ecs1601 assignment with accurate solutions available
If a nation's real GDP increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million, it real GDP per capita will:- ANSremain constant. Suppose that an economy's labor productivity and total worker-hours each grew by 3 percent between year 1 and year 2. We could conclude that this economy's:- ANSproduction possibilities curve shifted outward. Growth is advantageous to a nation because it:- ANSlessens the burden of scarcity. At an annual growth rate of 7 percent, real GDP will double in about:- ANS10 years. If a nation's real GDP is growing by 5 percent per year, its real GDP will double in approximately:- ANS14 years. If the economy's real GDP doubles in 18 years, we can:- ANSconclude that its average annual rate of growth is about 3.9 percent. Use the list below to answer the following question: 1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3. Purchases of expanding output. 4. Obtaining the optimal combination of goods, each at least-cost production. 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. Which set of items in the list would move an economy from a point inside its production possibilities curve to a point on its production possibilities curve?- ANS3 and 4 only. Economic growth can be portrayed as:- ANSan outward shift of the production possibilities curve. Suppose total output (real GDP) is $4,000 and labor productivity is $8. We can conclude that:- ANSthe number of worker-hours must be 500. Other things equal, which of the following would decrease the rate of economic growth, as measured by changes in real GDP?- ANSA decrease in the labor force participation rate.
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ecs1601 assignment with accurate solutions available
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if a nations real gdp increases from 100 billion to 106 billion and its population jumps from 200 million to 212 million
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