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With regards to economic growth what is the goal of an expansionary fiscal policy?
To increase output
An increase in the federal budget deficit?
Raises the equilibrium level of output and employment.
Does an increase of economic surplus in a market always mean that economic efficiency has increased?
No. If marginal cost of production decreases but market output stays the same, economic surplus and deadweight loss both increase, causing economic efficiency to decrease.
How economic growth of a country is measured?
Economic Growth can be defined as an increase in output produced by an economy in a period of time (usually a year) or an increase in the ability of an economy to produce goods and services. Economic Growth itself can be measured by measuring an increase in GDP, Real GDP (GDP adjusted for inflation), or Real GDP per capita (a measure of standard of living) which means the increase in real output per person.
How output and employment equilibrium is achieved through production in the classical theory?
equlibrium output and employment
Output per worker is expected to increase by 10 during the next year Therefore wages can also increase by 10 with no harmful effects on employment output prices or employer profits True or false?
"Output per work is expected to increase by 10 percent during the next year. Therefore, wage can also increase by 10 percent with no harmful effects on employment, output prices, or employer profits." Discuss this statement. "Output per work is expected to increase by 10 percent during the next year. Therefore, wage can also increase by 10 percent with no harmful effects on employment, output prices, or employer profits." Discuss this statement. "Output per work is expected to increase by 10 percent during the next year. Therefore, wage can also increase by 10 percent with no harmful effects on employment, output prices, or employer profits." Discuss this statement. "Output per work is expected to increase by 10 percent during the next year. Therefore, wage can also increase by 10 percent with no harmful effects on employment, output prices, or employer profits." Discuss this statement.
With regards to economic growth what is the goal of an expansionary fiscal policy?
To increase output
An increase in the federal budget deficit?
Raises the equilibrium level of output and employment.
Does an increase of economic surplus in a market always mean that economic efficiency has increased?
No. If marginal cost of production decreases but market output stays the same, economic surplus and deadweight loss both increase, causing economic efficiency to decrease.
True or fales During the worldwide economic depression of the 1930s industrial output farm production and employment fell dramatically?
True
How economic growth of a country is measured?
Economic Growth can be defined as an increase in output produced by an economy in a period of time (usually a year) or an increase in the ability of an economy to produce goods and services. Economic Growth itself can be measured by measuring an increase in GDP, Real GDP (GDP adjusted for inflation), or Real GDP per capita (a measure of standard of living) which means the increase in real output per person.
How output and employment equilibrium is achieved through production in the classical theory?
equlibrium output and employment
What are the contribution of entrepreneurs in national development?
National development can come about through increase in employment, output, income and society's well-being. If entrepreneurs use their initiatives to venture into employment generation more output and income will be created. Through this process, entrepreneurs can actually contribute to the national development.
What is the definition of expanding industry?
An industry whose firms earn economic profits and for which an increase in output occurs as new firms enter the industry.
What are three broad categories of economics indicators?
Three broad categories of economic indicators are: Total Output, Income, and Spending, Employment, Unemployment, and Wages, and Production and Business Activity.
What does annual economic growth refer to?
Annual economic growth refers to the yearly increase in the market value of services and goods that are produced during a year. Inflation and annual increases in the output of the services and goods are part of the economic growth of a country.
A recession is a period in which?
Domestic output, and employment falls
