MACROECONOMICS FOR TODAY
10th Edition
ISBN: 9781337613057
Author: Tucker
Publisher: CENGAGE L
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Chapter P1, Problem 7KC
To determine
The
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Concept: Technological Progress/LRAS
Suppose an economy experiences technological progress and this causes a shift in the LRAS curve.
Which of the following should not occur?
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OA. There will be reduced pressure on prices as the economy has the ability to produce more real GDP
OB. There should be a shift to the right in the SRAS curve because the increased technology reduces the cost of producing goods in the economy.
OC. There will be an increase in government purchases as the economy has more income
OD. There should be an increase in the amount of income which will cause an increase in AD
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Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? Show your work.in detail Part B: Calculate the opportunity cost of producing jeans for each country. Show your work in detail Part C: Calculate the opportunity cost of producing cell phones for each country. Show your work in detail Part D: Determine how many jeans should be produced by each nation. Show your work in detail. Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology in your…
Topic: What is the world going to be like if we continue to have bilateral economic war in the next 25 years? the tensions that lead to war still exist: religion, money, natural resource, and history all provide way too many “reasons” for countries to want war to achieve their perception of national goals.
Question: How important is money and Natural resources during bilateral economic wars and what are the effects.
please answer in paragraphs, thank you for your time!
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