To measure a real increase in wages, the changes would have to be averaged. the wages would have to be adjusted for inflation overtime. (my guess) the increase would have to be compared to the growth in GDP.
(1d) To measure a real increase in wages,
- the changes would have to be averaged.
- the wages would have to be adjusted for inflation overtime. (my guess)
- the increase would have to be compared to the growth in GDP.
(1e) Jerusha lives in a country with a large amount of protection under the law for conducting business or bringing her ideas to the market with patten production. Because of the economic conditions what will Jerusha most likely do with her rainwater collecting invention?
- Keep her ideas in a notebook and sell them to the highest bidder.
- Find a country where she can develop her idea away from strong patent laws.
- Develop her invention and bring it to market with ease and minimal cost. (my guess)
(1f) Over the past 50 years, which component of consumer spending has steadily gained as a percentage of the total?
- durable goods
- nondurable goods
- services (my guess)
(1g) The distinction between real GDP and nominal GDP is important to determine which of the following?
- The growth in the government sector.
- The change in real GDP per person.
- The change in real output produced. (my guess)
(1h) The fictional small country of Qbert has had a robust GDP the last few years. Qbert produces just two products: water bottles and bikes. The following chart shows product quantities and prices from 2016 to 2018. With 2016 as the base year using 2016, 2017, and 2018. What is the real yearly growth of 2017 & 2018?
|
|
Water Bottles |
|
Bikes |
|
|
|
Quantity |
Price/unit |
Quantity |
Price/unit |
|
Year 2016 (base year) |
1 million |
$3 |
2 million |
$10 |
|
Year 2017 |
2.5 million |
$4 |
2.5 million |
$12 |
|
Year 2018 |
3 million |
$5 |
2.75 million |
$17 |
- (a) 23.1% for 2017; 69.2% for 2018 (my guess)
(b) 41.3% for 2017; 58.7% for 2018 - (c) 73.9% for 2017; 168.5% for 2018
(1i) Modern
- democratic political systems.
- technological progress and industrialization. (my guess)
- cultural factors.
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