Pearson Etext For Macroeconomics -- Access Card (10th Edition)
10th Edition
ISBN: 9780135634943
Author: Andrew B. Abel, Ben S. Bernanke, Dean Croushore
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 1NP
(a)
To determine
The average labor productivity in 2017 and 2018.
(b)
To determine
The growth rate of average labor productivity between 2017 and2018.
(c)
To determine
The
(d)
To determine
The inflation rate between 2017 and 2018.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
A broader definition of macroeconomics and its relationship with the level of production, unemployment and inflation of a country.
Which of the following is correct?A. Nominal GDP uses the price level from the benchmark year to adjust for inflation / deflation.B. According to Doug Irwin, the 'limit to globalization' arises due to the large size of the service sector.
C. Conventional (non-PPP adjusted) GDP per capita overstates the true extent of income levels of poorercountries.D. Small countries tend to have small openness (i.e., (exports+imports)/GDP).E. Ad valorem equivalent of specific tariffs are not affected by inflation / deflation.
which scientists stated the following relation first ? ''an increase in the quantity of money increased aoutput and employment, while a decrease in the quantity of money decreased output and employment ?
a- mercantilists
b- physiocrats
c- classics
d- plato
Chapter 1 Solutions
Pearson Etext For Macroeconomics -- Access Card (10th Edition)
Knowledge Booster
Similar questions
- Retrieve inflation data from The World Bank data base (http://databank.worldbank.org/data/home.aspx) for India, Spain, and South Africa for 20112015. Prepare a chart that compares India, Spain, and South Africa based on the data. Describe the key differences between the countries. Rank these countries as high-, medium-, and low-income. Explain what is surprising or expected about the data.arrow_forwardExplain what will happen in a nation that tries to solve a structural unemployment problem using expansionary monetary and fiscal policy. Draw one AD/AS diagram, based on the Keynesian model, for what the nation hopes will happen. Then draw a second AD/AS diagram, based on the neoclassical model, for what is more likely to happen. Is it possible to protect workers from being fired without distorting the labor market?arrow_forwardUsing the data in Table , rank the seven regions of the world according to GDP and then according to GDP per capita. 2. What are the drawbacks to analyzing the global economy on a regional basis? 3. Create a table that identifies the macroeconomic policies for a high-income country, a middle-income country, and a low-income country. 4. Use the data in the text to contrast the policy prescriptions of the high-income, middle-income, and low-income countries. 5. What are the different policy tools for dealing with cyclical unemployment? 6. Explain how the natural rate of unemployment may be higher in low-income countries. 7. How does indexing wage contracts to inflation help workers? 8. Use the AD/AS model to show how increases in government spending can lead to more inflation. 9. Show, using the AD/AS model, how governments can use monetary policy to decrease the price level.arrow_forward
- When the pandemic hit in the beginning of 2020, everything came to a halt. In a single month, 17 million Americans lost their job, and the gross domestic product (GDP), which is how economists measure the total value of a country's products and services, declined by US$2.15tn (£1.55tn). Economists were hopeful that across the world government spending and monetary policy would keep the economy from totally collapsing. During the first wave of lockdowns and stay-at-home orders since December 2019, it was clear that industries that relied on in-person customers - like travel and some retail - were going to struggle, while others would more easily adapt to the "new normal". Tech-heavy companies that delivered products or services to people's homes—like Amazon, Netflix, and Shopify—thrived. To improve the impact of the pandemic, most countries adopted an expansionary monetary policy. The change in the real interest rate influenced the goods market. Aggregate demand changed but there was no…arrow_forwardAfrica inflation to ease in 2023 after worst figures in a decade Despite slowing growth and the worst inflation figures in a decade in 2022, African economies remain "resilient," and double-digit price hikes are expected to ease, an African Development Bank report said Thursday. Economies across Africa's 54 nations were hard-hit by the global economic fallout of Russia's invasion of Ukraine, as well as the impacts of climate change and aftershocks of the Covid pandemic. A stronger dollar, inflation, and slowdown in demand for exports to major trading partners in Europe and China, had "dire consequences" for the continent's economies, said the ADB report. "An estimated 15 million additional people were driven into extreme poverty in Africa due to higher global energy and food prices in 2022, exacerbating the increase in extreme poverty induced by the COVID-19 pandemic," said the ADB. Economic growth dropped from 4.8 percent in 2021 to 3.8 percent in 2022. The biggest slowdown was in…arrow_forwardElaborate on how one or more of the microeconomic components, namely consumption, investment, supply and demand for money influence macroeconomic outcomes and formulations of the following macroeconomic theories: Solow Growth Model The Mundell-Fleming model Neoclassical Model of Investment Use mathematical equations and graphs where necessary.arrow_forward
- Analyze the economic forecast data for the three countries. Which country has the most challenging economic environment, and why? A. Brazil has the most challenging economic environment due to its relatively low GDP growth, coupled with the highest unemployment rate among the options. B. The United Kingdom has the most challenging economic environment because their inflation rate is anticipated to undergo the most significant decrease among the options. C. The United States has the most challenging economic environment due to having the lowest inflation rate among the options.arrow_forwardDiscuss how the following macroeconomic factors influence performance of loans. low economic activities, high unemployment, high inflation rate, and weak monetary policyarrow_forwardWhich statement about the economic crisis of the 1970s is INCORRECT? A. American manufacturing was in decline because U.S. manufacturing plants were old and inefficient compared to newer German and Japanese ones. B. A major economic problem was stagflation a combination of high inflation with a stagnant economy with high unemployment C. Rapid inflation was caused by the deficit spending on the Vietnam War and social programs of the Great Society. D. Low interest rates near 20% which artificially inflated the value of the U.S. dollar causing a major trade imbalance.arrow_forward
- A closed economy is a national economy that: a. Has extensive trading and financial relationship with other national economics b. Has a stock market that is not open to traders from outside the country c. Does not interact economically with the rest of the world d. Has established economic relations with other national economicsarrow_forwardThe following table shows real GDP per capita for Canada, Taiwan, and Chad between 1970 and 2000. All figures are in 1998 U.S. dollars. Fill in the blank then choose an option(s). Those who don’t believe in the theory of convergence point to countries such as ___________ (options: Canada, Taiwan, Chad). hich of the following statements can explain why the theory of convergence may not always hold? Check all that apply. A. Convergence theory applies only to small countries. B. Rich countries actively try to keep poor countries poor through economic and military policies. C. Many poor countries have much less human capital than rich countries. The growth experience of Taiwan illustrates that relatively poor countries can __________ (options: be invaded by, grow more quickly than, always be much poorer than, grow more slowly than) rich countries.arrow_forwardDoes the "new economy" actually represent a new structure and culture for workers in the U.S.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Macroeconomics: Principles and Policy (MindTap Co...EconomicsISBN:9781305280601Author:William J. Baumol, Alan S. BlinderPublisher:Cengage LearningPrinciples of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Macroeconomics: Principles and Policy (MindTap Co...
Economics
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax