I’m working on a economics test / quiz prep and need support to help me study.Short Answer 66. a.What is the difference between a “change in supply” and a “change in quantity supplied?” Graph your answer. (4 points)b.For each of the following changes, determine whether there will be a change in quantity supplied or a change in supply. (5 points)i.a change in input costsiia change in producer expectationsiii.a change in priceiv.a change in technologyv.a change in the number of sellers 67. GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included. (4 points) 68. The table below uses data for the year 2003 provided by the Bureau of Labor Statistics and adjusted to be comparable to U.S. data. All values are in thousands. Fill in the blank entries in the table. (9 points)CountryAdultPopulationLaborForceEmployedUnemployedUnemploymentRateLabor-ForceParticipationRateJapan109,47462,5103,500France26,8702,57757.41Germany 70,15939,591 9.69 69. How does microeconomics relate to macroeconomics? (3 points) 70. Recent decades have seen a trend toward globalization, which means that buying and selling in markets have crossed national borders to an increasing extent. As a result, firms and workers from different countries are increasingly interconnected. Globalization has occurred for a number of reasons. List three reasons and briefly describe their effect contributing toward globalization. (5 points) 71. The formal study of economics began when Adam Smith (1723-1790) published his famous book The Wealth of Nations in 1776. In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor. Define “division of labor” and illustrate with an example. (5 points)
