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- As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?Using data from Table 19.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how much was inflation?The growth of potential GDP slowed folowing the recession of 2007-2009. Use he data in the following tablo disouss how movement in potential GOP can beolined by te anlyin chapter. Investment as a Annual Growth in Percentage of GDP Labor Year Productivity 2006 2007 194% 0.9% 18.3 1.6 2008 2009 16.5 13.0 0.8 32 2010 2011 14.1 33 14.4 01 0.9 0.3 15.6 2012 2013 16.2 16.7 2014 1.0 1.2 0.0 2015 17.1 2016 16.4 BIUS IEI 3 IE E 3 I x, x Insert Formula
- QUESTION 21 A E В Time In the accompanying diagram, which phase of the business cycle would be most closely associated with an economic contraction? O a.B Ob.A O.D Od.C Level of Business ActivityPotential 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%Question 7 Which of the following would be counted in this year's GDP? O a O b O C Od Question & What is the difference between real GDP and nominal GDP? O a O b Column A 1. 2. C d Question 9 Match each phase of the business cycle to its correct definition. 3. The bonus check a worker receives this year the value of a loan taken out this year The value of a savings bond sold by the federal government to investors this year The value of a television produced last year but sold this year 4 Real GDP allows for depreciation; nominal GDP allows for no depreciation. Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities. Real GDP is based on constant prices; nominal GDP is based on the current year's prices. Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars. period of economic decline marked by falling real GDP a period of economic growth as measured by a rise in real GDP the height of an economic expansion, when real GDP…
- Which of the following is not a phase or turning point of the business cycle? O A. recession B. shutdown OC. trough OD. expansionReal GDP can grow/increase for two reasons, but which one represents economic growth? ○ The economy might be returning to full employment in an expansion phase of the business cycle. O Potential GDP might be increasing. ○ The return to full employment in an expansion phase of the business cycle. O Noen of the above are correct.Congratulationst You have been appointed an economic policy adviser to the United States, You are told that the economy is significantly abowe futtemplyoment GDP. Based on this inlormation, how can the economy would adjust to reach LR.SR Equilbrium (Classical View)? The economy wilt experience low unemployment rate, pushing wages up, and increasing the pelces of a key input (labor). shatting the sAS to the left (up). The economy will experience high unemployment rate, pushing wages down, and reducing the prices of a key input (labor). shiting the SAS to the right (down). The econoriny wil experience low unemployment rate, decreasing inceme, which will eventually shift the AD to the left. The eooncmy will experience low unemployment rate, pushing wages up, and increasing the prices of a key input (labor), shiting the sAs to the night (down).
- Suppose the country of Dingo experienced an economic trough in January 2011. We can conclude that Select one: O a. Dingo did not experience a recession in 2010. O b. an expansion occurred after January 2011. Oc Dingo's potential GDP fell in 2011. O d real GDP in Dingo was increasing in January 2011.Variations of actual real GDP around potential real GDP are called economic fluctuations. What is another name for these fluctuations? Select one: O a. Economic growth O b. Trade surpluses O c. Income variations O d. Business cycles CheckC I G NX Price Yr1 1000 156 560 52 4 Yr2 1300 159 600 52 5 Yr3 2000 169 690 53 6 Yr4 2900 180 880 53 7 -What will the percent rate of change in real GDP be from year 1 to year 2, from year 2 to year 3, and from year 3 to year 4. (round to the whole number for all calculations and final answers) -State how long it will take for real GDP to double in size.