sources: u. s. bureau of labor statistics; and u. s. bureau of economic analysis. 1. in 1969, actual real gdp was greater than potential real gdp. which of the following best explains this? a. the data reported by the department of commerce are incorrect. b. there has been a supply shock that has reduced potential output. c. the economy can produce a level of gdp above potential gdp in the short run. d. the economy is in a recession and thus potential gdp is less than actual gdp. 2. even though real gdp in 1970 was slightly greater than real gdp in 1969, the unemployment rate increased substantially from 1969 to 1970. which of the following explains how unemployment could have increased even though output did not change? a. because there was more inflation, there must be more unemployment. b. potential gdp increased significantly, but actual gdp did not, and thus there is unemployment. c. labor productivity declined, and thus the demand for labor fell, creating unemployment. d. there must have been a decrease in aggregate demand that caused a recession.

Suppose the following items were taken from the balance sheet of nike, inc. (all dollars are in millions.) 1. cash $ 2,316.7 7. inventory $ 2,245.6 2. accounts receivable 2,786.2 8. income taxes payable 80.3 3. common stock 2,841.1 9. equipment 1,783.8 4. notes payable 291.2 10. retained earnings 6,162.5 5. buildings 3,959.7 11. accounts payable 2,624.6 6. mortgage payable 1,092.3 perform each of the following. classify each of these items as an asset, liability, or stockholders’ equity, and determine the total dollar amount for each classification. (enter amounts in millions up to 1 decimal place, e. g. 45.5 million.) cash accounts receivable common stock notes payable buildings mortgage payable inventory income taxes payable equipment retained earnings accounts payable assets $ 13092 liability $ 4088.4 stockholders’ equity $ 9003.6 etextbook and media determine nike’s accounting equation by calculating the value of total assets, total liabilities, and total stockholders’ equity. (enter amounts in millions up to 1 decimal place, e. g. 45.5 million.) total assets = total liabilities + total stockholders’ equity

In north korea, a farmer’s income is the same as a dentist’s income. in a country with a mixed or market economy, the difference between those two professions might be more than 5 times different. how can you explain the fact that individuals doing the same work in different countries do not earn comparable salaries?

How many organs are supplied at a zero price? (b) how many people die in the government-regulated economy where the government-set price ceiling is p = 0? the quantity qd – qa. the quantity qe – qa. the quantity qd – qe. (c) how many people die in the market-driven economy?