Last year real GDP in the imaginary nation of Populia was 907.5 billion and the population was 3.3 million. The year before real GDP was 750 billion and the population was 3 million. What was the growth rate of real GDP per person during the year?
a. 10 percent
b. 14 percent
c. 17 percent
d. 21 percent
a
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Which of the following is included in GDP?
a. burglar alarm purchases b. crime c. traffic congestion d. income equality
The central element of the oligopoly model is that each firm produces a differentiated product.
Answer the following statement true (T) or false (F)
The labor demand and labor supply schedules are given in the table above. If a minimum wage of $9 per hour is imposed,
A) a surplus of 300 workers occurs. B) a shortage of 300 workers occurs. C) there is no surplus or shortage of workers. D) the quantity demanded is 1,000 workers. E) there is unemployment of 700 workers.
A minimum wage law is a:
A. price ceiling. B. price floor. C. customary norm without legal structure or protection. D. quantity restriction.