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ECON 110 Read & Interact Schiller & Gephardt Chapter 15 solutions complete answers
Supply-side economists state that regulatory costs are _______.
Economic "freedom" is an important determinant of economic growth. As nations rely more on market forces, they tend to _______.
A reduction in private-sector borrowing (and spending) caused by increased government borrowing is called
The influx of immigrants to the United States has been a major source of growth in the U.S. labor force and has led to
Saving is important for economic growth because it
Saving is:
The influx of immigrants to the United States has been a major source of growth in the U.S. labor force and has lead to an _______ shift of our _______.
Which of the following sources of growth creates a highly educated workforce?
Which of the following contribute to productivity gains?
Which of the following is NOT an investment in labor quality?
Which of the following are the primary sources of productivity gains?
When society increases its employment rate and raises the productivity of labor, it can increase real ______.
The primary sources of productivity gains include higher labor skills, capital investment, improved investment, technological advance, and
If GDP is $15 trillion and the population is 300 million, then GDP per capita is:
Based on data regarding GDP per capita growth over the past approximately 2,000 years, most of this growth occurred in _____.
A cumulative process whereby interest or growth is compounded from one year to the next is called a(n)
The growth of GDP is a useful measure of the expansion of the ______ while the GDP per capita is a useful measure for ______ standards.
If GDP is $15 trillion and the population is 100 million, then the GDP per capita is:
Economic growth can occur when an increase in capacity
GDP that is computed using current prices is:
In the short run, increases in capacity utilization may often occur when the economy:
One way to illustrate long-run expanded capacity is
The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology are known as
True or false: Growth enables society to increase the output of goods and services.
The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology is known as
The production possibilities curve illustrates short-run limits to output. A point inside the production possibilities curve illustrates
If an economy moves from a point inside the productions possibilities curve to a point on the curve, we can say that there has been
Suppose an economy’s current production possibilities is represented by the dashed curve and the economy is fully using its current capacity. Which of the following movements would represent an increase in its production capacity?
Economic growth allows a society to consume:
Economic growth (or an increase in capacity) is illustrated by a(n)
Economists can define economic growth as:
The production possibilities curve illustrates short-run limits to output. How is underutilization of available capacity illustrated with a production possibilities curve?
Economic growth implies a rightward shift of the long-run aggregate curve.
In the short-run, increases in capacity utilization may often occur when the economy:
When computing GDP using current prices, it is referred to as
If the economy's current production possibilities is represented by the solid curve, which movement would represent an increased use of existing capacity?
Real gross domestic product (GDP) is a measure of GDP that:
If capacity expands, it will
_______ GDP is the value of final output produced in a given period, whereas _______ GDP is the value of final output produced in a given period, adjusted for changing prices.
Economic growth is:
If real GDP in 2013 = $10 trillion, and real GDP in 2014 = $10.5 trillion, the GDP growth rate is _____.
Economic growth implies a _____ the long-run aggregate supply curve.
Economists _____ to small changes in economic growth because small changes in economic growth can make a _______ difference in the living standards of a country.
Nominal GDP measures the value of all goods and services:
The cumulative processes, whereby interest or growth is compounded from one year to the next is called a(n)
When GDP is measured using "adjustments for price changes", it is known as
When compounded over many years, an apparently small difference in the rate of becomes highly significant.
______ GDP uses current prices while ______ GDP uses prices adjusted for inflation.
If GDP is $15 trillion and the population is 100 million then the GDP per capita is:
If real GDP in 2013 = $15 trillion, and real GDP in 2014 = $16 trillion, then the GDP growth rate is.
Per capita GDP is:
True or false: Economists pay attention to small changes in economic growth because small changes in economic growth can make a big difference in the living standards of a country.
The best measurement to compare living standards is:
Economic growth is a cumulative or _______ process, whereby gains made in one year accumulate in future years and are compounded from one year to the next.
Growth in GDP per capita is attained only when the
When _______ over many years, an apparently minor difference in the rate of growth becomes highly significant.
Based on data regarding GDP per capita growth over the past approximately 2000 years, living standards started rising significantly around ____.
If GDP is $50 billion and the population is 20 million, then the GDP per capita is:
Real GDP divided by the size of the population is called:
The growth of GDP is a useful measure for the expansion of the ______ while the GDP per capita is a useful measure for ______ standards.
If a country has a growth rate of approximately 4% compounded each year it will take:
in GDP per capita is obtained when the growth of output exceeds population growth.
The percentage of the adult population that is employed is the
Based on data regarding GDP per capita growth over the past approximately 2000 years, most of this growth occurred in _____.
The two ways that society can increase its real output and income are by increasing the employment rate and ______.
Output per hour of work is the definition of:
Increasing productivity leads to a rise in _____.
If a country has a growth rate of approximately 2% compounded each year it will take:
Which of the following contribute to productivity gains:
The percentage of the adult population that is employed is the rate.
