Technological advances generally result in Select one: O a. increased average number of hours worked per day. O b. increased life expectancy. O c decreased incomes. O d.increased infant mortality rates.

Technological advances generally result in Select one: O a. increased average number of hours worked per day. O b. increased life expectancy. O c decreased incomes. O d.increased infant mortality rates.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

See similar textbooks

Related questions

Q: Which of the following is NOT the factors of production? O 1) money. O 2) land. 3) labor. 4)…

A: # The correct option is (A) "Money"

Q: Which of the following statements are normative and which are positive? 1. When the inflation rate…

A: Meaning of Economics: The term economics refers to the situation under which there remains a…

Q: Refer to the diagram. E H B F Consumer Goods Technological advance that is useful in producing…

A: A PPF or Production possibility curve is a graph showing the production of the combination of two…

Q: Goods and services are scarce because resources are scarce. Select one: O a. True O b. False

A: Scarcity is the primary concept or reason to study economics as it is the cause of making trade-off…

Q: The primary reason that living standards in some countries are higher today than they were a century…

A: * ANSWER :- From the above information the answer is provided below.

Q: If private property rights are not well enforced in a country, the result tends to be that, O a.…

A: The property rights are the bundle of claims defining the privileges, rights, and limitations of the…

Q: QUESTION 20 An imaginary economy of Fruitsland has the following data: Adult Population = 50 million…

A: Labor force Participation Rate = (labor force/ working age population) × 100 Unemployment rate =…

Q: Looking at the scope of central planning in the Soviet Union post WW-II, between 1951 and 1960 the…

A: Russia was following the centralised system of economic planning where the central authority was…

Q: There are 3 pizza places in a small town. One has 50% market share, one has 40% market share, and…

A: An important economic indicator of competition and concentration in an industry that is used by…

Q: General Robotics uses only labour and capital as inputs. Suppose General Robotics' budget for…

A: In a market, producer's decision related to input resources is influenced by two effects that are…

Q: Consumer sovereignty is more likely to be observed in what type of economic system? O A) Both A and…

A: Consumer sovereignty is defined when consumer experiences some power to control goods that are to be…

Q: Why does a firm care about economic capacity? O a. Output can't increase O b. Cost are maximized…

A: Answer: Economic capacity: it refers to the maximum amount of production a form or economy can do by…

Q: What you give up to obtain an item is called: Select one: O a. variable cost b. opportunity cost O…

A: Variable costs are the portion of total cost, which rise (fall) with a rise (fall) in output.…

Q: Total revenue is equal to Select one: O a. price times quantity minus marginal cost. O b. price…

A: 1. Total revenue is the amount earned by selling goods and services. It is calculated by multiplying…

Q: Which of the following statements is false? Oa. On average, growth in GDP per capita was negative in…

A: GDP per capita is a measure of a country's economic production per person. It aims to measure a…

Q: Suppose the workers on a farm are equally productive but they may decide not to work as hard because…

A: Adverse selection: When there is asymmetric information between two parties, and the party with the…

Q: The term that refers to the situation where we dont have all of our needs and wants because…

A: Economy is an area where the people work to earn livelihood.

Q: efer to the above table . The model will produce ( operate ) in which of the following outcomes : O…

A: Answer is given below

Q: A real quantity is a quantity measured: Select one: O a. in physical terms. O b. using real prices.…

A: The real quantity is the actual quantity produced in the particular time period.

Q: The opportunity cost of producing another unit of butter is 14 12 C 2 3 Butter Select one: O a.…

A: Given : Two goods are produced in the economy, guns and butter. Opportunity Cost is the value of…

Q: The opportunity cost of a decision is measured in terms of O A. sunk cost. B. the price of a new…

A: The opportunity cost is related to utility.

Q: Manuel rents a house for $21,500 per year. The house can be purchased for $375,000, and he has this…

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

Q: If the government of a country determines a very low minimum wage it will lead to O a. More number…

A: The lowest wage rate that the employer can legally pay their employees is the known as minimum wage.

