One of the key factors that determine an economy's real GDP is labor productivity, which is a measure of
a. output per hour of work.
b. labor force per hour.
c. input per hour worked.
d. total hours worked.
a
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Refer to the figure above. Total welfare can be increased by ________
A) increasing output above Q1 B) reducing output below Q1 C) lowering the market price below P1 D) increasing the market price above P2
Which of the following is an example of customer discrimination?
a. European soccer players earn more than U.S. soccer players since soccer is more popular in Europe. b. Male basketball players in the NBA earn higher salaries than female basketball players in the WNBA since viewers prefer watching NBA games. c. Golfers on the men's PGA tour earn more than golfers on the women's LPGA tour since people prefer watching the men play golf. d. All of the above are examples of customer discrimination.
Table 14.4Table 14.4 represents 3 markets for used motorcycles. Which of the markets in Table 14.4 are in equilibrium?
A. 1 only B. 2 only C. 3 only D. 1 and 3
Because a decrease in real autonomous spending results in a ________ in the price level, the ultimate effect on real GDP is ________ than predicted by the multiplier.
A. fall; smaller B. rise; larger C. rise; smaller D. fall; larger