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Illustrate the effect on the consumption function of an increase in net wealth. Then illustrate effect on consumption function of an increase in price level.
Why do you think the September 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short and/or long-term productivity in the US?
Analyze how do you think you might measure the net impact of technological change on overall employment and GDP in the United States?
Extend this comparison by choosing a different point on tes period's PPF and determining whether that combination leads to more or less growth over next period.
(Convergence) Explain the convergence theory. Under what circumstances is convergence unlikely to occur?
Explain how technological change can lead to unemployment in certain industries. How can it lead to increased employment?
What was the central focus of U.S. industrial policy in the past? Is same focus appropriate today? What are arguments against an active U.S. industrial policy?
How does output per capita in the United States compare with output per capita in other industrial economies? How has this comparison changed over time?
How do rules of the game affect productivity and growth? What types of rules should a government set to encourage growth?
(Technology and Productivity) What measures can government take to promote the development of practical technologies?
(Slowdown in Labor Productivity Growth) What contributed to the slower rate of growth in labor productivity during the 1974-1982 period?
What two kinds of changes in the capital stock can improve labor productivity? How can each type be illustrated with a per-worker production function?
However, many richer economies have little land or land of poor quality. How can a country with little land or unproductive land become rich?
Illustrate how a shift of aggregate supply could decrease the equilibrium level of GDP to $7.5 trillion. Identify the price level for this new equilibrium.
Illustrate how a shift of aggregate demand could decrease the equilibrium level of real GDP to $9.5 trillion. Identify the price level for this new equilibrium.
In the diagram, sketch an aggregate demand curve for the year 2000 when real GDP was $9.8 trillion.
Compute how much each will be producing per hour 100 years later. What do your results tell you about the effects of small differences in growth rates?
Analyze why it is not sufficient to measure the level of inventories only for the current year. (Remember the difference between stocks and flows.)
(Leakages and Injections) What are the leakages from and injections into the circular flow? How are leakages and injections related to the circular flow?
Explain why intermediate goods and services generally are not included directly in GDP. Are there any circumstances under which they would be included directly?
Define gross domestic product. Determine whether each of the following would be included in the 2004 U.S. gross domestic product.
(National Income Accounting) Identify the component of aggregate expenditure to which each of the following belongs.
Then illustrate how y1 could be achieved by improving technology instead of increasing capital.
Illustrate mpact of technological changes that increase productivity. Identify new level of output per worker that can be produced given k capital per worker.
Illustrates the law of diminishing marginal returns. Identify the level of output per worker produced given k capital per worker.