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economics 14th global

Questions and Answers of Economics 14th Global

In Problem 10 , what is each student’s maximized expected utility? Who has the larger expected wealth? Who ends up with the larger wealth at the end of the summer?Two students, Jim and Kim, are
In Problem 10 , if one of the students takes the risky job, how much more would the fruit picking job have needed to pay to attract that student?Two students, Jim and Kim, are offered summer jobs
If Chris cannot buy cold-summer insurance, what is her expected wealth and what is her expected utility?Chris’s wealth is $5,000 and it consists entirely of her share in a risky ice cream business.
Explain how “[s]tressing about things like coronavirus and global emergencies” can result in people making decisions that not only fail to satisfy the social interest, but also fail to satisfy
How can information be used to improve people’s decision making?There are several factors in life we can’t control and stressing about things like coronavirus and global emergencies isn’t
How to Get Paid What You’re Worth To get paid what you are worth you must be able and willing to stand up for your value, break away from the HR wall chart, break free from low pre-set annual pay
What are the distinctions between domestic and national, and gross and net?
How does the growth rate of GDP contribute to an improved standard of living?
What is PPP and how does it help us to make valid international comparisons of GDP?
Explain why GDP might be an unreliable indicator of the standard of living.
Classify each of the following items as a final good or service or an intermediate good or service and identify each item as a component of consumption expenditure, investment, or government
The following figure illustrates the circular flow model.During 2021, flow A was $13.0 trillion, flow B was $9.1 trillion, flow D was $3.3 trillion, and flow E was −$0.8 trillion. Calculate (i) GDP
The table in the next column lists some national accounts data for the United States in 2019.a. Calculate U.S. GDP in 2019.b. Explain the approach (expenditure or income)you used to calculate GDP.
Calculate nominal GDP in 2021 and 2022.Tropical Republic produces only bananas and coconuts. The base year is 2021, and the table gives the quantities produced and the market prices. Quantities
Calculate real GDP in 2022 expressed in base year prices.Tropical Republic produces only bananas and coconuts. The base year is 2021, and the table gives the quantities produced and the market
Use the following data to work out the year in which the U.S. standard of living (i) increased and (ii) decreased. Explain your answer. Year 2017 2018 2019 2020 Real GDP $18.1 trillion $18.7 trillion
An agricultural economy produces only potatoes and tomatoes.Calculate the country’s chainedeuro real GDP in 2017 expressed in 2016 euros. Quantities Potatoes Tomatoes Prices Potatoes Tomatoes 2016
Classify each of the following items as a final or an intermediate good or service, and identify which is a component of consumption expenditure, investment, or government expenditure on goods and
In 2020, flow A was $1,000 billion, flow C was$250 billion, flow B was $650 billion, and flow E was $50 billion. Calculate investment. FACTOR MARKETS A ( HOUSEHOLDS FIRMS D ( GOVERNMENTS B GOODS
In 2021, flow D was $2 trillion, flow E was −$1 trillion, flow A was $10 trillion, and flow C was$4 trillion. Calculate consumption expenditure. FACTOR MARKETS A ( HOUSEHOLDS FIRMS D ( GOVERNMENTS
Explain where these activities appear in the Brazilian National Income and Product Accounts.Naval Group, a French company, provides parts and equipment for Brazilian submarines. Renault do Brasil,
Explain where these activities appear in France’s National Income and Product Accounts.Naval Group, a French company, provides parts and equipment for Brazilian submarines. Renault do Brasil, the
Explain how Gannett’s outsourcing to India will change India’s GDP.Gannett (the largest U.S. newspaper publisher by daily circulation) is outsourcing 485 jobs to India.
Explain how Gannett’s outsourcing to India will change U.S. GDP.Gannett (the largest U.S. newspaper publisher by daily circulation) is outsourcing 485 jobs to India.
Calculate U.S. GDP in 2016.The table lists some macroeconomic data for the United States in 2016. Item Wages Consumption expenditure Other factor incomes Investment Government expenditure Net exports
Explain the approach (expenditure or income) that you used to calculate GDP.The table lists some macroeconomic data for the United States in 2016. Item Wages Consumption expenditure Other factor
Calculate nominal GDP in 2022 and 2023. An economy produces only apples and oranges. The base year is 2022, and the table gives the quantities produced and the prices. Quantities Apples Oranges
Calculate real GDP in 2022 and 2023 expressed in base year prices.An economy produces only apples and oranges. The base year is 2022, and the table gives the quantities produced and the prices.
