14. What does it mean when the economy is in a recession? O Slowdown in economic action, price level lowers. O Raise in economic action, price level raises. O When the government gives out programs to assist the people living in an area. When the government creates more rules for businesses in one area.

14. What does it mean when the economy is in a recession? O Slowdown in economic action, price level lowers. O Raise in economic action, price level raises. O When the government gives out programs to assist the people living in an area. When the government creates more rules for businesses in one area.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In 2001, the United States was in recession. Which of the following things would you not expect to have happened? Select one: O increased layoffs and firings a higher rate of bankruptcy O increased claims for unemployment insurance O increased investment spending
a. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?
The information problem of central planning is related to the incredible amount of information needed to know: the place where a good is produced, the place where the good is purchased, the place where the good is consumed, and so on. O the people who produce a certain good, the people who employ those people, the people who employ the employers, and so on. the value of a good in all of its uses, all of the substitutes for a good, the value of the substitutes in all of their uses, and so on. the price of a certain good, the prices of the inputs for the good, the prices of the inputs to the inputs, and so on.
Question 7 Which of the following would be counted in this year's GDP? O a O b O C Od Question & What is the difference between real GDP and nominal GDP? O a O b Column A 1. 2. C d Question 9 Match each phase of the business cycle to its correct definition. 3. The bonus check a worker receives this year the value of a loan taken out this year The value of a savings bond sold by the federal government to investors this year The value of a television produced last year but sold this year 4 Real GDP allows for depreciation; nominal GDP allows for no depreciation. Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities. Real GDP is based on constant prices; nominal GDP is based on the current year's prices. Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars. period of economic decline marked by falling real GDP a period of economic growth as measured by a rise in real GDP the height of an economic expansion, when 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
QUESTION 24 According to Swift, which is the most accurate statement? The proposal O a. makes good economic sense because it will stimulate the economy and benefit everyone in many ways. O b. provides food for both the needy and the rich. O c, makes good economic sense but does not benefit the poor or rich. O d. benefits the rich in several ways.
Use for questions 9-11 PRICE LEVEL Question 9 OOO OB in the short run and the long run. OD in the short run and the long run. Question 10 OB in the short run and A in the long run. Refer to Figure 3. A decrease in taxes would move the economy from B to D in the short run and C in the long run. O to B in the long run. B O C in the short run and the long run. O to C in the long run. LRAS Oto A in the long run. O to D in the long run. Question 11 C QUANTITY OF OUTPUT A Ostays at A. O moves to B. O moves to C. Refer to Figure 3. If the economy starts at C, a decrease in the money supply moves the economy O moves to D. AD₂ SRAS, SRAS₂ Refer to Figure 3. If the economy is at A and there is a increase in aggregate demand, in the short run the econom AD.
4. Do you think that incomes and purchasing power are related? Are companies required to pay their employees more to compensate for higher costs of living?
5. Say’s Law _____________ because ___________. The Law of demand is _____ true because: Always holds true; As prices increase, new suppliers enter a market leading to an increase in supply and lower prices over time; almost always true; sometimes no matter what the price we will buy anyway. Always holds true; Entrepreneurs are the key to income creation and therefore the ultimate demand for all goods and services; always true; as prices change our willingness and/or ability to buy changes. Is often true; of the law of supply, which shows that as prices increase, quantity supplied will rise; is always true; demand curves can never be vertical. Is rarely true; it is consumer wants and needs the emerge in a market first, then suppliers enter to capitalize on what we want or need; valid; there is a proven inverse relationship between prices and quantity demanded. Is often, but not always true; Through the coordinated activities of government agencies, adequate supplies of food,…
8. Factors that influence standard of living Which of the following government policies is least likely to increase the standard of living in the United States? O Investment in technology Raising the minimum wage paid to workers O Investment in education and skills training for workers O Investment in tools and capital for workers
a. The following plot shows the 12-month percentage growth rates in real personal consumption expenditures (blue line) and in real government expenditures (red line). Do you see any evidence that the latter crowds out the former? Why or why not? 20 15 10 5 -10 -15 15 10 5 0 -5 -10 The following plot shows the 12-month percentage growth rates in real GDP (blue line) and in real government expenditures (red line). What, if any, relationship does there appear to be between these two time series? Briefly explain. Rate of Growth of C (blue) and G (red) 2003 3005 2007 2003 2013 2015 2017 2019 Rate of Growth of Y (blue) and G (red) 2011 2009 2007 2005 2013 2015 2021 2017 2023 2019 2021 2023
LČD televisions SHOT ON BLACK SHARK O O O AI DUAL CAMERA Refer to the information provided in Figure below to answer the question. 120 06 40 Plasma televisions 09 08 0. Refer to Figure For this economy to move from Point A to Point B, additional plasma TVs could be produced when the production of LCD TVs is reduced by 30. Select one: a. fewer than 20 b. more than 20 c. exactly 20 d. exactly 90 Previous page Next pa