In a given year the nominal growth rate is 7% with inflation and population growth rates of 2% and 1.2% respectively, then real growth rate of GDP per capita is:
A. 3.8%.
B. 5.0 %.
C. 7.0 %.
D. 5.8%.
Answer: A
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If providing more labor and consuming less leisure would make a worker better off, then the wage rate must be greater than the worker's
a. marginal revenue product. b. marginal value of leisure. c. nonlabor income. d. human capital.
In modern China contracts are largely enforced by:
a. plans b. the rule of law c. common law d. Roman law e. state and party officials
Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 How many units of output can be produced when one unit of labor is employed in Table 21.3?
A. 36. B. 66. C. 30. D. 0.
The above figure shows the situation of a monopolistic competitor in the short run. The maximum economic profits of the firm equal
A. $30,000. B. $50,000. C. zero. D. 15,000.