Hourly wages and fringe benefits average about _______ an hour in Mexico.
Fill in the blank(s) with the appropriate word(s).
$1.50
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An increase in credit market frictions
A) decreases labor supply. B) decreases labor demand. C) decreases consumption demand. D) decreases investment demand.
The expenditure method dictates that GDP is equal to C + I + G + (X M)
a. True b. False Indicate whether the statement is true or false
Babysitting services the oldest son provides his parents
A) does not count as real GDP nor nominal GDP. B) counts as real GDP and nominal GDP. C) counts in both real and nominal GDP only if the son is not paid. D) counts as real GDP but not nominal GDP. E) counts as nominal GDP but not real GDP.
The Human Development Index was proposed because
A) people confuse nominal GDP and real GDP. B) nominal GDP and real GDP are subjective measures. C) of the limitations of real GDP as a measure comparing the standard of living in different nations. D) the GDP deflator changes if the base year is changed. E) different nations have different populations.