Simon Kuznets
A. is the Secretary of the Treasury who helped pull the country out of the Great Depression.
B. was a contemporary of Albert Einstein's who is responsible for the theory of economic relativity.
C. was the first economist to construct an overall measurement of the U.S. economy.
D. is an award-winning hip-hop artist who majored in economics in college.
Answer: C
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What is a firm's balance sheet?
What will be an ideal response?
Assume that an economy has 2000 workers, each working 4000 hours per year. If the average real output per worker-hour is $10, then total output or real GDP will be:
A. $20 million. B. $100 million. C. $80 million. D. $40 million.
The population of Omega totals one million people, 30 percent of whom are employed. Average output per worker in Alpha is $30,000. Real GDP per person in Alpha totals:
A. $21,000. B. $100,000. C. $9,000. D. $30,000.
The shift of labor out of agriculture to industry in the United States has tended to:
A. Reduce the rate of productivity growth B. Increase unemployment in the agriculture sector C. Reduce unemployment in the industrial sector D. Increase labor productivity