102 2020 spring ps 2.pdf - 2020 Spring AUBG ECO 102 Principles of Macroeconomics 2019 Problem Set 2 This problem set will be due after we complete

# 102 2020 spring ps 2.pdf - 2020 Spring AUBG ECO 102...

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2020 Spring AUBG ECO 102 Principles of Macroeconomics 2019 Problem Set 2 This problem set will be due after we complete chapter 18 in class. The format of Exam 1 will be exactly the same; 22 multiple choice, each 3 points and 3 open questions, each 11.33 points. 1. Most economists who have studied it believe that the Great Depression was caused by: A. the stock market crash. B. poor economic policymaking C. illegal immigration. D. a sharp decline in average labor productivity. 2. If Country A and Country B have the same population size, then the standard of living in these two countries can still be different depending on: 3. If total output increases from \$1 trillion to \$2 trillion as population increases from 100 million to 250 million, then output per person: 4. In Econland population and average labor productivity are constant. If a larger proportion of the population becomes employed workers, then total output will _____ and output per person will ______. 5. In both Gamma and Delta average labor productivity is \$20,000 per worker per year. The population of Gamma is 200,000 and the population of Delta is 400,000. Sixty percent of the population in each country is employed. Total output in Gamma is _____ and total output in Delta is _____. A. \$2.4 billion; \$4.8 billion B. \$8 billion; \$4 billion C. \$120,000; \$800,000 D. \$4 billion; \$8 billion

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• Spring '20
• Inflation, producer, Corner Store, Bell Computers

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