Assume that you are told a country's nominal GDP decreased from one year to the next. All of the following could have occurred, except one. Which one? O Output increased and the price level decreased. O Output decreased and the price level remained constant. O Output decreased and the price level decreased.
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- Consumer Spending increased by 5% last month. Based on this data, which of the following will likely occur in the next 3 -6 months? O GDP will increase O Unemployment will increase O The economy will enter a trough O Stagflation will occurPotential GDP is the level of aggregate output Select one: a. that can be sustained in the long run without inflation O b. that can be produced if structural unemployment is zero O c. that can be produced at a zero unemployment rate O d. that can be sustained in the long run, if the capacity utilization is below 100%The participation of women in the U.S. labor force has risen dramatically since 1970. True or False: This rise likely increased GDP in the United States. O True O False Now imagine a measure of well-being that includes time spent working in the home and taking leisure. True or False: The change in this measure of well-being would be equal to the change in GDP. O True O False
- The economy has shifted and the quantity of the real GDP supplied has increased. What has potentially happened to aggregate price levels? Potentially the price levels have increased to a higher aggregate price level and if the wages are sticky, businesses have hired more employees as labor has become cheaper. O Potentially the price levels have decreased to a lower aggregate price level and if the wages are sticky, businesses have hired more employees as labor has become cheaper. Potentially the price levels have increased to a higher aggregate price level and if the wages are sticky, businesses have fired some employees as labor has become too expensive.A real quantity is a quantity measured: Select one: O a. in physical terms. O b. using real prices. O c. by the average quantity. O d. in terms of current dollar value.Changes in gross domestic product result in: deflation. an increase in frictional unemployment. O business cycle fluctuations. O a drop in the consumer price index.
- High employment is: The goal of maintaining a healthy labor market in which at least 96% of workers can earn a livable wage. The goal of maintaining a low national unemployment rate of about 4-5% of the labor force. O The goal of maintaining a low unemployment rate of 4-5% in every regional and local labor market in the country. The goal of maintaining a free and fair national labor market in which all workers can compete for jobs. The goal of maintaining a low national unemployment rate of near 0% unemployment of the labor force. a A Moving to the next question prevents changes to this answer. $ 4 R FL V % 5 T G 19 B 6 tv MacBook Pro Y H & N U J * 00 8 M A 4+ 1 ( 9 K Nc ✓ O < 4 ) O L W PPlease give a detailed solution with an explanation. Please double-check your sources and make sure the answer is 100% correct. Make sure all questions are answered too.Blank Answer #1:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #2:this year's pricesthe base year's pricesBlank Answer #3:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #4:this year's pricesthe base year's pricesBlank Answer #5:produced domesticallybought by consumersWhich of the following is not included in macro environment? O a. Competitors b. Economic O C. Political o d. Demographic
- Potential GDP is Select one: O A. the same as nominal GDP. O B. O C. O D. O E. equal to real GDP multiplied by the price level. equal to nominal GDP multiplied by the price level. the maximum amount of GDP that can be produced while avoiding shortages of labour, capital, land, and entrepreneurship that would bring rising inflation. the same as real GDP.pre to co Price Level 0 I I 2 I I 4 1 6 8 10 12 14 Real GDP (Trillions Dollars) SRAS AD 16 18 20 AD SRAS Which of the following best describes the effect of an increase in wage rates? O The price level remains the same, but the Real GDP decreases to $6 trillion. O The price level falls below PE, and the Real GDP increases to $6 trillion. The price level rises above PE, and the Real GDP decreases to $6 trillion. O The price level rises above PE, but the Real GDP remains the same.uestion 3 How will an increase in labor productivity affect equilibrium in the labor market? O The demand for labor will decrease because fewer workers will be needed to produce the same output. The equilibrium wage and quantity of labor will decrease. O The demand for jobs will increase and the equilibrium wage and quantity of labor will increase. O The supply of labor will increase and the equilibrium wage and quantity of labor will increase. O The demand for labor will increase and the equilibrium wage and quantity of labor will increase.