MACROECONOMICS FOR TODAY
10th Edition
ISBN: 9781337613057
Author: Tucker
Publisher: CENGAGE L
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Chapter 6, Problem 15SQ
To determine
The statements of the
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What is the relationship between the business cycle and economic growth, and how do government policies aim to manage economic fluctuations?A) The business cycle has no connection to economic growth, and government policies have no impact on fluctuations.B) The business cycle represents the periodic expansion and contraction of economic activity, and government policies, such as fiscal and monetary measures, aim to mitigate the negative effects of economic downturns and support long-term growth.C) The business cycle is solely influenced by consumer spending.D) Government policies only exacerbate economic fluctuations.
4. A country in which a large majority of the population resides and works outside the country is most likely a country in which...?
a. the relationship between GDP and GNP cannot be determined
b. GDP is roughly equal to GNP.
c. GDP is much larger than GNP.
d. GNP is much larger than GDP.
5. As the workforce ages,
a. structural and frictional unemployment increase.
b. cyclical unemployment declines.
c. cyclical unemployment increases.
d. the natural rate of unemployment declines.
Answer the following macroeconomics questions.i. What is the difference between nominal GDP and real GDP? Which one of them is used to calculate the economic growth rate? Justify your answer.ii. Give the equation used to calculate the unemployment rate. State the different types of unemployment. In your opinion, which type is the most problematic one? Justify your answer.iii. Governments may achieve certain economic goals; say controlling inflation, by implementing fiscal and/or monetary policies. Briefly explain the difference between fiscal and monetary policies.
Chapter 6 Solutions
MACROECONOMICS FOR TODAY
Ch. 6.4 - Prob. 1YTECh. 6.4 - Prob. 2YTECh. 6.4 - Prob. 3YTECh. 6.5 - Prob. 1YTECh. 6 - Prob. 1SQPCh. 6 - Prob. 2SQPCh. 6 - Prob. 3SQPCh. 6 - Prob. 4SQPCh. 6 - Prob. 5SQPCh. 6 - Prob. 6SQP
Ch. 6 - Prob. 7SQPCh. 6 - Prob. 8SQPCh. 6 - Prob. 9SQPCh. 6 - Prob. 10SQPCh. 6 - Prob. 11SQPCh. 6 - Prob. 1SQCh. 6 - Prob. 2SQCh. 6 - Prob. 3SQCh. 6 - Prob. 4SQCh. 6 - Prob. 5SQCh. 6 - Prob. 6SQCh. 6 - Prob. 7SQCh. 6 - Prob. 8SQCh. 6 - Prob. 9SQCh. 6 - Prob. 10SQCh. 6 - Prob. 11SQCh. 6 - Prob. 12SQCh. 6 - Prob. 13SQCh. 6 - Prob. 14SQCh. 6 - Prob. 15SQCh. 6 - Prob. 16SQCh. 6 - Prob. 17SQCh. 6 - Prob. 18SQCh. 6 - Prob. 19SQCh. 6 - Prob. 20SQ
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- When actual GDP does not rise as fast as potential GDP, the economy most likely will experience inflation recession economic growth falling unemploymentarrow_forwardSuppose from one year to the next, the GDP deflator increased by 3% and nominal GDP increased by 1%. From this information, we can say… Group of answer choices a) we had deflation. b) none of the other options. c) we had economic growth. d) we had a recession. e) real GDP must have stayed the same.arrow_forwardAnswer the part d,e and f... Thank you.. Suppose that nominal GDP was $9500000.00 in 2005 in Fairfax County Virginia. In 2015, nominal GDP was $11000000.00 in Fairfax County Virginia. The price level rose 2.00% between 2005 and 2015, and population growth was 3.25%. Calculate the following figures for Fairfax County Virginia between 2005 and 2015. Give all answers to two decimals. a. Nominal GDP growth was _______ %. b. Economic growth was ________ %. c. Inflation was ______%. d. Real GDP growth was ________%. e. Per capita GDP growth was _______%. f. Real per capita GDP growth was ________%.arrow_forward
- Select the statement below which highlights the role of real GDP: “The growth in real GDP has been much lower than expected over the last few years and... Group of answer choices Unemployment has been rising as a result creating hardship for many in the country. The country is currently in a mild but lasting recession. Inflation is making the growth numbers more optimistic. The government needs to adjust how GDP is being measuredarrow_forwardWhich of the following economic environments would most likely be associated with a recession? Unemployment falling to 30-year low Unemployment increasing from 5% to 9% during the year New businesses opening in record numbers while new housing starts reach a 10-year high GDP growing at an annual rate of 4.2%arrow_forwardPotential GDP refers to a. the level of output that an economy can produce when all resources (land, labor, capital, and entrepreneurial ability) are fully employed. b. the level of output that an economy can produce when all resources (land, labor, capital, and entrepreneurial ability) are not fully employed. c. an abstract conception developed by economists. d. an unreal expectation of the government.arrow_forward
- Which statement best describes the difference between Nominal and Real GDP? Group of answer choices Nominal GDP is Real GDP that has been adjusted to remove the distorting effects of inflation. Real GDP is calculated using current market prices, while Nominal GDP is calculated using the average prices of the last 5 years. Nominal GDP is calculated using current market prices, while Real GDP is calculated using the prices of the previous year. Real GDP is Nominal GDP which has been adjusted to remove the distorting effects of inflation.arrow_forwardFrom 1950 - 2007, recessions in the United States A. did not occur. B. became more severe than before 1950. C. became less severe than before 1950. D. were about as severe as they were before 1950arrow_forward
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