Explain how China’s real GDP can grow at a 6.9 percent rate when consumption and investment grew faster than 6.9 percent.China’s real GDP increased 6.9 percent in the first quarter of 2017 from a
Explain why the growth rate of GDP in current prices does not provide information about how quickly the economy is really growing.China’s real GDP increased 6.9 percent in the first quarter of 2017
The United Nations’ Human Development Index (HDI) is based on GDP per person, life expectancy at birth, and indicators of the quality and quantity of education.a. Explain why the HDI might be
Explain the special complications involved with attempting to compare the economic welfare in China and the United States by using the GDP for each country.The International Monetary Fund reported
Explain why the data reported here might be a poor indicator of the differences in economic welfare among Canada, the United Kingdom, and the United States, but nevertheless provide the correct
The Forbes Billionaires List: Africa’s Billionaires 2020 Africa’s billionaires are richer than a year ago. As a group, the continent’s 20 billionaires are worth$73.4 billion, an increase of
After you have studied Economics in the News on pp. 546–547, answer the following questions.a. How did the BEA estimates of the real GDP growth rate in the second and third quarters of 2020 change
GDP Outdated, Here Are the Alternatives A panel of highprofile economists suggest measuring the economic wellbeing of families and removing the emphasis on GDP growth. Some economists propose
Use the information in Problem 18 to calculate the chaineddollar real GDP in 2023 expressed in 2022 dollars.Problem 18An economy produces only apples and oranges. The base year is 2022, and the
Describe the trends and fluctuations in the U.S. unemployment rate from 1981 to 2021.
Describe the trends and fluctuations in the U.S. employment-to-population ratio and the labor force participation rate from 1981 to 2021.
Describe the alternative measures of the unemployment rate.
The BLS reported for January 2021:Labor force: 159 million Employment: 148 million Working-age population: 261 million Calculate thea. Unemployment rate.b. Labor force participation rate.c.
In July 2021, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2021, 80 people lost their jobs and didn’t
Predict what happened to unemployment between June 2015 and June 2017, if the labor force was constant.In June 2015, the U.S. unemployment rate was 5.2 percent. In June 2017, the unemployment rate
Predict what happened to the labor force between June 2015 and June 2017, if unemployment was constant.In June 2015, the U.S. unemployment rate was 5.2 percent. In June 2017, the unemployment rate
April’s Expected Hiring Boom Goes Bust Although the unemployment rate didn’t fall as much as expected in April, the measure of unemployment that includes discouraged workers and workers holding
What are the two types of unemployment described in the news clip? Why is one of them more worrying for officials in Singapore?Singapore has been facing increasing unemployment due to a slowdown in
Which types of unemployment could not have been prevented even if Singapore’s economy did not slow down and the labor market was working properly?Singapore has been facing increasing unemployment
Calculate the CPI basket and the percentage of the household’s budget spent on juice in 2020.The people on Coral Island buy only juice and cloth.The CPI basket contains the quantities bought in
Calculate the CPI and the inflation rate in 2021.The people on Coral Island buy only juice and cloth.The CPI basket contains the quantities bought in 2020. The average household spent $60 on juice
Calculate the inflation rates for the years ended June 2020 and June 2021. How did the inflation rate change in 2021?The BLS reported the following CPI data: June 2019 June 2020 June 2021 256.1 257.8
Why might these CPI numbers be biased? How can alternative price indexes avoid this bias?Which alternative index might be least biased and why?The BLS reported the following CPI data: June 2019 June
The BLS reported for February 2019:Labor force participation rate: 63 percent Working-age population: 258 million Employment-to-population ratio: 60.4 Calculate thea. Labor force.b. Employment.c.
Trend Reversal of Old-Age Labor Force Participation in Germany While life expectancy has significantly increased almost everywhere in the world, most industrialized economies had been witnessing a
The BLS reported that in the second quarter of 2016, employment increased by 100,000 to 150,959,000 and the unemployment rate fell from 5 percent to 4.9 percent. About 1.3 million people were
A high unemployment rate tells us that a large percentage of the labor force is unemployed but not why the unemployment rate is high. What unemployment measure tells us if (i) people are searching
Low Unemployment Rates in Dubai Dubai’s unemployment rate stood at 0.4 percent in 2015, increasing by 0.1 percent from its 0.3 percent level in 2014. Despite this increase, Dubai has one of the
What do these numbers tell us about the phase of the business cycle in these countries in 2016?The IMF World Economic Outlook reports the following unemployment rates: Region United States Spain
Do these numbers tell us anything about the relative size of their labor force participation rates and employment-to-population ratios?The IMF World Economic Outlook reports the following
Retail Workforce Could Face Permanent Decline The pandemic has caused seismic changes for the retail industry. Many stores permanently closed their doors as growing numbers of customers shifted to
More Call For Retraining as Many Jobs Might Not Return Job postings for administrative assistants, human resources personnel, food service workers, beauty consultants, and pet groomers have dwindled.
A firm agreed to pay its workers $20 an hour in 2019 and $22 an hour in 2020. The price level for these years was 256 in 2019 and 260 in 2020.Calculate the real wage rate in each year. What is the
News release In the first quarter of 2020, real personal consumption expenditure was $13,117 billion and the PCEPI (the deflator) was 110.88. In the first quarter of 2021, real personal consumption
India’s Growth, Wages, and Inflation As a result of India’s fast economic growth, the inflation rate stood at 5 percent in 2016. In the same year, an average increase in wages of 10.3 percent
After you have studied Economics in the News on pp. 572–573, answer the following questions.a. How did the unemployment rate change during the Covid recession?b. Which measure of unemployment, U-3
Older Workers Are Being Pushed Out of the Job Market Compared to pre-pandemic levels, the number of people aged 55 and over who are in the labor force has decreased by 2 million. Corporate trends
What has been the average growth rate of U.S.real GDP per person over the past 120 years? In which periods was growth most rapid and in which periods was it slowest?
