Miller's Dairy produces 960 gallons of milk per day. Each milker at the dairy works 8 hours per day and produces the same number of gallons of milk per hour. If the Dairy's productivity is 12 gallons of milk per hour of labor, then how many milkers does the shop employ?
a. 8
b. 10
c. 80
d. 120
b
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"Net exports" is defined as
A) GDP minus imports. B) exports plus imports. C) GDP minus exports. D) exports minus imports.
By far, the best way to measure the standard of living of people in a country is the value of the country's GDP per capita
a. True b. False Indicate whether the statement is true or false
Measured as a share of GDP, the borrowing of the federal government from foreigners
a. is zero; the federal government does not borrow from foreigners. b. is 100 percent; the federal government borrows only from foreigners. c. has been approximately 50 percent of GDP since the early 1990s. d. was approximately 10 percent of GDP in 2000, but it soared to 35 percent of GDP in 2012.
One problem with NAFTA that is NOT shared by some other trade blocs is that
A) national environmental laws differ greatly. B) the countries are at very different stages of economic development. C) the countries speak different languages. D) the countries are not natural trading partners.