarrow_forwardThe determinants of productivity Consider a simple economy whose only industry is fishing. In this industry, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents. Examples Human Capital per Worker Natural Resources per Worker Physical Capital per Worker Technological Knowledge The fertile waters in which the fish feed and breed An advanced mapping system that determines the likelihood of finding fish schools in different depths and locations The skills workers develop through training before working on and piloting boats The boats in the fishing fleetarrow_forward
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