Labor force productivity has increased from $30 per hour to $32 per hour over the past year. This could result from
A) an increase in real GDP with no change in the aggregate hours or a decrease in aggregate hours with no change in real GDP.
B) only an increase in real GDP.
C) an increase in population.
D) an increase in the labor force participation rate.
E) only a decrease in aggregate hours.
A
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Suppose there are only two goods, apples and oranges. What happens if the price of each good increases by 15 percent?
a. The consumer will substitute apples for oranges. b. The consumer will substitute oranges for apples. c. There is no substitution effect because relative prices have remained constant. d. Demand for both goods increases. e. Demand for both goods decreases.
In 1773, who won 20,000 pounds (approx. 12 million dollars) by becoming the first person to accurately measure longitude while out at sea?
a. John Harrison b. James Cook c. Alexander Agassiz d. Roald Amundsen
The principal source of borrowed reserves is the
A. Federal Reserve System. B. United States Treasury. C. federal funds market. D. Federal Home Loan Bank Board.
At the current market price in the market for smartphones, the quantity of buyers is larger than the quantity of sellers. Given this situation, we can expect the market price of smartphones to:
a) Increase b) Decrease c) remain unchanged