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Contemporary Economics 2nd Edition William A. McEachern - Solutions
The single most important determinant of a nation’s standard of living is thea. productivity of its resources.b. size of its population.c. quality of its natural resources.d. nature of its government.
Labor productivity in most __?__ countries is very low, so most of their residents barely subsist.
Which of the following is an example of a change in the rules of the game that should increase a nation’s productivity?a. Farmers are given a tax deduction when they buy new farm equipment.b. Lunches are provided free to students at an elementary school.c. Taxes on imported automobiles are
Which of the following will shift a nation’s production possibilities frontier outward over time?a. switching production away from capital goodsb. an increase in resources that are devoted to Social Security benefitsc. switching production away from consumer goods towards capital goodsd. an
__?__ takes place when there is an increase in the quantity or quality of capital per worker.
True or False The more of a nation’s resources that are allocated to the production of capital goods, the greater that nation’s rate of economic growth will be.
__?__ measures how efficiently resources are employed to create goods and services.
True or False Capital deepening involves adding more or better physical capital to production.
Science The federal government has provided many billions of dollars to the National Science Foundation (NSF) to support scientific research and development. Although some of the discoveries made by researchers supported by NSF grants have been of great value to our economy, others have not. Do you
Government In 1981, Congress passed a law that allowed businesses to deduct 10 percent of the cost of investments they made from their federal income taxes. A firm that purchased a $1 million machine could subtract$100,000 from its federal taxes. This law expired in 1986. Some people think a
Ownership of computer technology in American households has become almost universal in recent years. Although most families invest in new computer systems every few years, data in the table shows that the amount invested has actually declined in some recent years. Use the data to construct a line
Do you think that government-supported student aid for college students is similar to industrial policy in any way? Explain your answer.
There are many fewer manufacturing jobs in the U.S. economy today than there were in the past. Many people who once held manufacturing jobs have not been able to find new jobs that allow them to earn as much as they did in the past. Do you think government should provide such workers with special
A good deal of R&D in the United States and other countries is devoted to creating new types of consumer products such as shampoo, dish soap, or frozen pizza. Do you think this type of R&D adds significantly to our nation’s productivity? Explain your answer.
Which of the following types of research would have a more immediate impact on our nation’s productivity: research into new types of genetically engineered plants or research about how genes control the development of fish embryos?Explain your choice.
Literature Identify and describe advances in communications technology that have changed the way books are written and published in recent years.If Shakespeare had lived today, how might his work have been different?
Science Identify and describe a scientific advancement that has contributed to increases in labor productivity in this country or in other countries of the world.
An increase in the value of output per hour worked reflects a growth in labor productivity. The data in the table show the increase in the real output per hour worked in the years from 1992 through 2005. The year 1992 represents 100 percent. Values for years after 1992 show the percentage growth
Measures of output per capita do not consider production that takes place within households. In the past 50 years, a much larger share of U.S. citizens have worked outside the home. How has this affected output per capita?
Identify a specific event or new technology that you think has increased labor productivity in the past five years. Explain how this increase has been accomplished.
What if by earning a high-school diploma you are able to produce 25 percent more each year than you could have produced without graduating from high school? How important would this extra production be to you, your family, and the economy in general if you work until you are 67 years old?
Why is providing education to all residents a difficult task for many developing countries?
Do you think your standard of living is better than that of your parents when they were your age? Explain your answer.
Soon after 2000, the state of New York passed a law that allowed residents to deduct as much as $2,000 from their state income tax liability if they purchased a new hybrid gasoline/electric-powered automobile.Was this law intended to encourage investment in human or physical capital? Explain your
In 1998, a law was passed that eliminated federal taxes on interest earned on U.S.savings bonds that was used to pay for the education of taxpayers or their children. Was this law intended to encourage investment in human or physical capital? Explain your answer.
Research Use newspapers or Internet sources to find information about college programs you might enroll in to improve your human capital. Explain how completing a college degree could increase your productivity.
Management You are the president of a small corporation. Your firm was profitable last year and could afford to increase dividends. You, however, think those funds should be used to purchase a new computer system to improve your firm’s efficiency. Write a letter to your firm’s stockholders,
Use the data in the table to construct a bar graph of investment in physical capital during the early 2000s. Explain how changes in the level of investment in physical capital are likely to affect productivity in our economy. Year Investment in Physical Capital (in billions of 2000 dollars) 1999
How could a cut in payroll taxes make businesses more productive?
