Unemployment is an economic problem because of the concept of (o2. Quite apartfrom any idea of consideration for others, unemployment is economic waste: A unit of laborresource that could be engaged in production is sitting idle.The "GDP gap" is the difference between () and (What are the consequences of a negative GDP gap? The consequence of a negative GDP gapis that what is not produced – the amount represented by the gap is lost forever. Moreover, tothe extent that this lost production represents capital goods, the potential production for the futureis impaired. Future economic growth will be (more, less).

As reflected by the long-term trend, the difference between an economy's actual GDP and its…

Answered: Unemployment is an economic problem…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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12 L'. ĀK2 L2 where the productivity parameter is equal to 2 . How many units of output can be produced with 25 units of Consider an economy characterized by the production function Y = capital and 36 workers? 20 Using the same production function and factor inputs (capital and labor) as in the previous question, compute the marginal product of labor. Round your answer to the nearest hundredth after the decimal point. 30
Please answer ALL of the questions below!!! Make sure it is 100% correct!!!
Refer to Table 4, The value for GDP in billions of dollars is (CLOS # 3) Table 4 Compensation of employees (household) 223 Depreciation 27 Rents 14 Interest 13 Indirect Business Taxes 18 Corporate Profits Transfer payment 56 12 Net Foreign Factor Income 4 Proprietor's Income 33 Personal taxes 26 Corporate income taxes 19 Select one: O a. 376 O b. 386 O c. 384 O d. 377
1
If the population of a country is 1,000,000 people, its labor force consists of 500,000, and 40,000 people are unemployed, the unemployment rate is: O 8.0 percent. O 7.4 percent. O 50.0 percent. O 4.0 percent.
Refer to the following table when answering the following questions. Table: U.S. 2015-2018 Domestic Income ($ billions) Compensation of employees, paid Wages and salaries Supplements to wages and salaries Business taxes Business subsidies Net operating surplus Private enterprises Surplus of government enterprises Show Transcribed Text Supplements to wages and salaries Business taxes Business subsidies 3 Net operating surplus Private enterprises Surplus of government enterprises Source: U.S. Bureau of Economic Analysis 2015 2018 O $13.850 O $9.704 O $31.518 O $18.480 9.264 9.704 7,487 7,866 1,777 1.838 1,210 1,238 57 4,489 4.575 4,509 4,593 -20 -19 1,777 1,838 1.210 1.238 57 57 4,489 4.575 4.509 4.593 Depreciation of fixed capital 2.745 2.831 57 -20 -19 From this data, total GDP in 2015 was about billion.
Answer the following three (3) questions on the basis of the following information about a hypothetical economy: Full-time workers 175.2 million Part-time workers 39.0 million Unemployed workers ("actively seeking..") 10.8 million "Discouraged workers" 5.0 million Retirees 38.0 million "Underground economy" 1.0 million TOTAL POPULATION 350 million Question 31 The unemployment rate is: O 5.5% O 4.5% O 6.3% O 4.8% Question 32 If "discouraged workers" were included in the calculations, what would the unemployment rate be? O 7.6% O 6.8% O 7.0% O 7.2%
Productivity is defined as O 1) output per person. O 2) output per unit of capital. 3) output per unit of technology. O 4) output per hour of work. O 5) output per unit of full-time employment. 身

D Question 14 Suppose for the country of Joshua-land, the annual inflation rate is 7%, the population growth is 5% per year while GDP increases by 2% per year. How long would it take for the country to double its GDP? O 7 years O 14 years 35 years O Never Question 15 For the previous question, how long would it take Joshua-land to double its GDP capita? per O 7 years O 14 years O 35 years Never Question 16 For Joshua land, how long would it take for prices to double? O 7 years O 10 years 35 years O Not enough information
Q2. d) Suppose the economy is initially in a steady state. What happens to the level of output per worker (y) and to the growth rate of aggregate capital ( K ) if the population growth (n ) decreases? Select one: O a. The level of output per worker decreases and the growth rate of aggregate capital decreases b. The level of output per worker decreases and the growth rate of aggregate capital increases O C. The level of output per worker increases and the growth rate of aggregate capital increases O d. The level of output per worker increases and the growth rate of aggregate capital decreases
7. LO 2, 4 Suppose that a consumer can earn a higher wage rate for working overtime. That is, for the first q hours the consumer works, he or she receives a real wage rate of w, and for hours worked more than q he or she receives w, where W2>W1. Suppose that the consumer pays no taxes and receives no nonwage income, and he or she is free to choose hours of work. (a) Draw the consumer's budget constraint, and show his or her optimal choice of consump- tion and leisure (b) Show that the consumer would never work hours, or anything very close to q Explain the intuition behind this. (c) Determine what hours. happens if the overtime wage rate w2 increases. Explain your results in terms of income and substitution effects. You must consider the case of a worker who initially works overtime, and a worker who initially does not work overtime.
Real GDP in Sub-Saharan Africa has recently risen at a rate of about 5% per year. If its growth continues at this rate, how many years would it take for Sub-Saharan Africa's real GDP to double? O 14 years. O 3.5 years. O 5 years. O 20 years.

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