If aggregate hours are 100 billion hours and labor productivity is $40 an hour, than real GDP equals
A) $100 billion.
B) $40 billion.
C) $100 trillion.
D) $2.5 trillion.
E) $4 trillion.
E
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Firms that are price takers
A) can raise their prices as a result of a successful advertising campaign. B) are able to sell all their output at the market price. C) are able to sell a fixed quantity of output at the market price. D) must lower their prices to increase sales.
A proponent of supply-side economics would advocate
A. reducing income taxes on saving. B. reducing tax credits for research and development. C. eliminating the depreciation allowance. D. increasing the corporate income tax.
If quantity demanded for rice falls by 4% when price increases 8%, we know that the absolute value of the own-price elasticity of rice is: a. 2.5
b. 0.5. c. 2. d. 0.40.
Backloaded compensation encourages
A) employee turnover. B) employee rollover. C) principals to be agents. D) employees to stay with the firm.