How is capital deepening demonstrated by an increased number of students who purchase computers to help them in their studies?
Why wouldn’t the act of giving new computers to the rural residents of a lessdeveloped country add much to that nation’s labor productivity?
Why is it more difficult for poorer nations to invest in capital goods than it is for wealthier nations?
Why does the U.S. production possibilities frontier shift outward in May and June of each year? What does this have to do with the graduation of many students from high school or college?
Are firms or are governments better positioned to identify the growth industries of the future?
What is labor productivity, and why has it grown faster in recent years?
Why is the economy’s long-term growth rate more important than short-term fluctuations in economic activity?
How can a nation boost its standard of living?
Why is the standard of living so much higher in some countries than in others?
Access EconNews Online through thomsonedu.com/school/econxtra. Read the article on Real Gross Domestic Product(GDP). Is it possible for nominal GDP to rise at the same time real GDP declines? Why or why not? For help with answering this question, access the data series for nominal GDP and real GDP.
Mathematics In 2005, real GDP was $11,135 billion. Suppose that the real GDP for the United States increased at the following rates in the five years following 2005. Calculate the real value of GDP in 2000 dollars for each of these years. What would this mean for aggregate demand and supply in our
Sharpen Your Skills: Evaluate Data The data in the table indicate real spending in the economy in the years from 2000 through 2005. Use these data to calculate the real GDP for each of these years. How much growth was there in the real GDP from 2000 through 2005? Real Spending in the U.S. Economy,
Evaluating Leading Indicators Suppose the following events took place in the U.S. economy.Explain why each would be a leading indicator and what each would predict about future economic activity in the U.S. economy.• The value of the stock market increases by 12 percent.• The number of orders
Calculating Real GDP Suppose the nominal gross domestic product of Germany was 3,420 billion euros in 2007 and 3,560 billion euros in 2008. Between the same years, the German CPI increased from 120.0 to 122.4. What was the real growth in Germany’s real GDP in this time period?
Measuring GDP Identify which of the following activities would be included in the measurement of GDP. For those that would be included, tell whether they would be used in the income approach or expenditure approach. Activity Buying a used bicycle Paying for a movie ticket Being paid to sell
Aggregate demand and aggregate supply interact to determinea. business profits.b. government tax receipts.c. investment.d. real GDP and the price level.
The business cycle consists of two phases that are calleda. expansions and recessions.b. recessions and contractions.c. inflation and recessions.d. expansions and inflation.
True or False A business cycle will affect all states, people, and businesses equally.
__?__ usually predict what is likely to happen to the economy in the near future.
True or False The value of capital depreciation is not considered when GDP is calculated.
If last year’s consumer price index was 185.0, and this year’s is 192.4 how much inflation has there been in the past year?a. 7.4%b. 3.8%c. 5.0%d. 4.0%
__?__ GDP has not been adjusted for changes in price.
True or False If you bake a cake from a cake mix and sell it for $8, you have added $8 to GDP.
The __?__ is a method of measuring GDP that adds up all spending on final goods and services produced in the economy.
Which of the following would be included in GDP?a. the entire value of a used car your family purchasedb. the amount you received in your pay checkc. the weekly allowance your parents give youd. the $50 you received from your aunt for your birthday
History Study the data in the table. How do you think the lives of many U.S. citizens changed during the Great Depression of the 1930s?
Use the data in the table to construct a bar graph that shows the change in real GDP per capita in the years from 2000 through 2004. By how many dollars did per capita income increase per year on average between 2000 and 2004?
What would you need to know to be able to determine whether real GDP per capita increased from last year?
What effect would an increase in the cost of productive resources have on the aggregate supply curve and on the equilibrium prices of products?
How is it possible for aggregate output to fall at the same time that nominal GDP increases by 2 percent?
Explain how your spending would be affected by a 10 percent average increase in prices. How would this change affect aggregate demand for goods and services throughout the economy?
Why do nations that have lower birth rates tend to have higher standards of living?
Why would lower rates of inflation tend to cause most people in Mexico to have better standards of living?
What impact has the growth in population had on the standard of living in Mexico?
What happened to the real GDP in Mexico during these years?
Management Explain why the managers of a home construction business would be more concerned with the business cycle than would the owners of a dairy.
History During the early years of the Great Depression of the 1930s, average prices fell in the United States. If the average price level in a particular year fell by 10 percent, by how much would nominal GDP have to decline for real GDP to decline?
