Which of the following government policies is least likely to Increase the standard of living in the United States? O Investment in education and skills training for workers O Raising the minimum wage paid to workers O Investment in tools and capital for workers Investment in technology
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- What is the primary way which economists measure standards of living?What are the four other factors that determine the economic standard of living around the world?Hydraulic fracturing (tracking) has the potential to significantly increase the amount of natural gas produced in the United States. If a large percentage of factories and utility companies use natural gas, what will happen to output, the price level, and employment as tracking becomes more widely used?
- Explain how the natural rate of unemployment may be higher in low-income countries.1. How does an increase in labor-productivity increase income? a. An increase in productivity, increases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. b. An increase in productivity, decreases the marginal product of labor which increases the demand for labor. As demand for labor increases, the wage rate increases. c. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate increases. d. An increase in productivity, increases the marginal product of labor which decreases the demand for labor. As demand for labor decreases, the wage rate decreases.7 - : What is it called when the economy is deprived of the production and the gain of this factor if the labor is not employed? a) Ta employment B) Increase in crimes NS) Direct product and revenue loss D) loss of human capital TO) natural unemployment
- 1. Which of the following are examples of a basic industry in a city, for example Shreveport Louisiana? Although the addition of a really nice and new Kroger store located recently near my residence (not too close) is welcomed by my family, does it improve the regional economy? a. Kroger’s b. Sam’s Town (Sam’s is a casino that caters to guests from Texas and Arkansas). c. A GM auto assembly plant d. Target 2. The following table provides local and national employment figures for three business sectors. Calculate the location quotients for the auto industry, health care, legal services and identify it as a basic (exporting) or non basic (service) industry. Remember this method requires you to compare the % of total employees in a particular industry in the local economy to the % of employees in that industry nationwide. If the local has a higher % (greater than 1), then it is considered a favorable or exporting industry. For example, for health…4. Do you think that incomes and purchasing power are related? Are companies required to pay their employees more to compensate for higher costs of living?10) In the United States, which factor of production earns the largest share of the nation's total income? 11) In the United States, how does the income received by the richest 20 percent of individuals compare with the income received by the other 80 percent? 2.7 Essay: The Global Economy 1) Compare and contrast the world population with that of the United States. Is the United States becoming a larger or a smaller part of the world's population? 2) How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?
- 5) The United States has an unemployment compensation program that provides income for those out of work. In this case, unemployment is not a problem, because the unemployment compensation program is not available to workers in all occupations until they find another job. still a problem, because the unemployment compensation program merely gives the unemployed enough funds for basic needs. still a problem, because the unemployment compensation program is not available to workers in the service occupations. not a problem, because the unemployment compensation program gives the unemployed enough funds for basic needs.4) d. The consequence of a negative GDP gap is that it requires public policy to correct. interest rates will fall and lower national saving. people will not be able to afford to go to college. what is not produced is lost forever and future economic growth will be less. e. The noneconomic effects of unemployment include a sense of failure created in parents and in their children the costs of moving for unemployed persons. the additional expense of helping unemployed family members. the unemployment benefits that are paid.7. Wages and salaries comprise the price of labour. What happens to the market forlabour when immigration increases?(A) Demand rises; wages go up.(B) Demand declines; wages go down.(C) Supply rises; wages go down.(D) Supply declines; wages go up 8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a temporary increase in per-capita wealth? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth.(B) The available resources are shared between fewer individuals, since many have died.(C) The available resources increase in price, since demand rises.(D) Per-capita wealth never rises under a Malthusian paradigm. 13. According to Statistics Canada (base year=2002), the CPI in Canada for 1914 is 6. In 2020, the CPI is 137. Suppose that in 1914, $20.67 could purchase a custom tailored suit. How much is this in 2020 dollars?(A) $9.05.(B) $471.97.(C) $0.91.(D) $4,719.65.