Answered: 1 The UK GDP per capita measures:…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 32CTQ: Do you think perfect indexing is possible? Why or why not?

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Please tell me what are the correct awnser for the following questions 11)12) they are multiple choice and unrelated questions to each other please tell me only which ones are correct Thank you Please see the attached picture has the graph which needs to be analysed to awnser question 12.

The UK GDP per capita measures:

Select one or more:

a. the total output of London’s economy.

b. the average disposable income of a UK national.

c. the total output of the UK nationals, divided by the number of the nationals.

d. the total output of the UK’s economy, divided by the country’s population.

Look at this graph of real wage index in England between 1260 and 1800. Consider also that, in the bubonic plague of 1348 and 1351, between one quarter and one third of Europe’s population died.

(SEE ATTACHED PICTURE)

Select one or more:

a. According to the Malthusian model, the fall in the population due to the bubonic plague would have led to an increase in the average productivity of workers, causing the observed rise in the real wage post-plague.

b. The doubling and halving of the real wage index over 250 years from around 1350 cannot be explained by the Malthusian model.

c. The fall in the unskilled workers’ share of total output in the 17^th and 18^th centuries was due to the fall in their average product of labour.

d. In the Malthusian model, the rise in real wages from 1800 onwards, at the same time as the rise in population, could be explained by continuous technological improvement.

800
700
Bubonic Statute of
600
plague
Labourers
500
400
140
300
200
100
1260 1348
1800
2000
00
80
60
40
Peasants
Kett's
Glorious
Revolution
rebellion
rebellion
20
1260
1320
1380
1440
1500
1560
1620
1680
1740
1800
Real wage index (1850-100).
Real wage index (1850-100)

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