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Author Question: Increases in real GDP since 1900 can actually underestimate growth in the standard of living for ... (Read 155 times)

azncindy619

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on: Jun 29, 2018
Increases in real GDP since 1900 can actually underestimate growth in the standard of living for Americans since 1900 because
 
  A) the crime rate was higher in 1900 than it is today.
  B) goods and services are more expensive today as compared to 1900.
  C) the quality of health care that exists today was not available in 1900.
  D) the level of pollution in 1900 was much higher than it is today.

Question 2

List all the influences on selling plans, and for each influence, say whether it changes supply.
 
  What will be an ideal response?


sarajane1989

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

Changes in the price of the good change the quantity supplied. They do not change the supply of the good.
Influences that change the supply of a good include:
 Prices of factor of production. A rise (fall) in the price of a factor of production increases firms' costs of production and decreases (increases) the supply of the good.
 Prices of related goods produced. If the price of a substitute in production rises (falls), firms decrease (increase) their sales of the original good and the supply for the original good decreases (increases). A rise (fall) in the price of a complement in production increases (decreases) production of the original good, causing the supply of the original good to increase (decrease).
 The expected future price of the good. A rise (fall) in the expected future price of the good decreases (increases) the amount suppliers sell today. This change in expectations decreases (increases) the supply in the current period.
 The number of sellers. An increase (decrease) in the number of sellers in a market increases the quantity of the good available at every price, and increases (decreases) the supply.
 Technology. An advance in technology increases the supply.
 The state of nature. A good (bad) state of nature, such as good (bad) weather for agricultural products, increases (decreases) the supply.


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