Which of the following sources of growth create a highly educated work-force?
When society increases its employment rate and raises the productivity of those resources, it can increase real ______.
Investment spending represents spending on:
Labor productivity is most commonly measured as:
An increase in the rate of capital investment will cause
The total quantity of output produced depends not only on how many workers are employed but also on
Increases in capital are important to productivity growth because ______ in the quantity and quality of capital make workers ______ productive.
Increases in worker skills and capital investment will
The effective organization and management of resources will _____ rates of economic growth.
Over time, there has been _____ in the levels of labor quality.
Which of the following represent technological advancement?
The term investment refers to:
The largest contributor to productivity growth is ______.
An important source of increasing productivity is:
Increases in capital equipment will improve:
Technological advancement and investment are related because they promote further economic investment in _______ machinery and equipment.
True or false: Government policies can have a major impact on whether and how far the aggregate supply curve shifts, which has no impact on economic growth.
Research and development is a broad concept including which of the following:
Government policies that support education and training contribute directly to economic growth and productivity. Money spent on schools and training shifts the aggregate demand curve _____ and the aggregate supply curve _____.
______ is credited with the greatest contributions to economic growth over time.
The government's role in increasing labor quality consists of which of the following?
True or false: Technological advancement and investment are related because technological advance promotes investment in better machinery and equipment.
The influx of immigrants to the U.S. has been a major source of growth in the U.S. labor force and has lead to an _______ shift of our _______.
Government policies can have a major impact on whether and how far the aggregate supply curve shifts, impacting
Reducing taxes on investments ______ long-run growth.
Government policies that support education and training contribute directly to economic growth and productivity. Money spent on schools and training shifts
Savings is:
The savings of _____ make their way into the banking system and become the investment funds of _____.
Government indirectly invests by offering subsidized college loans to increase development of:
One way that government can encourage economic growth is by encouraging:
The influx of immigrants to the U.S. has been a major source of growth in the U.S. labor force and has lead to
When the government borrows money to finance spending, it dips into the nation's savings pool. If the government ends up borrowing funds that could have been used to finance investment, the result is known as
_____ taxes on investments can increase long-run growth.
_______ must be evaluated in terms of their impact not only on short-run aggregate demand but also on long-run aggregate supply.
In simple terms, any income that is not consumed is .
Deregulation leads to a _______ shift in _______.
Savings is important to for economic growth because it
Without the constraint of minimum-wage laws, more workers would find jobs, gain valuable experience, and attain higher wages, shifting the ______.
One way that the government can encourage physical capital investment is by encouraging:
A reduction in private-sector borrowing (and spending) caused by increased government borrowing is referred to as
The government’s regulation of factor and product markets tends to raise _______ and limit supply.
True or false: Fiscal and monetary policies should not be evaluated in terms of their impact not only on short-run aggregate demand but also on long-run aggregate supply.
_______ state that regulatory costs are too high and we should consider trade-offs between increased regulation and increased growth.
Increased regulation leads to a _______ shift in _______.
An economy's institutional framework plays a critical role in its growth potential; _______ economic freedom generally leads to _______ economic growth.
If the U.S. government were to eliminate the minimum-wage law, the _______ curve would likely shift _______.
Economic growth is _______ and the debate about economic growth is about the mix of output.
The government’s regulation of factor and product markets tends to raise _______ and limit _______.
Supply-side economists state that regulatory costs are _______ and we should consider trade-offs between increased regulation and increased growth.
Economic "freedom" is an important determinant in economic growth. As nations rely more on market forces, they tend to _______.
Economic growth is desirable and the debate about economic growth is about
One way to illustrate long run expanded capacity is
Real GDP is gross domestic product measured
Which of the following can be used by economists to define and/or measure economic growth?
Economic growth can be illustrated when an increase in capacity
_____________ GDP, or inflation-adjusted GDP, reflects changes in the price level.
An increase in output or an increase in potential GDP is called:
One way to illustrate long run economic growth is
If real GDP in the United States was 11,319.4 billion in year 1 and 11,566.8 billion in year 2, then the rate of economic growth was:
_______ GDP is the total value of goods and services produced withing a nation’s borders measured in current prices, while ___________ GDP uses prices adjusted for inflation.
If GDP is $10 trillion and the population is 250 million, then GDP per capita is:
The dollar value of GDP divided by the total population is called:
If a country has a growth rate of approximately 1.5% compounded each year it will take:
_______ is output per unit of input and, if increasing, leads to a likely increase of GDP per capita as well.
Two types of investment in labor quality are on-the-job training and
Increases in quantity and quality of capital equipment is referred to as:
If there is an increase in the ratio of capital to labor, productivity will (increase/decrease).
The primary sources of productivity gains include: higher labor skills, capital investment, improved investment, technological advance, and
Which one of the four sources of productivity growth helps promote the development of new capital?
Over time, _____ is credited with the greatest contributions to economic growth.