which of the following cases is the assumption most reasonable? O a. To address the impact of taxes on income distribution, an economist assumes that everyone earns the same incom Ob. To estimate the speed at which a beach ball falls, a physicist assumes that it falls in a vacuum. c. To address the benefits of trade, an economist assumes that there are two people and two goods. Od. To address the impact of money growth on inflation, an economist assumes that money is strictly coins. Hide Feedback Correct

which of the following cases is the assumption most reasonable? O a. To address the impact of taxes on income distribution, an economist assumes that everyone earns the same incom Ob. To estimate the speed at which a beach ball falls, a physicist assumes that it falls in a vacuum. c. To address the benefits of trade, an economist assumes that there are two people and two goods. Od. To address the impact of money growth on inflation, an economist assumes that money is strictly coins. Hide Feedback Correct

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How does unemployment in the industrialized world compare with unemployment in the United States? O A. Japan has a higher average unemployment rate than the United States and the Eurozone. O B. The Eurozone has a higher average unemployment rate than the United States. C. The Eurozone unemployment rate tends to rise when the U.S. unemployment rate falls, and tends to fall when the U.S. unemployment rate rises. D. The difference between the unemployment rates of the Eurozone and the United States decreased following the 2008-2009 recession. Click to select your answer. DII 80 000 000 F8 F7 F6 F5 F4 F3 F2 F1 * & % 7
Keynesians: O a. accept the fact that policymakers should eliminate inflation first before focusing on unemployment. O b. focus on increasing aggregate demand in order to stimulate the economy. Oc. believe that the level of aggregate demand in the 1930s was sufficient to generate full employment. O d. accept the countercyclical policy of doing nothing, that is, allowing market forces to work.
According to Peter Howitt of Brown University, what would the accumulated value of all additional output produced be worth in 30 years if inflation is lowered from 3 percent a year to zero? If inflation is lowered from 3 percent a year to zero, then in 30 years the accumulated value of all additional output produced would be worth A. 25 percent of current GDP. B. 115 O C. 55 O D. 85 Click to select your answer. 20 888 F10 F11 F7 F8 F9 esc F4 F5 F6 F2 F3 F1 & ! @ # $4 1 2 3 4 Y Q W E tab H K S D F G T
making a large number of goods that are the same is?
The unemployment rate is a measure of the economic health of a nation. O True O False
None
The figure shows the circular flows in the market economy. Indicate the real and money flows in which the following items belong. When Apple Inc. pays the designers of the iPad, the flows are a to households and a from households to firms. O A. real flow; real flow B. money flow, money flow OC. money flow, real flow O D. real flow; money flow When you buy a new e-book from Amazon, the flows are a households to firms and a from firms to households. O A. money flow, real flow O B. real flow; money flow OC. money flow, money flow OD. real flow; real flow from firms from ( Labour, land, capital, entrepreneurship FACTOR MARKETS HOUSEHOLDS Wages, rent, interest, profits FIRMS Goods and services Expenditure on goods and services GOODS MARKETS
Which statement is true? The fewest number of people in the United States are in the middle class. O The least number of people in the United States are in the working class. O The greatest number of people in the United States are in the working class. The largest number of people in the United States are in the middle class.
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2. In the United States, two government programs that provide economic assistance to poor families are the Earned Income Tax Credit (EITC) and Temporary Assistance to Needy Families (TANF). According to economic theory, how do these programs affect the labor supply of eligible families? O Both programs increase labor force participation. O Both programs decrease labor force participation. O The EITC increases labor force participation, whereas TANF decreases labor force participation. O TANF increases labor force participation, whereas the EITC decreases labor force participation. O Among those who work, both programs increase hours of work.
Select one or more: O a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, the ratio of GDP per capita between the two countries is unchanged. O b. If a country's GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate. O c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a linear scale graph against time the gap between the two lines must be narrowing. O d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log scale graph against time the gap between the two lines will be constant.