If real GDP is $11,750 billion and aggregate hours are 175 billion, labor productivity equals
A) $23.50 per hour.
B) $52 per hour.
C) $67 per hour.
D) $235 per hour.
C
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The Civil War (1861–1865) was the root of which modern-day belief(s)?
(a) The Thirteenth Amendment of the Constitution, which prohibits slavery and involuntary servitude in the U.S. (b) The belief that wars can stimulate industrialization. (c) The belief that wars can effectively mobilize resources, boost employment and heighten production without inflationary consequences. (d) All of the above.
The largest share of federal government tax receipts is derived from
A) corporate income taxes. B) excise taxes. C) social insurance contributions. D) individual income taxes.
Measuring the national income accounts can NOT be helpful in explaining things like:
A. unemployment rates. B. economic booms. C. rates of inflation D. rates of return on a firm’s capital.
All other things equal, the real surplus:
A. is not affected by inflation. B. rises as inflation increases. C. falls as inflation increases. D. may rise or fall as inflation increases depending on the level of debt.