The country of Northland produced $1,000 billion of output in one year. The population of Northland was 50 million, of whom 30 million were employed. What was average labor productivity in Northland?
A. $20,000
B. $33,333
C. $33
D. $20
Answer: B
You might also like to view...
The substitution effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded
Indicate whether the statement is true or false
A profit-maximizing firm will employ a resource up to the point where
a. its marginal resource cost equals its marginal revenue product b. its marginal resource cost equals its marginal product c. its marginal resource cost equals the marginal revenue of the output d. its marginal resource cost equals the price of the resource e. the price of the resource equals the marginal revenue of the output
Economic models are NOT used to
A. explain economic phenomena. B. understand economic phenomena. C. predict economic phenomena. D. describe all economic phenomena in finest detail.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.