Use data in the table to construct a bar graph that shows the rate of growth in real GDP from 1996 through 2005. If the long-range growth rate average 3.0 percent per year, which years exceeded this growth rate and which had lower rates of growth? How does your graph demonstrate the business cycle?
If the real GDP increased from $13 trillion last year to $14 trillion this year, would you think that the economy is in a recession or an expansion? Explain your answer.
How would a major expansion of the economies in Europe affect the U.S.economy?
Do you think a recession would harm your community more or less than the average of all communities in the United States? Explain your answer.
Decide whether the U.S. economy is currently in an expansion or a recession.Identify and explain the types of information that allow you to make this decision.
Government In 1990, the federal government spent $1,253.2 billion when the CPI was 130.7. Ten years later, in 2000, the federal government spent $1,788.8 billion when the CPI was 172.2. Did the federal government’s real spending increase in these years? Explain your answer.
Americans watch television for more hours than people in any other nation. Although they value their time in front of the “tube,” this value is not included in GDP. Construct a bar graph showing the hours the average American spends watching TV from the data in the table. Is there a way the
Why wouldn’t the purchase of a $20,000 truck by a business necessarily represent a $20,000 net investment in the economy?
How do many young people participate in the underground economy?
Why wouldn’t our nation’s GDP grow if you mow your own lawn, but would grow if you were paid to mow your neighbor’s lawn?
Consumer Economics A 5-pound bag of potatoes can be purchased for$2.49. At the same time, a 24-ounce bag of frozen french fries is priced at $2.99.Explain why the frozen potatoes are more expensive. What impact does this difference have on the measurement of GDP?
Mathematics Calculate the final price consumers would pay for a gallon of gasoline given the following costs. How does this example demonstrate the need for calculating value added when measuring GDP?• Crude oil is extracted from the ground at a cost of $50 per 40-gallon barrel.• Crude oil is
Use the data in the table to construct two grouped bar graphs showing the percentage of spending for C I G (X M) for the U.S. GDP in 1970 and 2005. The vertical axis should show the percent of GDP purchased. Each of the spending types should be represented by bars placed along the horizontal axis.
What would your teacher mean if she said, “The aggregate income of all students in this class was $52,315.28 last year?”
In what way are investment by businesses and some spending by the government similar?
Why are the values of spending and income always equal?
Why wouldn’t your efforts add $100 to GDP if you made a table that you sold for $100?
Why should people care about the amount of production that takes place within the economy?
What’s the big idea with the national economy?
What’s the business cycle?
How can you compare the value of production in one year with that in other years if prices change over time?
What’s the impact on gross domestic product if you make yourself a sandwich for lunch?
What’s gross about the gross domestic product?
How is the economy’s performance measured?
Access EconData Online through thomsonedu.com/school/econxtra. Read the article entitled“Stock Prices: S&P 500.”Write a paragraph that describes the S&P 500, and explain why this index is useful to investors.
Demand and Supply for Loans On a separate sheet of paper complete the table, indicating what would happen in each situation by placing a () for increase, () for decrease, or (0)for stay the same, in each box to the right of the event. Also, explain the reasons for each of the signs you place in the
Sharpen Your Skills: Make Inferences Many events may affect the total demand for loans.Consider each of the following situations. Determine whether each would cause the demand for loans to increase or decline, and what the likely result on interest rates would be. Explain each of your answers.a.
Lines of Credit Justin and Carla own a ski resort. All of their income is earned in the months between November and April, but they have expenses throughout the year. During the summer, they must repair their equipment and clear their ski trails. The table to the right shows their income and
Different Types of Mergers Organize these businesses into three groups as they would form horizontal, vertical, and conglomerate mergers. You may not need to use all of the firms to complete this activity.Ajax Trucking Co.Apex Super Markets Clean Soap Co.Dad’s Ice Cream Co.Harold’s Fruit
Which of the following statements about multinational corporations (MNCs) is not true?a. MNCs usually develop new products in their native countries.b. MNCs usually manufacture products in their native countries because costs usually are lower there.c. MNCs introduce new technologies to
A corporation that operates globally is called a(n) __?__.
True or False A firm’s profits have little to do with that firm’s ability to grow.
Which is not a form of merger used by U.S.firms in the past?a. vertical mergersb. conglomerate mergersc. horizontal mergersd. diagonal mergers
Which of the following situations will cause a bank to charge a lower interest rate?a. A loan is to be paid off in 60 days instead of 3 years.b. A loan is used to purchase an automobile instead of a house.c. A loan is made to a person who just changed jobs rather than a person who has been employed
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