How does the innovation and knowledge sector contrast to that of the manufacturing sector? How does the innovation and knowledge sector drive local economies? (Talking about the Great Divergence within the American economy)

How does the innovation and knowledge sector contrast to that of the manufacturing sector? How does the innovation and knowledge sector drive local economies? (Talking about the Great Divergence within the American economy)

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Introduction To Macroeconomics

Section: Chapter Questions

Problem 1.1P

See similar textbooks

Related questions

Q: 1. China has a greater GDP value than Canada. Their national GDP is currently 2nd in the world. Why…

A: The measure that depicts the final value of goods and services being produced in an economy during a…

Q: Disscuss the Theory of Economic Development in the History of Economic Thought perspective and…

A: A process of increasing real national income and real per capita income is referred to as economic…

Q: 7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides…

A: The formula for GDP Deflator is: [(Nominal GDP)/(Real GDP)]*100 The formula for real GDP= sum of (…

Q: 11. Explain the following statement: "Good decisions typically require marginal analysis, which…

A: “Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: 30. The head of government of Vietnam, namely 31. Singapore's advanced economy is supported by…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The U.S. Economy, 2009 For 200 years, there were substantial differences among U.S. regions in per…

A: The following problem has been answered as follows:

Q: Which of the following does GDP measure? a) Non-market economic activities B) Economic…

A: GDP Gross Domestic Product is the Indicator of the economy that indicates the wellness of the…

Q: 4. Which of the following can be said about America's economy over time? It changes when the…

A: The United States is a developed nation with features of a market economy. It has the largest…

Q: 6. Calculating real GDP and real GDP per capita The following table provides the population size,…

A: Nominal GDP is the product of price of goods and quantity of goods. Real GDP is the ratio of…

Q: Discuss a business’ ability to integrate new technology into its processes and procedures. a)…

A: Business ability to integrate new technology into its processes and procedures. To guarantee that…

Q: The curves showing the various quantities of goods and services that domestic consumers, businesses,…

A: Price and quantity are two important variables in the markets to decide the equilibrium. Except…

Q: 3. Consider the economy of Sandersonia. The population of Sandersonia is 100 people. Of the…

A: Answer - Labor Force :- It is the no. of people of a population who are working and actively…

Q: 2. A Japanese consultancy firm operating in New York hires an American worker. They pay him $30, 000…

A: Net factor income from abroad refers to the difference between the income paid to the domestic…

Q: Suppose that nominal per capita GDP was $40,000 in 2000 and $60,000 in 2007. If the GDP deflator was…

A: Answer: Given, Year Nominal per capita GDP GDP deflator 2000 $40,000 100 (base year) 2007…

Q: Explain why per capita gross domestic product (GDP) is a better measure of a nation's standard of…

A: Per capita GDP refers to the per-person GDP of aa nation. It is calculated by dividing the total GDP…

Q: 3) Suppose that Alpha and Omega have identically sized working-age populations but that total…

A: It is given that the two countries had the identically sized working-age populations in them. Thus,…

Q: 1. You just heard on the news that GDP is higher this year than it was last year. This means that…

A: Gross domestic product (GDP) is the monetary value of all the finished goods and services produced…

Q: 28.A puzzle: The share of GDP devoted to investment was similar for the United States and South…

A: The total value associated with all the final goods and services produced in an economy in a year is…

Q: How impact the below factors for Secondary Education, General Pupils in Austria and United Kingdom ?…

A: Government expenditure on secondary education means that the country is focusing on monetary…

Q: Identify THREE public policies that can stimulate employment and facilitate economic growth in an…

A: The policy that depicts the proposal for solving problems of real-world that is being guided by a…

Q: Discuss the global and local problems in the economy on why there us a lot of working students

A: An economy is defined as all activity in a given region that is connected to the production and…

Q: 7. You are given with some economic data of Economy B in 2021. Answer this question using the…

A: Nominal GDP growth rate refers to growth rate of GDP of a country in current price terms whereas…

Q: Which of the following is NOT a macroeconomics statement? The real domestic output increased by…

A: Macroeconomic deals with the economy as a whole Microeconomics deals with the economic behavior of…

Q: 3. Should there be separate measures of economic output (GDP) and Quality of Life? 4. If Per Capita…

A: Per capita GDP (GDP) is a monetary metric that separates a country's financial result for each…

Q: 6. How do Marxist and Neo-Marxist models explain the reasons why the underdeveloped countries cannot…

A: Marxist theory is based on the theory of modern communism. Neo marxist believe that there are two…

Q: 1) India's Economic Survey - a document published by the Ministry of Finance, Government of India –…

A: Answer in step 2

Q: 1) Suppose GDP consists of book and clothes. In 2020, 200 books are sold at $8 each unit, and 20…

A: Hi! thanks for the question but as per the guidelines, we answer only one question at one time.…

Q: 2. Suppose an economy begins in steady state. By what proportion does per capita GDP change in the…

A: The measure that depicts the final value of goods and services being produced in an economy during a…

Q: Question 1 Use Table 1 to calculate the following (show your calculations): 1. GDE for 2015. 2. GDE…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: 4- Assume that in Berberistan only three goods are produced: coffee, tea, and cheesecake. The table…

Q: The GDP of the country has been dropping consistently for last few quarters due to economic policy…

A: Microeconomic factors impact the decision making processes of individuals and firms, while…

Q: B. The table below lists Jamaica's transactions in 2007. Particulars Consumers' expenditure 100 000…

A: (i) We know , As per Expenditure Method GDPMP = C + I + G + (X-M)…

Question

3. How does the innovation and knowledge sector contrast to that of the manufacturing sector?
How does the innovation and knowledge sector drive local economies?

(Talking about the Great Divergence within the American economy)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

7. Which of the following is a measure of output share an average person will get if the total output of an economy divides evenly among the total population? a.Real GDP b.Per capita GDP c.The capital stock of the economy d.The economic growth of the economy
4. Compare and contrast an industrial economy to a postindustrial economy. Please also give an example of a country that has an industrial economy and a country that has a post industrial economy.
1. Why doesn’t the rapid growth of China’s economy result in improvements in the lives of all... Description 1. Why doesn’t the rapid growth of China’s economy result in improvements in the lives of all Chinese? 2. What measures might Beijing or the provincial governments take to bring true development to the poor areas? 3. Does the rich East Coast have an obligation to improve the lives of the poor interior? If so, why hasn’t it happened? 4. What is the biggest challenge China faces in lifting its 300 million poor out of poverty?
5. Which type of economic system is following in given countries, shortly describe their characteristics. (i) India(ii) China(iii) United Kingdom
11. Explain the following statement: "Good decisions typically require marginal analysis, which weighs added costs against added benefits." 12. The U.S. economy is the largest in the world. What two factors primarily explain this? What makes the U.S. economy unique? 13. Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world? 14. What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today. 15. Between 1960 and 2018 U.S. GDP, measured in dollars of constant purchasing power, expanded about 5.0 times. However, the standard of living only increased by 4 times over this period. Explain the difference. 16. List five major economic activities of government and give an example of each. 17. Is the image of the typical American worker as a…
Subject; Business Economics 1. Suppose that nominal per capita GDP was $40,000 in 2000 and $60,000 in 2007. If the GDP deflatorwas 100 in 2000 and 150 in 2007, indicate the 2007 per capita real GDP measured in 2000 dollars.
Refer back to the Work It Out about Comparing the Economies of Two Countries and examine the data for the two countries you chose. How are they similar? How are they different?
What are the drawbacks to analyzing the global economy on a regional basis?
Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?
What do economists mean when they refer to improvements in technology?