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Homework answers / question archive / 1)The median American household earned $9,387 in 1973 and $60,336 in 2017

1)The median American household earned $9,387 in 1973 and $60,336 in 2017

Economics

1)The median American household earned $9,387 in 1973 and $60,336 in 2017. During that time, though, the CPi rose from 44.4 to 245.1. Instructions: For (a), round your answers to the nearest dollar. For (b) and (c), round your answers to one decimal place. a. Using 2017 as the base year, real median household income in 1973 was $10930 Real median household income in 2017 was $51879 b. The total growth rate in nominal median household income from 1973 to 2017 was: c. The total growth rate in real median household income from 1973 to 2017 was: 16.4 % 5428 %

2)26 Multiple Choice 0/1 _and the relationship between quantity demanded and price is The relationship between quantity supplied and price is direct; direct inverse; inverse direct; inverse inverse; direct strong; weak 0/1 30 Multiple Choice If the cost of inputs to produce cell phones increases, the equilibrium price and equilibrium quantity will most likely change in which of the following ways? Price decrease; Quantity increase Price decrease; Quantity decrease Price increase; Quantity has no change Price increase; Quantity increase Price increase; Quantity decrease 0/1 33 Multiple Choice Which of the following would shift the supply curve? Changes to the number of consumers Changes to income The price of the product The prices of resources Tastes and preferences
12 Multiple Choice 0/1 Canada and Mexico are considering entering into a trade agreement in regards to baskets and nets. Canada can produce 6 baskets in one hour or 2 nets in one hour. Mexico can produce 2 baskets in one hour or 1 net in one hour. Using this information, who has comparative advantage in the production of Baskets and Nets? Mexico for both goods. Canada for both goods. Mexico for baskets and Canada for nets Mexico for nets and Canada for baskets. They both have a comparative advantage in the item for which they have an absolute advantaan

3)Conduct a detailed analysis of possible website audience including their needs and expectations and accordingly write a detailed report on the highlights and shortcomings of current website design, content, navigation, responsiveness and other aspects.

4)If a large change in price results in a small change in demand, then demand is Select one:

a. Elastic. b. Perfectly elastic. c. inelastic. d. stagnant.

5)1)Do you think that there is a strong relationship among health, labor productivity, and income levels? Explain your answer.

2)What is meant by the statement that many devel- oping nations are subject to “dominance, depen- dence, and vulnerability” in their relations with rich nations? Can you give some examples?

3)Explain the many ways in which developing countries may differ in their economic, social, and political structures.

4)Explain the distinction between low levels of liv- ing and low per capita incomes. Can low levels of living exist simultaneously with high levels of per capita income? Explain and give some examples.

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