If average labor productivity increases, real GDP per person:
A. increases.
B. decreases.
C. may increase or decrease depending on the change in the share of population employed.
D. remains constant.
Answer: C
You might also like to view...
The value of the absolute price elasticity of demand for good X is 4. The absolute price elasticity for good Y is 1. Which good's quantity demanded is more responsive to a change in price?
A) Good X B) Good Y C) They are equally responsive. D) Not enough information is given.
Which of the following is false?
a. Products with more close substitutes have more elastic demand b. The demand for any individual brand is less elastic than industry aggregate demand c. Products with many complements have less elastic demand d. In the long run, demand curves become more elastic
Modern paper money is fiat money because it is backed only by the faith the holder has in the government that issued it
a. True b. False Indicate whether the statement is true or false
The investment decision is made in the short run.
Answer the following statement true (T) or false (F)