Answered: 1. Suppose a medical study reveals new…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers (male cow/ox). The equilibrium quantity of beef will _____________. (Hint: Draw your demand and supply curves)

Group of answer choices

a. stay the same

b. definitely decrease

c. definitely increase

d. perhaps increase, decrease, or stay the same, but more information is needed to determine which it does

2. New growth theory (i.e., endogenous growth theory developed by 2018 Nobel Prize Links to an external site.winner Paul Romer Links to an external site.) is the theory that:

Group of answer choices

a. our unlimited wants will lead us to greater productivity and perpetual economic growth due to choices in pursuit of profits.

b. when a decrease in labor productivity decreases real GDP per person the new prosperity brings a population explosion.

c. the population contraction brings real GDP per person to a higher level.

d. the clash between an exploding population and limited resources will eventually bring economic growth to an end.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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