Homework Answers
As per HOMEWORKLIB RULES in case of multiple questions only the first question is to be answered
Kindly ask rest of the questions in a separate post
1.
Economics is the study of scarce resources and unlimited needs. It is a way of allocating scarce resources in the best possible manner so that both productive and allocative efficiency is achieved.
Economics is important or necessary to make best possible decissions Under the given situation and scarce resources.
While Microeconomics is the study of economics at firm or individual level, Macroeconomics is the study of Economics at the macro or national level. They both study Production and distribution decision making.
The types of factors used in the production process are land, labor and capital.
Every decision made involves a decission making. It means the decission maker has to choose among a set of given different alternatives. Any decission made involves sacrificing or letting go of the rest of the alternatives. This means the individual is letting go of value he might have made had he chosen the next best alternative, which is nothing but opportunity cost of the decission made.
Marginal means change per unit. It studies how much the value of a variable is changed when output or input is changed by one unit.
Individuals must make decissions at the margin, in order to maximize utility. This means they must make decisions where marginal benefit received from consumption equals the marginal cost of obtaining it. This is an efficient and Optimal decission making point.
Add Answer to:
Macroeconomics Bosshardt Fall 2019 The test will be multiple choice (blue scan sheet, I will have...
The diagram below shows the aggregate production function for a country on the left real in...
The diagram below shows the aggregate production function for a country on the left real in t ons of 2012 dollars and tabor hours in billions, and the national labor market on the rise real wage in 2012 dollars and labor hours in billions). Use the diagram to answer the following questions ste Labor market LOP NOZ LO Q of Laber Qot Lahor a. Assume the economy is as drawn above. Suppose that as time passes, the level of technology...
Table 1 shows the labor market schedule and Table 2 shows the production Table 1 function schedule for the country of Moldovokia Quantity of labor Quantity of labor Real wage rate demanded supplied A...
Table 1 shows the labor market schedule and Table 2 shows the production Table 1 function schedule for the country of Moldovokia Quantity of labor Quantity of labor Real wage rate demanded supplied An increase in the population changes the quantity of labor supplied by 20 billion (2009 dollars per hour) 15 20 25 30 35 (billions of hours per year hours at each real wage rate What is the new potential GDP? Potential GDP is trillion 20 60 50...
This is a macroeconomics problem. I am primarily concerned with parts e) and f). Thank you!...
This is a macroeconomics problem. I am primarily concerned with
parts e) and f). Thank you!
18. Consider two competitive economies that have the same quantities of labor (L 400) and capital (K 400), as well as the same technology (A 100). Remember that factors cannot move across countries. The economies of the countries are described by the following Cobb-Douglas production functions: North Economy: Y.4L.3K7 South Economy: Y-AL'K3 a. Which economy has the larger total production? Explain. b. In which...
Name: e xemSon Port I: 30 Multiple Choice Questions (One point for each correct answer) 1....
Name: e xemSon Port I: 30 Multiple Choice Questions (One point for each correct answer) 1. A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the production function. Suppose the economy's production function is Y- 75x N xK, where K- 1000 and N 20, what happens if both inputs K and N are tripled? a. Y doubles. b. Y triples. c. Y quadruples d. Y is unchanged. 2. An adverse supply shock...
5-7 QUESTION 5 I nominal GDP grew 9 percent last year and the population have not...
5-7
QUESTION 5 I nominal GDP grew 9 percent last year and the population have not changed and inflation rate was 4 percent, then real GDP per capita grew by percent. 2.25 13 QUESTION 6 -20 + 4/w), where w is the wage per Suppose a firm's labor demand equation is L-28-21w), and the labor supply equation that it froos is, hour worked. The government imposes a minimum wage equal to 10. As a result unemployment will not change increase...
I need some confirmation on how I scored on an AP Macroeconomics Assignment. If I get...
I need some confirmation on how I scored on an AP Macroeconomics Assignment. If I get something wrong, could you please tell me what the correct answer is, as well as why? Thanks! 1) Sources of economic growth would include an increase in: consumer spending. GDP. worker education. government spending. financial investment. (I put worker education) 2) Suppose real GDP per capita in Canada is $25,000 and its annual growth rate is 7%. Real GDP per capita for Canada will...
Gregory Mankiw, Macroeconomics (10th) Chapter 3 - Problems and Applications #1,3,7 PROBLEMS AND APPLICATIONS 1. Use...
Gregory Mankiw, Macroeconomics (10th)
Chapter 3 - Problems and Applications #1,3,7
PROBLEMS AND APPLICATIONS 1. Use the neoclassical theory of distribution to predict the impact on the real wage and the real rental price of capital of each of the following events: a. A wave of immigration increases the labor force b. An earthquake destroys some of the capital c. A technological advance improves the d. High inflation doubles the prices of all factors stock production function. and outputs in...
DUE: JANUARY 3rd, 2020 - DURING CLASS Labor (millions of hours per year) 200 240 280...
DUE: JANUARY 3rd, 2020 - DURING CLASS Labor (millions of hours per year) 200 240 280 320 360 Real GDP (millions of 2000 dollars) 6,800 7,680 8,400 8,960 9,360 1. The table above shows the aggregate production function in the economy of Prescottia. The people of Prescottia pay no taxes and are willing to work 248 million hours a year for a real wage rate of $8 an hour, and for each dollar increase in the real wage, they are...
