The country of Southland produced $2,000 billion of output in one year. The population of Southland was 100 million, of whom 60 million were employed. What was average labor productivity in Southland?
A. $20
B. $33
C. $33,333
D. $20,000
Answer: C
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Which of the following is an example of money functioning as a unit of account?
A) Bank of America charging 7 percent on an auto loan. B) Pepsi charging $1 for a can of soda. C) eBay using PayPal as a method of payment. D) Your writing a check at Target to pay for new clothes.
In the graph for the consumption function, the 45-degree line
A) contains only a consumption component.
B) represents both planned consumption and planned investment.
C) shows various combinations where planned consumption equals real disposable income.
D) reflects a decreasing APC as real disposable income rises.
From 1980 to 1987
a. foreigners were buying more assets from the United States than Americans were buying abroad. The United States was going into debt. b. Americans were buying more assets abroad than foreigners were buying from the United States. The United States was going into debt. c. foreigners were buying more assets from the United States than Americans were buying abroad. The United States was moving into surplus. d. Americans were buying more assets abroad than foreigners were buying from the United States. The United States was moving into surplus.
Surveys of consumers regarding labor standards indicate that they are willing to pay:
a. a large amount for a large improvement in working conditions. b. a small amount for a large improvement in working conditions. c. nothing for a large improvement in working conditions. d. a small amount for a small decline in working conditions.