Labor productivity is defined as:
A. total output/worker-hours.
B. nominal GDP minus real GDP.
C. the ratio of real capital to worker-hours.
D. the annual increase in nominal GDP per worker.
A. total output/worker-hours.
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Who sets the rules for entitlements when spending is authorized under this category?
A) the agency involved B) the Congress when it appropriates the spending C) each individual state D) the President
The above figure shows the market for gasoline. When a hurricane destroys a major refinery that refines oil into gasoline, the
A) demand curve for gasoline shifts from D1 to D2 and the supply curve of gasoline does not shift. B) demand curve for gasoline shifts from D1 to D2 and the supply curve of gasoline shifts from S2 to S1. C) demand curve for gasoline does not shift, and the supply curve of gasoline shifts from S2 to S1. D) demand curve for gasoline does not shift, and the supply curve of gasoline shifts from S1 to S2.
Sweden and Norway are usually described as ________________ economies.
Fill in the blank(s) with the appropriate word(s).
If there is an increase in labor productivity:
A. the production possibilities curve would shift outward and the long-run aggregate supply curve would shift leftward. B. the production possibilities curve would shift inward and the long-run aggregate supply curve would shift rightward. C. the production possibilities curve would shift inward and the long-run aggregate supply curve would shift leftward. D. the production possibilities curve would shift outward and the long-run aggregate supply curve would shift rightward.