Q: If 150 million workers produced America’s GDP in 2010 (World View
If 150 million workers produced America’s GDP in 2010 (World View, p. 31), how much output did the average worker produce?
See AnswerQ: Suppose all the dollar values in Problem 4 were in 2000 dollars
Suppose all the dollar values in Problem 4 were in 2000 dollars. Use the Consumer Price Index shown on the end cover of this book to convert Problem 4’s GDP to 2010 dollars. What is the value of that...
See AnswerQ: According to the News on page 126, in October 2009
According to the News on page 126, in October 2009 (a) How many people were in the labor force? (b) How many people were employed?
See AnswerQ: Using the information on page 141 and Table 7.5,
Using the information on page 141 and Table 7.5, by what percentage did the price level increase (a) Between 1982–1984 and 2010? (b) Between 2000 and 2010?
See AnswerQ: The shortage in the organ market (Figure 3.8)
The shortage in the organ market (Figure 3.8) requires a nonmarket rationing scheme. Who should get the available (qa) organs? Is this fairer than the market-driven distribution? Figure 3.8
See AnswerQ: For each situation described here determine the type of unemployment:
For each situation described here determine the type of unemployment: (a) Steelworkers losing their jobs due to decreased demand for steel. (b) A college graduate waiting to accept a job that allows h...
See AnswerQ: If a basic input like oil goes up in price by 20
If a basic input like oil goes up in price by 20 percent and accounts for 3 percent of total costs in the economy, how much cost-push inflation results?
See AnswerQ: According to Table 7.3 (p. 137), what
According to Table 7.3 (p. 137), what happened during the period shown to the (a) Nominal price of gold? (b) Real price of gold? Table 7.3:
See AnswerQ: In Figure 8.8, what price level will induce people
In Figure 8.8, what price level will induce people to buy all the output produced at full employment?
See AnswerQ: Suppose you have $7,000 in savings when the price
Suppose you have $7,000 in savings when the price level index is at 100. (a) If inflation pushes the price level up by 10 percent, what will be the real value of your savings? (b) What is the real val...
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