Labor productivity is commonly measured as
A. the change in real GDP divided by change in number of workers.
B. nominal GDP divided by number of workers.
C. real GDP divided by number of workers.
D. the number of workers divided by real GDP.
Answer: C
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Explain whether the statement, "Hillary Clinton was elected President of the United States in 2012," is a normative or positive statement
What will be an ideal response?
All of the following were took place during the German hyperinflation in the 1920s EXCEPT
A) banks reduced lending. B) some banks only made loans to customers who agreed to repay in terms of foreign currencies or commodities. C) Deutsche Bank had to lay off many workers due to lack of business. D) households and firms increased their demand for loans.
Pietro is 40 years old and is laid off from his job at the paper plant and borrows from his savings for 8 months until he finds a new job. Pietro's
a. transitory income likely exceeds his permanent income for that year. b. borrowing is representative of a normal economic life cycle. c. permanent income is largely unaffected by this one time change to his income. d. economic mobility during this year is highly unusual, as US workers tend to stay in a particular income class.
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $40 each and from Canada at $45 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. From which of the following countries will the United States import fans?
a. China b. Canada c. It will import fans from neither China nor Canada. d. It will import fans from both China and Canada.