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- Consider an economy where the elasticity of output with respect to capital is 0.4 and the elasticity of output with respect to the labor input is 0.6. Assume that the growth rate of output is 3%, the growth rate of capital is 1%, and the growth rate of the labor input is 2%. (a) What is the rate of productivity growth?What happens to the following variables during an expansion? a. unemployment compensation b. welfare payments c. income tax receipts d. government budget deficits (surplus)Which of the following might increase the economy's ability to product output over the long run, Shifting the LRAS to the right? immigration of skilled and unskilled labor investment in accumulating capital stock investment in education quality and access all of the above
- In the context of the circular flow of economic activity, which of the following would not be a traditional activity of the government? A Purchases of labour services from householdsB Purchases of capital goods from firms in goods marketsC Provision of public goods and servicesD Transfers of tax revenues to low-income groups or regionsE Sales of consumer goods to foreign buyersWhy don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?Economic mobility refers to __________________. A company's ability to pay its bills from cash or from assets that can be turned into cash very quic Recessions (caused by Capitalism?) make things worse for the poor because they are so vulnerable to price fluctuations We are losing the middle class and the U.S. is becoming more separated into rich and/vs. poor. The ability of an individual, family or some other group to improve (or lower) their economic status—usually measured in income. A company's ability to pay its bills from cash or from assets that can be turned into cash very quickly
- The crowding of women and minorities into a restricted number of occupations will decrease the size of the domestic output and make its distribution less equal. has no effect on the size of the domestic output or its distribution in the long run. will increase the size of the domestic output but make its distribution less equal. will increase the size of the domestic output and make its distribution more equal.Workers who are part of the ______ economy in most cases are subject to lower wages and minimal benefits.Refer to the graph shown below. At point A: Which is true? A: the economy has full employment B: economic growth is declining C: inflation tends to be declining D: wages can be lowered due to worker surplus
- Holding all factors of production constant except for labor, what happens in an economy when real GDP output increases? The unemployment rate falls and in employment rate increases. The level of technology increases as the economy expands. The level of capital increases as the economy expands. All of the answers are correct.Which of the following is correct? a. Short run fluctuations in economic activity happen only in developing countries.b. During economic contractions most firms experience rising sales.c. Recessions come at regular intervals and are easy to predict.d. When real GDP falls, the rate of unemployment rises.Please no written by hand In the United States, the number of professional workers with college degrees is expected to Blank______ in the coming years. steadily decline increase significantly remain stable
