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- Demography can have important economic effects. The United States has an aging population. Explain one economic benefit and one economic cost of an aging population as well as of a population that is very young.4. Shifts in production possibilities Suppose the fictional country of Teton produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rice, an agricultural good, and telephoto lenses, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.Explain how a severe drought in a country, whose main activity is agriculture, can affect: The gross domestic product of that country Unemployment rateThe agricultural product price index
- Prepare a chart that compares India, Spain, and South Africa based on the data you find. Describe the key differences between the countries. Rank these as high-, medium-, and low-income countries, explain what is surprising or expected about this data.Question 2 The term "business cycle" (or economic cycle or boom-bust cycle) refers to economy-wide fluctuations in production, trade, and general economic activity. From a conceptual perspective, the business cycle is the upward and downward movements of levels of GDP (gross domestic product) and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend. (a) Explain the phases of business cycle using a graph. (b) Define monetary policy. Explain how monetary policy used to control unemployment.Explain how a severe drought in a country whose main activity is agriculture can affect: The gross domestic product of that country The unemployment rate The price index of agricultural products
- GLOBALIZATION CONTROVERSY Do you think globalization has something to do with the fast spread of COVID 19? Discuss the effect of the pandemic to the world.turkish economy since 2007-201523:40 Tue, 27 Dec Table 1 shows the production of corn by Syarikat Usaha. Answer the following questions based on the table. Land (piece) 1 1 1 1 1 Tractor (units) 2 2 2 2 2 2 2 2 Document (3) - Saved Table 1. Production of corn Total product (tons) 8 24 Worker (peoples) 1 2 3 4 5 6 7 8 54 82 95 100 100 96 Average Product (tons) Marginal Product (tons) Identify the time frame of this firm is operating in and give your reason. At which number of workers, the diminishing marginal return begins? Why diminishing marginal return could happen? **22% ir
- Question 2 (Mandatory) (1 point) * Nominal GDP -Real GDP 1000 800 600 400 200 1990 1995 2000 2005 2010 Years FIGURE 20-1 Refer to Figure 20-1. Which of the following years was used as the base year for constructing real GDP? 1995 2000 2003 2005 O 2010 Nominal and Real GDP (billions of dollars)00:50 Wed, 28 Dec Table 1 shows the production of corn by Syarikat Usaha. Answer the following questions based on the table. Land (piece) 1 1 1 1 1 1 1 Tractor (units) 2 2 2 2 2 2 2 2 Document (3) - Saved Table 1. Production of corn Total product (tons) Worker (peoples) 1 2 3 4 5 6 7 8 8 24 54 82 95 100 100 96 Average Product (tons) Marginal Product (tons) Based on Table 1, sketch the total product, average product, and marginal product curves. Which stage of production is the most efficient? Why? 46% irThe table below represents the economy of Bruce, IL, which is a small town in Moultrie County. Corn is grown and only used in the production of beef (as feed). Rifles are produced but only used by government for policing. Beef and juice are produced and consumed by all citizens. If necessary, use 2012 as your base year. Corn Rifles Beef Juice Price Quantity Price Quantity Price Quantity Price Quantity 2011 $350 1000 $150 100 $5 100 $2 210 2012 $360 700 $175 120 $6 110 $2 220 2013 $380 1100 $165 140 $6 130 $4 220 2014 $400 1200 $185 150 $6 140 $5 200 What is the nominal GDP for 2013?
