Suppose a country reduces restrictions on how many hours people can work. If reducing these restrictions...
Suppose a country reduces restrictions on how many hours people can work. If reducing these restrictions increase the total number of hours worked in the economy, but all other factors that determine output are held fixed, then
- a. productivity falls and output rises.
- Selected:b. productivity rises and output falls.This answer is incorrect.
- c. productivity and output both rise.
- d. productivity and output fall.
Homework Answers
Ans) the correct option is a. productivity falls and output rises.
productivity decreases as number of labor hours increase but output is positive and still increasing at a diminishing rate
Add Answer to:
Suppose a country reduces restrictions on how many hours people
can work. If reducing these restrictions...
TEXT Alternative: Suppose you were in charge of establishing economic policy for a small island country...
TEXT Alternative:
Suppose you were in charge of establishing economic policy for a
small island country whose only industry is fishing. When people
aren't fishing, they're enjoying leisure time with their
families.
Which of the following policies would lead to greater economic
growth? Check all that apply.
Imposing a tax on fishing boats (a form of capital)
Lowering the income tax, assuming that it encourages people to
work longer hours
Subsidizing research and development into new fishing
technologies
Offering free...
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $16...
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $16 per hour worked. a. What is New Zombie’s real GDP? If work hours increase to 320 in year 2 and productivity rises to $18 per hour, what is New Zombie’s rate of economic growth?
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $12...
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $12 per hour worked Instructions: In part enter your answer as a whole number in part b, round your answer to 2 decimal places. a What is New Zomble's real GDP? b. If work hours increase to 320 in year 2 and productivity rises to $14 per hour what is New Zomblie's rate of economic growth? percent Prev 4 o TO Next >
7. Suppose that Canada imposes an import quota on automobiles. In the open-economy macroeconomic model, which of...
7. Suppose that Canada imposes an import quota on automobiles. In the open-economy macroeconomic model, which of the following curves would this quota shift? a. supply of loanable funds left b. demand for loanable funds left c. demand for Canadian dollars right d. supply of Canadian dollars left 8. Suppose the Canadian government imposed import quotas on agricultural products. According to the foreign-currency exchange market diagram, which of the following outcomes would most likely result? a. Both the demand and supply curves...
Please help with these questions, Question 17 0.16 pts During the winter months, many elderly people...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
15. Consider an economy, with a production function given by Y-AK03L07. This economy's annual GDP growth...
15. Consider an economy, with a production function given by Y-AK03L07. This economy's annual GDP growth rate is 5%. Also assume that L and Kare both growing at annual rates of 2%. Calculate the growth rate of total factor productivity for this economy. a. 2.0% b. 3.0% 4.0% c. d. 5.0% 16. Suppose output is determined by a Cobb-Douglas production function Y=AK L1 Where 0ca<1. If total factor productivity (A) remains constant, but labour (L) and capital (K) inputs both...
The study of decision-making of how to allocate scarce resources at the national level Question 2...
The study of decision-making of how to allocate scarce resources at the national level Question 2 2 pts Which of the following inferences can NOT be made from the macroeconomic principles? A country that decides to allow trade with other countries will likely see productivity rise If the incomes of people are generally rising then their quality of life is likely rising as well The government can sometimes improve the results of a market economy In the short run, a...
Student Work Hours In today’s economy, university students often work many hours to help pay for...
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Consider an imaginary 10-year period over which output per person falls, but GDP increases. How can...
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Which of the following statements about a country with a fixed exchange rate and perfect capital...
Which of the following statements about a country with a fixed exchange rate and perfect capital mobility is not correct? (a) Shocks to aggregate demand lead to large changes in output. (b) Domestic interest rates must match interest rates in other countries. (c) Inflation targeting works well. (d) Monetary policy cannot be used to stabilize the economy. What of the following statements about the first thing that firms do in response to a fall in demand is correct? (a) Reduce...
TEXT Alternative:
Suppose you were in charge of establishing economic policy for a
small island country whose only industry is fishing. When people
aren't fishing, they're enjoying leisure time with their
families.
Which of the following policies would lead to greater economic
growth? Check all that apply.
Imposing a tax on fishing boats (a form of capital)
Lowering the income tax, assuming that it encourages people to
work longer hours
Subsidizing research and development into new fishing
technologies
Offering free...
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $12 per hour worked Instructions: In part enter your answer as a whole number in part b, round your answer to 2 decimal places. a What is New Zomble's real GDP? b. If work hours increase to 320 in year 2 and productivity rises to $14 per hour what is New Zomblie's rate of economic growth? percent Prev 4 o TO Next >
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
15. Consider an economy, with a production function given by Y-AK03L07. This economy's annual GDP growth rate is 5%. Also assume that L and Kare both growing at annual rates of 2%. Calculate the growth rate of total factor productivity for this economy. a. 2.0% b. 3.0% 4.0% c. d. 5.0% 16. Suppose output is determined by a Cobb-Douglas production function Y=AK L1 Where 0ca<1. If total factor productivity (A) remains constant, but labour (L) and capital (K) inputs both...
The study of decision-making of how to allocate scarce resources at the national level Question 2 2 pts Which of the following inferences can NOT be made from the macroeconomic principles? A country that decides to allow trade with other countries will likely see productivity rise If the incomes of people are generally rising then their quality of life is likely rising as well The government can sometimes improve the results of a market economy In the short run, a...
Consider an imaginary 10-year period over which output per person falls, but GDP increases. How can this happen? This is possible if O A. the rate of technical progress is small. B. the rate of unemployment is constant OC. the number of people in the corresponding population is stable D. the rate of increase in the other factors of production is high Do you think this is likely to be good for the economy? Such a long-term decline in output...
Which of the following statements about a country with a fixed exchange rate and perfect capital mobility is not correct? (a) Shocks to aggregate demand lead to large changes in output. (b) Domestic interest rates must match interest rates in other countries. (c) Inflation targeting works well. (d) Monetary policy cannot be used to stabilize the economy. What of the following statements about the first thing that firms do in response to a fall in demand is correct? (a) Reduce...
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