Question

1. According to the growth accounting studies, if you lived in a country where illiteracy was high and 40% of the children left school early and did not complete their education what would probably be the results for that country?

Select one: a. Average income in the country will see significant increases. b. There would be both a human and economic loss. c. The economic status of the country would continue to rise. d. More technological breakthroughs would happen in this country.

2. According to growth accounting studies,

a country would achieve better results by promoting Select one: a. exports b. research. c. research and education. d. Education.

3.

An economy is considered to be in a recession if

Select one:

a. real GDP has increased for two consecutive quarters.

b. it is moving from one peak of the business cycle to the next.

c. it is moving from the peak toward the trough of the business cycle.

d. it is moving from the trough to the peak of the business cycle.

After getting her degree in Economics, Jeanine went to work for the Bureau of Labor Statistics. She compiles data on the unemployment rate, which serves as an economic indicator. What does this data help Jeanine to understand?

Select one:

a. How to design surveys to collect the information to calculate the unemployment rate.

b. Whether or not the banking industry is going to require federal assistance.

c. How well the economy is doing at a macro level.

d. How many new employees the Bureau of Labor Statistics should hire this year.

Answer 1

Answer Option  b. There would be both a human and economic loss.

In case of country where illiteracy rate is high and 40% of the children left school early and did not complete their education, in that country human and economic loss will take place. Human loss is the loss of human capital. Due to no vocational training , well education human cannot be converted in to capital , which work for the welfare of economy and economy will suffer from losses in terms of less GDP. Labor productivity is also less and economic will not grow.

Answer Option c. research and education.

According to growth accounting studies, a country would achieve better results by promoting research and education.

Answer Option c. it is moving from the peak toward the trough of the business cycle.

An economy is considered to be in a recession if it is moving from the peak toward the trough of the business cycle.