Describe the gaps between real GDP per person in the United States and in other countries. For which countries is the gap narrowing? For which is it widening? For which is it the same?
Compare the growth rates in Hong Kong, Korea, Singapore, Taiwan, China, and the United States. In terms of real GDP per person, how far is China behind these others?
Describe the sources of economic growth and identify the source of the growth slowdown.
Mexico’s real GDP was 18,163 billion pesos in 2017 and 18,526 billion pesos in 2018. Mexico’s population was 123.5 million in 2017 and 124.7 million in 2018. Calculate:a. The growth rate of real
The IMF projects that China’s real GDP per person will be 57,163 yuan in 2017 and 60,334 yuan in 2018 and that India’s real GDP per person will be 98,028 rupees in 2017 and 104,191 rupees in
What are the equilibrium real wage rate, the quantity of labor employed in 2020 labor productivity, and potential GDP in 2020?The first table describes an economy’s labor market in 2020 and the
In 2021, the population increases and labor hours supplied increase by 10 at each real wage rate. What are the equilibrium real wage rate, labor productivity, and potential GDP in 2021?The first
In 2021, the population increases and labor hours supplied increase by 10 at each real wage rate. Does the standard of living in this economy increase in 2021? Explain why or why not.The first table
Productivity and Costs The BLS reported the following data for year ended March 2021: In the nonfarm sector, output increased 1.1 percent and labor productivity increased 4.1 percent. In the
In 2018 Brazil’s real GDP is growing at 1.7 percent a year and its population is growing at 0.7 percent a year. If these growth rates continue, in what year will Brazil’s real GDP per person be
Canada’s real GDP was $1,830 billion in 2017 and $1,866 billion in 2018. Canada’s population was 36.7 million in 2017 and 37.1 million in 2018. Calculate:a. The growth rate of real GDP.b. The
Australia’s real GDP was $1,730 billion in 2017 and $1,782 billion in 2018. Australia’s population was 24.6 million in 2017 and 25.0 million in 2018. Calculate:a. The growth rate of real GDP.b.
A Shifting Global Economic Landscape Global growth for 2016 is estimated at 3.1 percent.Advanced economies are projected to grow by 1.9 percent in 2017 and 2.0 percent in 2018.The primary factor
What are the equilibrium real wage rate and the quantity of labor employed in 2021?The first table describes an economy’s labor market in 2021 and the second table describes its production function
What are labor productivity and potential GDP in 2021?The first table describes an economy’s labor market in 2021 and the second table describes its production function in 2021. Real wage rate
Suppose that labor productivity increases in 2022. What effect does the increased labor productivity have on the demand for labor, the supply of labor, potential GDP, and real GDP per person?The
Why Is India’s Labor Productivity Growth Faltering?India’s labor productivity grew by more than 14 percent a year between 2004 and 2008. But between 2016 and 2018, labor productivity grew by only
Has the Ideas Machine Broken Down?According to economist Robert Gordon, the last two centuries of economic growth might actually amount to just “one big wave” of dramatic change rather than a new
How Prosperity Depends on Ideas According to economist Paul Romer, ideas and technological discoveries unlock the mystery of growth. He argues that ideas, especially those that can be contained in a
What is the fundamental fact that drives the new growth theory perpetual motion machine and keeps it in motion?
Describe the components of the new growth theory perpetual motion machine and explain the role played by incentives in keeping the machine in motion.
Why and how does new growth theory imply that technological change, even robots and artificial intelligence, will create as many jobs as it will destroy?
Coronavirus Vaccine: When Will We Have One?Under normal circumstances the vaccine creation process takes years, but with 200 groups of researchers committed to the task, an effective vaccine is
After you have studied Economics in the News on pp. 602–603, answer the following questions.a. Distinguish between economic growth and recovery from recession and identify two years in Fig. 1 when
Historic Drought in India Is So Severe That It’s Now Visible from Space India is facing a country-wide drought. Chennai, a major automotive producing city, has 99 percent less water than a year
Explain the flows of funds that finance business investment.
Define and distinguish between future value and present value.
What is the present value of $500, three years in the future if the interest rate is 5 percent?
What is net present value and how is it used in financial decisions?
Explain the relationship between asset prices and the interest rate.
Explain why the real interest rate is the opportunity cost of loanable funds.
What was Michael’s gross investment, depreciation, and net investment during 2022?Michael, an Internet service provider, bought an existing business worth $400,000 on December 31, 2021. During
What is the value of Michael’s capital at the end of 2022?Michael, an Internet service provider, bought an existing business worth $400,000 on December 31, 2021. During 2022, his business grew and
Lori is a student who teaches golf on Saturdays.In a year, she earns $20,000 after paying her taxes. At the beginning of 2021, Lori owned$1,000 worth of books, clothes, and golf clubs and she had

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