If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:
A. $50,000.
B. $30,000.
C. $15,000.
D. $60,000.
Answer: C
You might also like to view...
Answer the following statement(s) true (T) or false (F)
1. The substitution effect insures that anytime there is a change in the price of a good, the quantity demanded along a compensated demand curve also changes. 2. The (ordinary) demand curve for a normal good must be downward sloping. 3. An inferior good is only Giffen when the substitution effect exceeds the income effect. 4. An ordinary demand curve contains both substitution and income effects, while a compensated demand curve contains only income effects. 5. The income elasticity of demand is equal to the slope of the Engel curve.
A decrease in money supply causes the real interest rate to ________ and the price level to ________ in general equilibrium
A) rise; rise B) remain unchanged; fall C) remain unchanged; rise D) fall; fall
Which of the following will increase the natural rate of interest?
A) An increase in the saving rate B) A decrease in inflationary expectations C) An increase in government spending D) A decrease in the money supply
Which of the following is a normative economics statement?
a. An increase in the minimum wage will reduce teenage employment. b. Increasing the minimum wage will result in more votes for progressive candidates. c. Raising the minimum wage would greatly increase labor costs in certain industries. d. Raising the minimum wage is a poor idea because living wage laws are better.