Q: Which one of the following occurs when an individual enters the paid work force? O a. The…

A: When the individual enters the workforce then it is not able to devote much time to housework. This…

Q: b. Given a price of $4 per gift box, how many boxes of chocolate should Choco Lovers produce? 25 O…

A: According to the data given, the solution is collected but we have to consider the per-unit profit.…

Q: For each news item below, indicate whether it involves a what, how, or for whom question. "Fiber…

A: Fiber replaces aluminium in airplanes involves a how question. This question of how involves how…

Q: 2. Attending college is a case where the Lof not going exceeds the monetary cost of tuition. A) A.…

A: In economics, two activities are related if they both are performed using a specific input, for…

Q: Implicit and explicit costs are different in that A. explicit costs are O B. implicit costs are O C.…

A: Implicit and explicit costs are different in that the former refers to non-expenditure costs and the…

Q: Suppose the price of a share of Max, Inc. stock closes higher after the company announces a…

A: Given, Assume that the stock price of Max, Inc. rises after the company reports a quarterly loss of…

Q: The market demand is given as: Qd = 1000 – 20P The producers are characterized by: Q = [LO.5 + KO.5…

A: Given information Qd= 1000-20P Production function is Q=(L.05+K.05)2 Price of Labor is $1 per hour…

Q: DiNozzo Wooden Boats 1 20 Crimes Solved What is DiNozzo's opportunity cost for solving a crime? 30…

A: There is direct relation between production possibility frontier (PPF) and opportunity cost. When…

Q: Dawson went shopping with only $100 on him. He wants to buy a new pair of designer eye glasses and a…

A: Scarce resource means limited resource available which creates a scarce condition in an economy. It…

Q: If Arif can make 20 pizzas or 10 cakes in one day, the opportunity cost of O A. 1 pizza is half a…

A: Opportunity cost is an economic term that refers back to the cost of what you have to surrender…

Q: QUESTION 1 onsumption (or "output") efficiency refers to a state where O only when an economy…

A: Answer: (C) The consumption or output efficiency occurs where the no one can be made better off…

Q: Time left 0:28:4 Suppose your college institutes a new policy requiring you to pay for a permit to…

A: * Answer :- Option B. It is given that a new policy requires you to pay for a permit to park your…

Q: Are markets always in equilibrium? Select one: O a. Uncertain, economic theory has no answer to this…

A: Equilibrium is a state of rest from where there is no tendency to move further. A market equilibrium…

Q: During the 2008–2009 recession, the Z-pop ratio O A. increased. O B. stayed the same. OC. decreased.…

A: The Z-pop ratio refers to the utilization-to-population ratio. It is the share of the working-age…

Q: TA y Producten for en Cenen Gallons of Ice Cream If Figure 1 shows Ben's production possibilities…

A: Production possibility curve: - it is the graphical representation of different combinations of two…

Q: In one day Amazing company produced 50 shirts in 250 labor hours. What is Amazing company's…

A: Productivity refers to the amount of output generated by the given input resource. It is computed by…

Q: Which of the following relations is not correct? O A. MPS = MPC + 1. O B. 1- MPC = MPS. O C. MPC +…

A: Answer: Option A. MPS = MPC +1

Q: Someone has a comparative advantage in producing a good when a) one has specific training in the…

A: Answer Explanation Comparitive advantage is a firms ability to produce a good at a lower opportunity…

Q: Which one of the following statement is correct? O a. Higher National Income with no change in…

A: National Income is the total value of final goods and services that are produced in a financial…

Q: If firms that produce tomato sauce create air pollutants as a byproduct, it is most likely that…

A: Since the production of tomato sauce emits air pollutants si it creates negative externality. People…

Q: Lars can initially produce 20 pizzas or 2 cakes. After some training from a pizza-making expert, his…

A: In economy, opportunity cost refers to the implicit cost or expense that is also known as the…

Q: Dawson went shopping with only $100 on him. He wants to buy a new pair of designer eye glasses and a…

A: Answer: Correct option: (2) Explanation: As Dawson has only $100 with him, and he wants to buy a new…

Q: Implicit and explicit costs are different in that O D. the former refers to non-expenditure O B.…

A: Implicit cost: It is an expense that has effectively happened however not appeared or detailed as a…

Q: Assume that X is great at computer programming AND at cooking pizza. Which of the following is true?…

A: When a person has two options A and B and if one has to choose one of them(let's say option A), the…

Q: Assume that a business firm finds that its profit is greatest when it produces $40 worth of product…

Concept explainers

Accounting and Economic Profit analysis

One comes across the concept of Profits in the context of business and in analyzing the results of business activity. Profits of a business can be accounting profits, and they can also be economic profits. So how does one understand the concept of accounting versus economic profits?

Question

Technological advances generally result in
Select one.
Oa increased average number of hours worked per day.
Ob.increased life expectancy.
Oc decreased incomes.
O d.increased infant mortality rates.

