If labor productivity growth slows down in a country, this will
A) accelerate the increase in real GDP per capita.
B) accelerate the increase in nominal GDP.
C) slow down the increase in real GDP per capita.
D) slow down the increase in nominal GDP.
Answer: C
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A firm is currently selling its output for $10 per unit and is producing where marginal revenue equals marginal cost at an output level of 100 units
If the firm's total variable costs are $900 and its fixed costs are $300 should it produce in the short run or shut down?
A tariff is
a. a tax on imports b. a legal limit on quantities of goods that can be imported c. a voluntary limit on quantities of goods that can be imported d. a quality restriction on imports e. a subsidy for exports
Suppose the government levies a "fat tax" on naturally-sweetened carbonated beverages to try to reduce the number of overweight children. If the tax revenues pay for the health problems of overweight children, the tax would satisfy the
a. ability-to-pay principle. b. benefits principle. c. vertical-equity principle. d. horizontal-equity principle.
If all factors of production that are available for use under current market conditions are being utilized, then the economy has:
A) economic growth. B) comparative advantage. C) full employment. D) inefficient production.