Average labor productivity is defined as
A) per-capital real GDP divided by employment.
B) nominal GDP divided by employment.
C) per-capita nominal GDP divided by employment.
D) real GDP divided by employment.
D
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A decrease in the domestic interest rate causes the demand for domestic assets to ________ and the domestic currency to ________, everything else held constant
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate
Sam, who owns a carpentry shop, discovered that with 4 laborers he could produce 18 cabinets per day. With 5 laborers he produced 25 cabinets and with 6 laborers he produced 36 cabinets. What was the MPP of the 5th laborer?
A) 8 cabinets B) 7 cabinets C) 6 cabinets D) 4 cabinets
Capital is a term economists use to refer to
a. man-made resources used to produce other goods and services. b. resources that are available in nature such as mineral deposits. c. money that is used to consume goods and services, to distinguish it from money that is saved. d. the value of the best alternative to an action.
Government intervention to reduce the level of pollution is prompted by the existence of
a. government failure b. Externalities c. an inequitable distribution of income d. a monopoly