Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 2, Problem 11QP
To determine
Explain how technological advancement in sector X of an economy effect sector Y of an economy.
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Chapter 2 Solutions
Macroeconomics
Ch. 2.1 - Prob. 1STCh. 2.1 - Prob. 2STCh. 2.1 - Prob. 3STCh. 2.1 - Prob. 4STCh. 2 - Prob. 1QPCh. 2 - Prob. 2QPCh. 2 - Prob. 3QPCh. 2 - Prob. 4QPCh. 2 - Prob. 5QPCh. 2 - Prob. 6QP
Ch. 2 - Prob. 7QPCh. 2 - Prob. 8QPCh. 2 - Prob. 9QPCh. 2 - Prob. 10QPCh. 2 - Prob. 11QPCh. 2 - Prob. 12QPCh. 2 - Prob. 13QPCh. 2 - Prob. 1WNGCh. 2 - Prob. 2WNGCh. 2 - Prob. 3WNGCh. 2 - Prob. 4WNGCh. 2 - Prob. 5WNGCh. 2 - Prob. 6WNGCh. 2 - Prob. 7WNGCh. 2 - Prob. 8WNGCh. 2 - Prob. 9WNGCh. 2 - Prob. 10WNGCh. 2 - Prob. 11WNGCh. 2 - Prob. 12WNG
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- How can an economy increase the production of one good without reducing the production of another? Identify at least three factors that contribute to this increase and explain how they contribute to the increase.arrow_forwardIn economic terminology, the inputs used to make goods and services are referred to as A. intangibles . B. factors of production. C. real output . D. durables and nondurables.arrow_forwardWhat has happened to real GDP per person in the industrialized countries over the past century? What implications does this have for the average person?arrow_forward
- Resource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising because of technological improvements that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources? Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?arrow_forwardWhat does it mean to have a globalized economy? International trade is significant to all continues Countries only trade within their borders Trading only happens as the need arises Products are meant to be produced locally Which among the following statement are the benefits and ills of globalization Access to a variety of products Environmental destruction Loss of unique and individual cultures All of the above Why do goods and services move around the world faster than ever? Free trade agreements, and technological advancements Advent of global organizations Space travel Regional alliancesarrow_forwardThe ability of an economy to produce greaterlevels of output per time period is calleda. positive economics.b. negative economics.c. economic growth.d. the law of specialization.arrow_forward
- We live in a world where computers and other items of technology seem to get ever cheaper to produce. Such technology is important in the production of a vast range of consumer goods. We wish to analyse the impact of this phenomenon on two key pieces of economic data. The main impact of the decreasing cost of technology is that (select from consumption/investment/government spending/exports/imports/economy-wide production costs/wage costs) would (Select increase/decrease) This would shift the (Select one from the picture attached) which (Select: Increse or decreases the price level) and (Select: increases or decreases GDP) Suppose that the economy is now away from long run equilibrium (GDP is above Yf). The way that the economy adjusts back to equilibrium is that (Select: interest rates/the exchange rate/factor prices such as wages/governement spending) (Select: Increases/decreases). This shifts the (Select one from the picture attached)arrow_forwardExplain how steady-state economy helps to avoid resource depletionarrow_forwardDoes improvent in technologies cause higher real wages and lower unemployment rates?arrow_forward
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