A nation's standard of living, as measured by real GDP per person, increases:
A. only if the share of population employed increases.
B. if either average labor productivity and/or the share of population employed increase.
C. only if both average labor productivity and the share of population employed increase.
D. only if average labor productivity increases.
Answer: B
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Prior to the financial crisis and recession which began in 2007, credit for mortgages was ________, creating a ________
A) unavailable to low-income borrowers; large demand for rental properties B) virtually unavailable; housing bubble C) only available to borrowers with high credit scores; shortage of affordable housing D) easily obtained; housing boom
The above figure shows Katie's consumption possibilities. The relative price of a restaurant meal is
A) 1 movie ticket. B) 0.25 movie tickets. C) 4 movie tickets. D) 2 movie tickets.
Left unregulated, the equilibrium amount produced in the market described in the table above is
A) 550 units. B) 600 units. C) 650 units. D) 700 units.
How a supply curve is sloped and located is affected by:
A) consumer preferences. B) resource prices. C) the number of consumers. D) all of the above.