1According to Chapter 9 (Unemployment, Inflation & Business Cycles), a "negative GDP gap" describes an economy that isunderperforming versus the full-employment potential.True or FaseTrueFalseIf two million new babies were born in the U.S. and if two million more immigrants came to the U.S., then the Real GDP Per Copita willgo down if we assume no change in the actual GDP number.True or FalseTrueFalse "We should tax the wealthy much more because they already have too much wealth and I don't have anything. Yest Redistribution ofwealth sounds good to me. The poor would be better off and we would have an economic system that is more fair." - What kind ofstatement is this?Mutple ChoicePositive Economics -tis factual and this statement is both true and correctThe Classical Economists of the 1776 to 1930s era would call this action social juntice fainessNormative Economics is based on personal opinions and emotionThis is known a the "Technical Tax Adjustment (TTA) thet is designed to make sure that super weathy billonaires pay moretaxes3.

Per capita GDP = Real GDP / Total population

If two million new bables were born in the U.S. and if two million more immigrants came to the U.S., then the Real GDP Per Copita will go down if we assume no change in the actual GDP number. True or False True False

If two million new bables were born in the U.S. and if two million more immigrants came to the U.S., then the Real GDP Per Copita will go down if we assume no change in the actual GDP number. True or False True False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1
According to Chapter 9 (Unemployment, Inflation & Business Cycles), a "negative GDP gap" describes an economy that is
underperforming versus the full-employment potential.
True or Fase
True
False
If two million new babies were born in the U.S. and if two million more immigrants came to the U.S., then the Real GDP Per Copita will
go down if we assume no change in the actual GDP number.
True or False
True
False

"We should tax the wealthy much more because they already have too much wealth and I don't have anything. Yest Redistribution of
wealth sounds good to me. The poor would be better off and we would have an economic system that is more fair." - What kind of
statement is this?
Mutple Choice
Positive Economics -tis factual and this statement is both true and correct
The Classical Economists of the 1776 to 1930s era would call this action social juntice fainess
Normative Economics is based on personal opinions and emotion
This is known a the "Technical Tax Adjustment (TTA) thet is designed to make sure that super weathy billonaires pay more
taxes
3.

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