How much more (or less) output will the average American have next year if the $22 trillion U.S. economy (GDP) grows (or contracts) by Instructions: Round your responses to the nearest dollar. If the economy is contracting be sure to include a negative sign (-) in front of your answer. assuming a population of 340 million a. 1 percent? $ per person b. 3.5 percent? $ per person c. 1.5 percent? $ per person
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- People will search a long time to find a good job. So it might only takeyou two weeks to find a minimum wage job, but it might take yousix months to find a job paying five times the minimum wage. Let’sinvestigate how this simple fact might cause expansionary fiscal policyto increase the unemployment rate, at least temporarily.In the United States, federal contracts to build roads, bridges, orbuildings must pay higher-than-average wages. The law requiring thisis known as the Davis-Bacon Act, or the “prevailing wage law.”a. If the unemployment rate is 6% before a rise in government purchases, and if a rise in government purchases induces the typicalunemployed person to search 10% longer in the hopes of finding ahigh-paying government job, what will the unemployment rate beafter the rise in government purchases? Only consider the impactof this waiting-for-a-good-job effect.b. If the government wanted to get the good aggregate-demand stimulating effects of fiscal policy, but wanted to…During the Revolutionary War, the American coloniescould not raise enough tax revenue to fully fund thewar effort. To make up the difference, the coloniesdecided to print more money. Printing money tocover expenditures is sometimes referred to as an“inflation tax.” Who do you think is being “taxed”when more money is printed? Why?Explain fiscal policy and give an exmple of how it could be applied to the current COVID situation in the United States.
- The tab;e below shows data for five economies of similar size. Real GDP is measured in billions of dollars. Assume that potential output for each economy is $340 billion. Economy A Economy B Economy C Economy D Economy E Real GDP 300 320 340 360 Rate of Wage Change -1.0% |-0.5% 0% 3.5% 6.0% 380 How is the adjustment asymmetry demonstrated when comparing Economy A to Economy E? A. The output gap is much larger in Economy E, so wages are changing at a faster rate. B. The size of the output gap is the same in Economies A and E, but wages are rising in A and falling in E. C. The size of the output gap is the same in Economies A and E but wages are falling more slowly in A than they are rising in E. D. The output gap is larger in Economy A, yet wages are changing more slowly. E. There is insufficient data with which to observe the adjustment asymmetry.he news headline "Consultants replacing high school counselors" deals with the A. how B. what and for whom OC. why OD. what and how OE. for whom The news headline "The government must cut its budget deficit by increasing taxes" deals with the OA. what and for whom OB. for whom OC. what OD. what and how OE. why The news headline "Asteroid mission canceled" deals with the OA. where OB. for whom C. what and how questions of economics. OD. what OE. how questions of economics. questions of economics.Would you usually expect GDP as measured by what is demanded to be greater than GDP measured by what is supplied, or the reverse?
- learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.com Bb https://.. a SD Bb Bb Bb 1. From the time of George Washington's presidency to the present, the percentage of the average American's income that goes to pay taxes A. has decreased from about 20 percent to about 10 percent. has decreased from about 50 percent to about 25 percent. C. has remained constant at about 10 percent. D. has risen from less than 2 percent to above 45 percent. Е. В. has risen from less than 5 percent to above 25 percent. 2. According to the textbook, which of the following statements is (are) correct for the United States? (x) The individual income tax and the payroll tax are the two largest sources of revenue for the U.S. federal government. (y) Corporate income taxes and excise taxes make up more than 30 percent of the tax revenue for the U.S. federal government. (z) In general, the two most important taxes for state and local governments in the U.S are sales taxes and property taxes. А. (x), (y)…Only que 1Microsoft Word - (2)p macro HW 1 B AaBbCc AaBbCAaBbCcDc AaBbCcDc 2 ulgi 1 ülaue blout Production Year 1 Good X 50 Good Y 100 Prices ear! $1.20 S0.60 Year 2 Year 3 Year 1 $1.00 S0.60 Year3 S1.20 50 60 140 120 1-Assume that this economy produces onlytwo goods Good Xand Good Y. The value for this economy's nominal GDP in year lis 2- Assume that this economy produces only two goods Good l'and Good Y The value for this economy'snominal GDP in year 3 is 3-Assume that this economy produces only two goods Good l'and Good Y The value for this economy s nominal GDP in yea 4-Assume that this econonmy produces onlyt 1 is the base year. the value for this economy sre land Good Y If year 5-Assume that this economy produces only two goods Good land Good Y If year 1 is the base vear. the value for this economy's GDP deflator in vear 1 is 6- Assume that this economy produces only two goods Good.I and Good Y If year 1 is the base year. the value for this economy's GDP deflator in year 2 is 7- Assume…
- Under which of the following conditions does a country'srun a budget deficit in a particular year? O The amount of new loans to developing nations exceeds the amount of loans paid off by developing nations.O Government spending exceeds tax revenues.O The debt owed to foreigners exceeds the debt owed to the country's citizens.O The amount borrowed exceeds the interest payment on the national debt.© Interest payments on the national debt exceed spending on goods and servicesDurii,g the Revolutionary War, the American coloniescould not raise enough tax revenue to fully fund thewar effort. To make up the difference, the coloniesdecided to print more money. Printing money to coverexp en di tures is sometimes referred to as an ''inflationtax.'' Who do }'OU thii,k is being "taxed" when moremonC}• is printed? Why?True or false (explanation needed) 2. The Gini coefficient of global incomeinequality (based on the distribution ofincome per-capita) will be higher if weconvert income per-capita to acommon currency using the officialexchange rate compared to thepurchasing power parity exchange rate.