If real GDP per person in a country equals $20,000 and 40 percent of the population is employed, then average labor productivity equals:
A. $8,000.
B. $40,000.
C. $20,000.
D. $50,000.
Answer: D
You might also like to view...
The monetary base is smaller than the money supply
Indicate whether the statement is true or false
If a country's goods exports are less than its goods imports, then it experiences a:
a. balance of payments surplus. b. balance of payments deficit. c. balance of trade surplus. d. balance of trade deficit.
A severe freeze has once again damaged the Florida orange crop. The impact on the market for oranges will be a leftward shift of: a. the demand curve, as consumers try to economize because of the shortage
b. the demand curve and a rightward shift of the supply curve. c. the supply curve. d. the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price.
Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice. What would we expect to happen to the equilibrium price and quantity in the market for orange juice?
a. Price will increase; quantity is ambiguous b. Price will increase; quantity will increase c. Price will increase; quantity will decrease d. Price will decrease; quantity is ambiguous e. The impact on both sides is ambiguous