50 of 64 (28 complete) This Question: 2 pts Real wage rate (2009 dollars per hour)...
50 of 64 (28 complete) This Question: 2 pts Real wage rate (2009 dollars per hour) a large increase in investment increases labor productivity, explain what happens to a. Potential GDP. b. Employment The real wage rate When labor productivity increases, there is the production function and in potential GDP. O an upwards of an increase OB. a movement up along; an increase OC. a movement up along; no change OD an upward shino, no change Draw a later supply...
Q1) Q2) Q3) Q4) Q5) What is the distinction between automatic and discretionary fiscal policy? Choose...
Q1)
Q2)
Q3)
Q4)
Q5)
What is the distinction between automatic and discretionary fiscal policy? Choose the correct statements. a. A fiscal policy action initiated by an act of Parliament is called discretionary fiscal policy. b. All fiscal stimulus is discretionary. c. The fiscal stimulus act passed by the U.S. government in 2008 is an example of automatic fiscal policy. d. Fiscal stimulus is the use of fiscal policy to increase production and employment. O A. Statements a and c...
The diagram below shows the aggregate production function for a country on the left real in t ons of 2012 dollars and tabor hours in billions, and the national labor market on the rise real wage in 2012 dollars and labor hours in billions). Use the diagram to answer the following questions ste Labor market LOP NOZ LO Q of Laber Qot Lahor a. Assume the economy is as drawn above. Suppose that as time passes, the level of technology...
Table 1 shows the labor market schedule and Table 2 shows the production Table 1 function schedule for the country of Moldovokia Quantity of labor Quantity of labor Real wage rate demanded supplied An increase in the population changes the quantity of labor supplied by 20 billion (2009 dollars per hour) 15 20 25 30 35 (billions of hours per year hours at each real wage rate What is the new potential GDP? Potential GDP is trillion 20 60 50...
This is a macroeconomics problem. I am primarily concerned with
parts e) and f). Thank you!
18. Consider two competitive economies that have the same quantities of labor (L 400) and capital (K 400), as well as the same technology (A 100). Remember that factors cannot move across countries. The economies of the countries are described by the following Cobb-Douglas production functions: North Economy: Y.4L.3K7 South Economy: Y-AL'K3 a. Which economy has the larger total production? Explain. b. In which...
Name: e xemSon Port I: 30 Multiple Choice Questions (One point for each correct answer) 1. A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the production function. Suppose the economy's production function is Y- 75x N xK, where K- 1000 and N 20, what happens if both inputs K and N are tripled? a. Y doubles. b. Y triples. c. Y quadruples d. Y is unchanged. 2. An adverse supply shock...
5-7
QUESTION 5 I nominal GDP grew 9 percent last year and the population have not changed and inflation rate was 4 percent, then real GDP per capita grew by percent. 2.25 13 QUESTION 6 -20 + 4/w), where w is the wage per Suppose a firm's labor demand equation is L-28-21w), and the labor supply equation that it froos is, hour worked. The government imposes a minimum wage equal to 10. As a result unemployment will not change increase...
Gregory Mankiw, Macroeconomics (10th)
Chapter 3 - Problems and Applications #1,3,7
PROBLEMS AND APPLICATIONS 1. Use the neoclassical theory of distribution to predict the impact on the real wage and the real rental price of capital of each of the following events: a. A wave of immigration increases the labor force b. An earthquake destroys some of the capital c. A technological advance improves the d. High inflation doubles the prices of all factors stock production function. and outputs in...
DUE: JANUARY 3rd, 2020 - DURING CLASS Labor (millions of hours per year) 200 240 280 320 360 Real GDP (millions of 2000 dollars) 6,800 7,680 8,400 8,960 9,360 1. The table above shows the aggregate production function in the economy of Prescottia. The people of Prescottia pay no taxes and are willing to work 248 million hours a year for a real wage rate of $8 an hour, and for each dollar increase in the real wage, they are...
50 of 64 (28 complete) This Question: 2 pts Real wage rate (2009 dollars per hour) a large increase in investment increases labor productivity, explain what happens to a. Potential GDP. b. Employment The real wage rate When labor productivity increases, there is the production function and in potential GDP. O an upwards of an increase OB. a movement up along; an increase OC. a movement up along; no change OD an upward shino, no change Draw a later supply...
Q1)
Q2)
Q3)
Q4)
Q5)
What is the distinction between automatic and discretionary fiscal policy? Choose the correct statements. a. A fiscal policy action initiated by an act of Parliament is called discretionary fiscal policy. b. All fiscal stimulus is discretionary. c. The fiscal stimulus act passed by the U.S. government in 2008 is an example of automatic fiscal policy. d. Fiscal stimulus is the use of fiscal policy to increase production and employment. O A. Statements a and c...
Most questions answered within 3 hours.
-
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 42 minutes ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 56 minutes ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 2 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 2 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 2 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 3 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 3 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 3 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 3 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 3 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 3 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 3 hours ago