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- Which of the following is not true about productivity? A. Productivity is an indicator of the efficiency of production or distribution. B. Total output divided by total labor hours in the year gives us a measure of labor productivity. C. The productivity of a whole economy is measured by calculating the total import by the economy in one year. D. Productivity refers to the amount of output that a given amount of inputs can produce.What is GNP? GNP is the market value of all the final goods and services _____. A. produced within a country minus depreciation B. produced within a country C. produced anywhere in the world by the factors of production supplied by the residents of that country D. produced anywhere in the world by the factors of production supplied by the residents of that country minus exportsQ14 Which of the following statements is false? Select one: a. Even if a country had no technological progress, its total factor productivity could increase. b. Even if a country's workforce stayed the same, there could be an increase in human capital. c. If a country's GDP per head rose by 3% a year, it would take about 33 years for its output GDP per head to double. d. Even if a country acquired no extra resources, its output could grow.
- Answer this question based on the given information for an economy in some year. Dollar value of resource extraction activity = $20 billion Dollar value of production activity = $50 billion Dollar value of distribution activity = $70 billion Dollar value of final output = $110 billion Gross output for this economy equalsAnswer this question based on the given information for an economy in some year I. Dollar Value of resource extraction = $20 billion ii Dollar value of production activity = $50 billion iii. Dollar value of distribution activity = $60 billion IV Dollar value of final output = $100 Gross output for this economy equals?Which of the following is an example of foreign direct investment (FDI)? A. A US development grant to improve access to electricity in Africa B. Adidas importing t-shirts for sale in the United States C. Wal-Mart buying a local supermarket chain in Turkey D. A World Bank loan to improve infrastructure
- In the tiny country of Tuvalu the economy is sustained by the production of small fishing boats made from local materials, tuna, and copra (from coconuts). Last year Tuvalu produced 800 boats at a cost of $2,000 each but only 500 were sold due to recession at a price of $3,200 each. They produced $5 million worth of copra from their coconuts and consumed $2 million of it locally. The rest was used in the production of coconut oil cream which was exported for a value of $10 million. Based on this information, what was Tuvalu’s GDP for last year? The GNP of a country is $200 billion, receipts of factor income from the rest of the world are $10 billion, payments of factor income to the rest of the world are $30 billion, and depreciation is $25 billion. What is the GDP and the Net National Product? Schneider’s Bicycles produced $860,000 worth of custom-made of custom-made bicycles last year and paid $45,000 in taxes. Schneider used $315,000 in parts to assemble the…What is the contribution of exports to economic growth? Comment on the export comparison chart belowConsider an economy where the dominant industry is automobile production for domestic consumption as well as export. Now suppose the auto market is hurt by an increase in the length of time people use their cars before replacing them. Describe the probable effects of this change on (a) GDP, (b) unemployment, (c) the government budget deficit, and (d) interest rates.
- Is a planned economy just the same as a large MNC in allocating the means of production?Are nations with large underground economies likely to be happier or unhappier than one would expect, given their measured levels of real per capita GDP? Explain.Which of the following statements is FALSE? A. The GDP of a country equals the value of final output produced within the borders of that country B. The GNP of a country equals the value of final output produced using factors owned by residents of the country. C. GDP = net income received from abroad by residents of a nation + GNP D. GDP represents the most commonly used measure of an economy’s output
