22. In a country with a population of 50 million people, there are 20 million children under the age of 15 years,16 million employed, 9 million pensioners, 4 million unemployed and 1 million people who are physicallyunable to work. The unemployment rate in this country equalsA 10%.В 13,3%.C 20%.D 25%.23. Refer to the table below that contains information about the Consumer Price Index in Mythopia,in order to answer the question.YearConsumer Price Index2010100,02011112,12012120,8The unit of currency in Mythopia is the Myth.Between 2010 and 2012, the purchasing power of the consumer's MythA Decreased to 20,8 cents.B Decreased to 120,8 cents.C Decreased to 83 cents.D Decreased to 93 cents.24. Suppose the SARB decrease interest rates while oil prices is increasing. What would be the expected effecton real GDP and the price level?Option1Price levelUncertainReal GDPdecreasesIncrease34uncertaindecreasesdecreasesdecreasesIncreasesA Option 1B Option 2C Option 3D Option 425. Which one of the following statements is INCORRECT?A The level of autonomous consumption is determined by the non-income determinants of consumption spending.B The impact of a change in one or more of the non-income determinants of consumption can be illustrated by a shiftof the consumption function.C The level of autonomous consumption determines the position of the consumption function.D Investment spending is the most stable component of aggregate spending in the economy. 15. Consider the case of two countries, Mauritius and South Africa, both producing rum and cloth. If al resources are fullyand efficiently employed, one worker in Mauritius can produce 270 units of rum or 30m of cloth per week, while oneworker in South Africa can produce 320 units of rum or 40m of cloth per week.RumClothMauritius27030South Africa32040Based on this information:A South Africa has an absolute advantage in the production of rum only.B Mauritius should import rum from South Africa.C Mauritius has a comparative advantage in the production of doth.D South Africa should export doth to Mauritus.16. The macroeconomic view of a trade deficit implies that, other things equal, the imposition of a tariffwill reduce South Africa's trade deficitA Because exports will be promoted and imports cannot possibly changeB Because imports will be reduced and exports cannot possibly changeC Only if the tariff has no impact on South Africa's spending or incomeD Only if the tariff leads to increased income in South Africa relative to its spending17. Consider the case of two countries, Afghanistan and the US, both producing carpets and fighter aircraft.The table below shows output rates per day in the two countries if all resources are fully and efficiently employed.Use this information to answer the question.| CarpetsFighter aircraftAfghanistan1004US| 500| 25If Afghanistan raised its aircraft productivity to 5 units per day, thenA Mutually beneficial trade would no longer be possible.B Afghanistan would continue to import fighter aircraft from the US.C Afghanistan should switch from the export of carpets to the export of aircraft.D The US would retain its comparative advantage in carpet manufacture.

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22. In a country with a population of 50 million people, there are 20 million children under the age of 15 years, 16 million employed, 9 million pensioners, 4 million unemployed and 1 million people who are physically unable to work. The unemployment rate in this country equals A 10%. B 13,3%. C 20%. D 25%.

22. In a country with a population of 50 million people, there are 20 million children under the age of 15 years, 16 million employed, 9 million pensioners, 4 million unemployed and 1 million people who are physically unable to work. The unemployment rate in this country equals A 10%. B 13,3%. C 20%. D 25%.

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
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