Price level (GDP price index, 2009 = 100)PotentialAS2GDPASIReal GDP (trillions of 2009 dollars)The change reflected in the above figure might be a result ofa fall in the price level.a.O b. a rise in the money wage rate.O C.an increase in the quantity of labor.d.a decrease in the quantity of capital.O e.a decrease in the money prices of resources other than labor.

The aggregate supply curve shows the total quantity of output - real GDP - that firms will produce…

Price level (GDP price index, 2009 = 100) Potential AS2 GDP ASI Real GDP (trillions of 2009 dollars) The change reflected in the above figure might be a result of O a. a fall in the price level. O b. a rise in the money wage rate. O c. an increase in the quantity of labor. O d. a decrease in the quantity of capital. O e. a decrease in the money prices of resources other than labor.

Price level (GDP price index, 2009 = 100) Potential AS2 GDP ASI Real GDP (trillions of 2009 dollars) The change reflected in the above figure might be a result of O a. a fall in the price level. O b. a rise in the money wage rate. O c. an increase in the quantity of labor. O d. a decrease in the quantity of capital. O e. a decrease in the money prices of resources other than labor.

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 15 Price level (GDP deflator, 2009-100) 130 120 110 100 90 0 LAS X SAS 17.0 17.5 18.0 18.5 19.0 19.5 Real GDP (trillions of 2009 dollars) In the figure above, the economy is at point A when the price level falls to 100. Money wage rates and all other resource prices remain constant. Firms are willing to supply output equal to O $17.5 trillion. $18.0 trillion. $18.5 trillion. None of the above answers is correct.
Imagine the GDP per capita of a country doubles every one hundred years. What would the shape of a linear-scale graph and a ratio- scale graph be? Select one or more: O a. Linear scale: an upward-sloping Ratio scale: an upward-sloping curve with increasing slope (called straight line convex shape) O b. Ratio scale: a straight horizontal line Linear scale: an upward-sloping straight line Ratio scale: an upward-sloping curve with decreasing slope (called O C. Linear scale: an upward-sloping straight line concave shape) O d. Linear scale: an upward-sloping Ratio scale: an upward-sloping convex curve convex curve
In 2012, Northland had real GDP of $4.21 billion and a population of 2.98 million. In 2013, real GDP was $4.59 billion and population was 2.97 million. Northland's real GDP per person in 2013 was Select one: OA. $132. O B. $1.41. O C. $380. O D. $1,545. O E. $1,413.
What is the quantity of real GDP produced if the real wage rate is at the full-employment equilibrium level? If the real wage rate is at the full-employment equilibrium level, real GDP is O A. equal to potential GDP, which is efficient but is not the most that can be produced. O B. equal to potential GDP, which is the most that can be produced O C. at its highest attainable and efficient level O D. at or below potential GDP depending on the level of employment Click to select your answer.
An economic expansion rather than a recession occurs Select one: O a. when growth in real GDP is positive. O b. when the unemployment rate falls below 5 percent. O c when the federal budget is balanced. O d. when the unemployment rate is not changing.
The output produced in bushels and the prices of this output ($/bushel) over the last three years for Seth Johnson, a farmer in Amarillo, Texas, are as follows: Year Output (bushels) Price ($/bushel) 2010 70,000 $3.20 2011 75,000 $2.90 2012 80,000 $3.50 Let the base year be 2011. What is the price index for 2012? Select one: O a. 1.094 O b. 0.829 O c. 1.207 O d. 0.914 e
Potential GDP is O a. a measure of the short term fluctuations in real GDP. O b. another name for nominal GDP. O c. equal to the maximum amount of goods and services that can be produced at any given time. O d. the level of output produced when the economy is fully employed. O e. another name for real GDP.
A basket of products and servioes cost $400 in the base year. If the Consumer Price Index (CPI) in the current year is 250, then the cost of the basket of products and services in the current year is O A. $150. OB. $650. OC. $1,400. O D. $1,000.
Suppose the money wage rate rises from $40.00 to $46.74 an hour and consumer prices rises by 14 percent. What would be the effect in the labor market? We would expect people to try to find a job and employed people to want to work hours. O A. fewer; shorter B. fewer; longer C. the same number of; the same number of D. more; longer The would A. quantity of labor supplied; increase O B. supply of labor; increase O C. supply of labor; decrease O D. quantity of labor supplied; decrease Click to select your answer. MacBook Air DII DD こ. 吕0 F9 F7 F8 F6 esc F4 F5 F2 F3 F1 & 2$ ! 5 6 8 9 1 2 3 4
The unemployment rate measures: O A. unemployed workers as a percentage of the population age over-sixteen. O B. the number of people unemployed divided by the number of people employed. O C. unemployed workers as a percentage of the population. O D. unemployed workers as a percentage of the labor force.
A dozen eggs cost $1.22 in January 1990 and $2.33 in January 2016. The average wage for workers in private industries was $10.02 per hour in January 1990 and $21.33 in January 2016. By what percentage did the price of a dozen eggs rise? 48% 91% 111% By what percentage did the wage rise? O 21% 94% 113% In order to earn enough to buy a dozen eggs, a worker had to work. Workers' purchasing power in terms of eggs minutes in January 1990 and between 1990 and 2016. minutes in January 2016.