Which of the following measures productivity?
A. GDP per worker.
B. Percentage increase in GDP.
C. GDP per capita.
D. The ratio of current GDP to GDP in the base period.
Answer: A
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A government wants to build a hydroelectric dam to reduce flooding in a region and provide electricity to its people
What type of investment is this? In order to make a decision about whether or not to make the investment, how should the government evaluate this project?
OECD data for 1960 through 1999 indicates that a 10 percent increase in government expenditures as a percent of GDP
a. increases economic growth by about 5 percent. b. increases economic growth by about 2 percent. c. has no effect on economic growth. d. reduces economic growth by about 1 percent.
Suppose that Jones builds a new house, then she sells it to Smith, and then Smith sells it to Williams. The total net investment from these transactions is:
A. zero. B. 1 house. C. 2 houses. D. 3 houses.
If the marginal product of labor is always positive, and total revenue grows with each additional worker. Firms do not continuously hire new workers because:
A. there isn't enough room in the factory. B. there isn't an infinite number of workers. C. wages would have to increase. D. they stop when MRP = wage