If real GDP is $6,460 billion, the population is 184.6 million people, and aggregate hours is 170 billion hours, labor productivity is
A) $2.63 an hour.
B) $2.86 an hour.
C) $35,000.
D) $38.00 an hour.
E) 920 hours.
D
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Refer to Figure 8A.1. Suppose that the economy starts with a capital stock of K0. Then total saving is given by point ________ and depreciation by point ________
A) c; d B) b; a C) d; c D) a; b
If the exchange rate changes from 1.00 euro per dollar to 1.10 euro per dollar, the dollar has
A) depreciated against the euro. B) appreciated against the euro. C) fallen inversely in value. D) appreciated against the dollar. E) depreciated against the dollar.
Taxes that change with the level of real GDP and income are called
A) flexible taxes. B) voluntary taxes. C) induced taxes. D) forced taxes. E) GDP taxes.
How does correlation differ from causation? Give an example of each to illustrate your answer