Labor productivity is calculated by dividing GDP by
A. population.
B. the price level.
C. capital stock
D. labor force.
Answer: D
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A measure of a country's production is its
A) general domestic production. B) gross domestic product. C) gross daily production. D) general daily product. E) gross total output.
If the 2005 inflation rate in Canada is 4 percent, and the inflation rate in Mexico is 2 percent, then the theory of purchasing power parity predicts that, during 2005, the value of the Canadian dollar in terms of Mexican pesos will
A) rise by 6 percent. B) rise by 2 percent. C) fall by 6 percent. D) fall by 2 percent.
Which of the following is true for perfect competition, monopolistic competition, and monopoly?
a. The product of all firms is homogeneous. b. Firms will earn zero economic profits in the long run. c. Short-run profits are maximized when marginal cost equals marginal revenue. d. All of these.
The opportunity cost of attending college is
A) the money one spends on college tuition, books, and so forth. B) the highest valued alternative one forfeits to attend college. C) the least valued alternative one forfeits to attend college. D) equal to the salary one will earn when one graduates from college.