**Question: Why does an economy grow?**- **A. Labor force and capital stock grow.**- **B. A country engages in foreign trade.**- **C. All of the above.**- **D. None of the above.**This multiple-choice question explores the factors that contribute to economic growth. Selecting the correct answer involves understanding the roles of both labor force expansion and foreign trade in promoting economic development.

The process by which the economy's final commodities and services increase is known as economic…

Answered: Economy grows because: A. Labor force…

Economy grows because: A. Labor force and capital stock grow. B. A country engages in foreign trade. C. All of the above. O D. None of the above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Only typed answer and please don't use chatgpt How does a wheat farmers production change as the…

A: Market equilibrium: At the market equilibrium we have demand equals to supply. Or at market…

Q: Please answer all sub-part questions. 2. Assume there are two countries (Home and Foreign), two…

A: One worker produces the given data Widgets Corn Home 4 5 Foreign 2 4 The…

Q: Production of goods and services has become globalized to a large extent as a result of: O a.…

A: Globalisation means cross border exchange of goods and services among the nations . It is the…

Q: Adam and Doug both build birdhouses. Adam works 20 hours a week and produces 12 bird houses. Doug…

A: The amount of output divided by the amount of inputs is usually observed as productivity. In…

Q: In the process of calculating the production of the economy of the United States, which of the…

A: The question you posed has to do with macroeconomics and how to precisely determine a country's…

Q: Economic growth is the expansion of production possibilities and is described as a leftward shift of…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: Free trade gives consumers A. the right to purchase goods and services on credit. B. higher prices…

A: Free trade is defined as the trade of goods and services between different countries without any…

Q: Before Covid 19 hit, assume the United State economy was at full employment and producing at maximum…

A: The production possibility frontier shows the different combinations of two good that can be…

Q: products W Plastic products Figure 2-4 shows various points on three different production…

A: A PPC curve, or Production Possibility Curve, is a graphical representation used in economics to…

Q: How can specialization result in greater voluntary exchange between countries? O A. Specialization…

A: Specialization refers to a country's propensity to specialise in such items that it trades for other…

Q: 1. Production Possibilities Frontier

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Please answer all pats

A: Economic growth can be caused by various factors. Two of the most common sources are:1. Increase in…

Q: 1 An economy has two workers, Bella and Edward. Per day of work, Bella can pick 30 apples or 120…

A: A) Bella can pick 30 apples or 120 bananas. So, Bella's opportunity cost of 30 apples is 120…

Q: produce either 5 cloths or 10 wines. In the US, one hour of workers labor can produce either 20…

A: Opportunity cost measures the input need to be given up in order to obtain other input.

Q: An economy has two workers, Bella and Edward. Per day of work, Bella can pick 45 apples or 90…

A: A) Bella can pick 45 apples or 90 bananas. So, Bella's opportunity cost of 60 apples is 90 bananas.…

Q: Two countries each produce two goods. Country 1 has 200 workers and Country 2 has 600 workers. If…

A: Opportunity cost and comparative advantage: The value of alternative opportunities foregone and…

Q: Does a mixed economy mean an economy where there is? A. Existence of capitalism B. Privatization,…

A: An economic system is a system by which government manage and distribute resources to a…

Q: The table below shows the labour productivity for the countries of Yin and Yang. Yang Machines 3 5…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…

Q: QUESTION 22 Figure 2-4 Food products W Plastic products Figure 2-4 shows various points on three…

Q: * Course Placement All E R Country 2Learn Shoes Glasses Mexico 10 12 The table below describes…

A: The objective of the question is to understand the concept of opportunity cost and absolute…

Q: Natural resources are: more important determinants of productivity today than ever before. the…

A: Natural Resources are defined as the resources that occur in nature and are used for consumption and…

Q: What best explains the â€œRise of the Westâ€ that is, the economic, political andmilitary…

A: ***Since the student has posted multiple questions, the expert is required to solve only the first…

Q: E Bread On the PPF above, the economy is currently at point B. How can the economy produce at point…

A: Answer-

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Correct answer

VIEW

Incorrect options

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

a. It takes Country A two hours to produce a unit of consumer goods and five hours to produce a unit of capital goods. Country B can produce a unit of consumer goods in one hour and a unit of capital goods in four hours. Which country has a comparative advantage in the production of consumer goods? Explain. b. Country A has the following labor market data: Employed Frictionally unemployed Structurally unemployed Cyclically unemployed 91,000 4,000 2,000 3,000 Not in the labor force, aged 16 years and over 25,000 Calculate the unemployment rate for Country A. c. Calculate the labor force participation rate for Country A. d. Illustrate Country A's current employment of resources every 10 hours on a production possibilities curve with capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity costs. Indicate the current employment based on the data from (b) with a point labeled E.
15. If the U.S. were to stop trading with other nations, economists would predict that in the long run the U.S. would end up with: A. more jobs. B. lower prices. C. a higher standard of living. D. a lower standard of living. 16. The price of American goods have slowed and decreased in part to which of the following: A. Outsourcing. B. Increases in educational scoring. C. law of one price D. globalization and increased trade. 17. If Canadians wanted significantly more French products than usual, the: A. demand curve for the euro would shift right. B. demand curve for the euro would shift left. C. supply curve for the euro would shift right. D. supply curve for the euro would shift left. 18. EU product price levels have stayed the same over the last year while inflation in the US has increased. EU exports will : A. increase and EU. imports decrease, causing the demand for Euros to rise and the supply of Euros to fall. B. decrease and EU. imports increase, causing the demand for Euros to…
Which of the following is most restricted to flow across national boundaries? A. People. B. Capital flows. O C. Financial and Portfolio Investment. D. Foreign Direct Investment.
Please provide steps by step answer with proper explanation with final answer..... Don't use pepar work and you will use pepar work then .......I will give you down upvote.....
Two countries, Alpha and Beta, have identical production possibilities frontiers. If Alpha produces at point A and Beta produces at point B, then O A. Alpha's economic growth rate will exceed Beta's OB. Alpha's and Beta's economic growth rates will be the same OC. Beta's future consumption will be less than than Alpha's O D. Alpha consumes more than Beta today, but it will grow slower than Beta ó Capital goods (per person) B Consumption goods (per person) PPF
Comparative advantage explains why people _____. Select one: a. work at the job they love and grow their own food . b. don't grow their own food anymore, but instead they specialize and trade. c. work at the job they love the most. (only) d. grow their own food and make their own clothes instead of shopping for these things. e. specialize in one thing and consumer it all.