ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423548
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 21, Problem 2.2PA
To determine
The factors that support workers to become more productive in high income economies than their peers in other economies.
Concept Introduction:
The percentage of output obtained from a labor by its employer is known as labor productivity. The productivity of labor is vital for achieving performance efficiency and better output in a business organization.
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QUESTION 18
A policeman’s salary would fall under which component of GDP?
A.
consumer spending
B.
private investment
C.
government purchase
D.
net exports
8.
Includes all income earned: wages, profits, rent, and profit income within an Economy.
Question 8 options:
Trade Balance
Net Income
Gross Domestic Product
National Income
-What was the real GDP of Nigeria in 2019 and 2020
-Calculate per capita income in 2020
Chapter 21 Solutions
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
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- 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?arrow_forwardA1 The income cycle flow is designed to show the flow of economic activity in a country. So the income cycle streams are the income streams that exist between existing economic sectors. Definition and concept of state income balancearrow_forward1. 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.arrow_forward
- 6 Identify the term that describes the category of people, who are retired and not ready to work in an economy. a. Out of labor force b. Employed c. Unemployed d. Labor forcearrow_forwardWhat do we mean by market income? Example...arrow_forwardFurther background: • China primarily exports electrical equipment. This would include computers and optical and medical equipment. It's also a big exporter of low-cost apparel, fabric, and textiles. A lot of China's exports are manufactured products made for U.S. companies. These companies pay to ship raw materials to China. There the low-cost factory workers process the materials into the final product. The top import categories in 2017 were: electrical machinery ($147 billion), machinery ($110 billion), furniture and bedding ($32 billion), toys and sports equipment ($26 billion), and plastics ($16 billion). • Almost 75 percent of Canada's exports go to the United States. Canada has abundant supplies of oil, gas, and uranium. Its main exports include oil, vehicles and wood. The top import categories in 2017 were: mineral fuels ($73 billion), vehicles ($56 billion), machinery ($21 billion), special other (returns) ($14 billion), and plastics ($11 billion). • Mexico sends…arrow_forward
- Calculate the c) Employment in manufacturing sector d) Employment and wage in service sectorarrow_forwardExplain how a severe drought in a country, whose main activity is agriculture, can affect: The gross domestic product of that country Unemployment rateThe agricultural product price indexarrow_forward5 GDP tends to overstate economic welfare, because it does not include certain nonmarket activities such as home production. understate economic welfare, because it includes expenditures undertaken to offset or correct pollution. understate economic welfare, because it does not take into account increases in leisure. overstate economic welfare, because it does not reflect improvements in product quality.arrow_forward
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