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

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

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

Workers are compensated by firms with benefits in addition to wages and salaries. The most prominent offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.50 per hour but received $13.5 in heakth insurance benefits. a. By what precentage did total compensation (wages plus benefits ) change at this plant from 2000 to 2010? Total compensation increased or decreased by________ percent? What was the approximate average annual percentage change in total compensation? b. By what percetage did wages change at this plant from 2000 to 2010? Wages increased or decreased by ______percent? What was the approximate average annual percentage in wages? c. If workers value a dollar of heath benefits as much as they value a dollar of wages, by what total percentage will they feel their incomes have risen over…
(7)Which one of these is false when compared to the relationship between marginal and average product? (a) When average product is increasing in labor, marginal product is greater than average product. That is, if APL increases in L, then MPL > APL. (b) When average product is decreasing in labor, marginal product is less than average product. That is, if APL decreases in L, then MPL < APL. (c) The relationship between MPL and APL is not the same as the relationship between the marginal of anything and the average of anything. (d) When average product neither increases nor decreases in labor because we are at a point at which APL is at a maximum, then marginal product is equal to average product.
(7)Which one of these is false when compared to the relationship between marginal and average product? (a) When average product is increasing in labor, marginal product is greater than average product. That is, if APL increases in L, then MPL > APL. (b) When average product is decreasing in labor, marginal product is less than average product. That is, if APL decreases in L, then MPL < APL. (c) The relationship between MPL and APL is not the same as the relationship between the marginal of anything and the average of anything.
Q1) Individuals are counted as unemployed if they have Select one: O a. no job O b. no job and are not looking. O c. no job but looked for a job at least once in the last four weeks. O d. no job but looked for a job at least once in the last six months. Q2) Which of the following is not a topic studied in Macroeconomics Select one: O a. Unemployment O b. Gross Domestic Products (GDP) O c. None of the options O d. Inflation
Why do you mink the U.S. experience with inflation over the last 50 years has been so much milder than in many other countries?
Suppose total output (real GDP) is $1,000 and labor productivity is $5. We can conclude that the number of worker hours must be Multiple Choice 200. 5,000. 20. 2,000.
The __________ is the belief that work is an obligation and that capital should be reinvested for further profits ratherthan used for immediate enjoyment.
The Law of variable proportion describes three stages of production. In the first stage of production a. Both MP and AP rise O b. MP rises O c. AP Falls O d. MP is zero
(Please 2 answer s) Question 27 : Consider tablets which are used by a majority of consumers. Suppose that due to the development of 5G technology, tablets underwent a major advance from 2020 to 2021 in terms of the number of functions they could do. The tablets in 2021 sold at the same price as those in 2020. Which of the following would tend to increase in 2021 as a result of this major advance? Select only one : O CPI O Purchasing power of money O GDP deflator O None of the above Question 28 : Suppose a country enters a major recession where the number of unemployed increases a lot and the wages of jobs fall a lot. Assuming no other major changes, what would be the effect of this change on a country's CPI? Select only one : O Increase O Decrease O Stays the same O Unclear
The labor force participation rate shows the percentage of thelabor force that has a job. labor force that is unemployed. relevant population that is employed. relevant population that is in the labor force.
a. Based on only the first-order condition with respect to labor computed in part a (Based on the given Lagrangian, compute the representative consumer's first-order conditions with respect to consumption and with respect to labor). Qualitatively sketch two things in a diagram with the real wage on the vertical axis and labor on the horizontal axis. First, the general shape of the relation ship between w and n (perfectly vertical, perfectly horizontal, upward-sloping, downward-sloping, or impossible to tell). Second, how changes in / affect the relationship (shift it outward, shift it in inward, or impossible to determine). Briefly describe the economics of how you obtained your conclusions. (Note: In this question you are not to use the first-order condition with respect to consump tion nor any other conditions.) b. Now based on both of the two first-order conditions computed in part a, construct the consumption-leisure optimality condition. Clearly present the important steps and…
economic Suppose that an economy’s production function is Cobb–Douglas with parameter a=0.3. a. What fractions of income do capital and labor receive? b. Suppose that immigration increases the labor force by 10 percent.What happens to total output (in percent)? The rental price of capital? The real wage? c. Suppose that a gift of capital from abroad raises the capital stock by 10 percent.What happens to total output (in percent)? The rental price of capital? The real wage? d. Suppose that a technological advance raises the value of the parameter A by 10 percent. What happens to total output (in percent)? The rental price of capital? The real wage?