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ID: 1142496 • Letter: A
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ays. Old tores or er fobthe other guy's sleeping? Itll 000 While the other guy's eating? I'm in theworking. nment encies rojects 1890 to the value of hard work. It not only means working l land hard, but also caring about the quality of one's work. e and The American work ethic has long been seen as a key n the ingredient in the nation's productivity and economic A&M success. Will Smith, 60 Minutes interview The work ethic Smith refers to is a commitment ions EXPRESS IDEAS CLEARLY How does improved gies. technology help the economy? ons ion of ASSESSMENT tch 1. Apply Concepts Why would a government decision to increase spending be a matter of cle at macroeconomic policy? 2. Generate Explanations How is gross domestic y product used to determine the business cycle? e 3. Check Understanding How do patents act as an incentive to technological innovation? Make Decisions Suppose you had a job you did not like. If you read that the economy was in the contracting phase of the business cycle, would you be more or less likely to quit your job and look for a new one? Why or why nt2 4.Explanation / Answer
1. Because macroeconomics is the study of the entire nations economy and governments increase or decrease in spending is a matter of the whole nation as if they increase or decrease money of taxes it affects everyone.
2. Economic contractions, troughs, expansions and peaks are unpredictable phases of economic activity referred to as economic business cycles. The gross domestic product, or GDP, is the total market value of goods and services the country produces. As the economy goes through business cycle changes, these positively or negatively affect the GDP. While growth will rise and fall with cycles, there is a long-term trend line for growth; when economic growth is above the trend line, unemployment usually falls.
3. Patent encourages the inventor to create something because they will get the exclusive right to produce and sell the product.
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