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ANSWERS TO END-OF-CHAPTER PROBLEMS
CHAPTER 1
Quick Check
1. a. b. c. d. True. True. True. Uncertain. It is true that the growth of output per worker increased in the mid-1990s, but economists disagree about the degree to which this increase in growth will persist. The growth of output per worker fluctuates a great deal from year to year, which makes it difficult to draw inferences from the data. True. False. The European ¡°unemployment miracle¡± refers to the low rate of unemployment in Europe in the 1960s. False. The slump was triggered by the collapse of the Japanese stock market. False. 1960-2000 US EU Japan 3.2% 3.1% 4.7% 1994-2000 3.9% 2.3% 1.4% 2001-2004 2.45% 2.3% 2.3%
e. f. g. h. 2. a.
Growth rates in all three regions are lower in the most recent period than over the period 1960-2004. However, compared to the period 1994-2000, U.S. growth is lower in the most recent period, Japanese growth is higher, and European growth is unchanged. b. 3. a. b. Answers will vary. Low
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