If real GDP per person in a country equals $40,000 and 60 percent of the population is employed, then average labor productivity equals:
A. $60,000.
B. $66,667.
C. $40,000.
D. $24,000.
Answer: B
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What will be an ideal response?
Economists use the word investment to refer to the portion of income that is:
A. spent on productive inputs, such as factories, machinery, and inventories. B. not immediately spent on consumption of goods and services. C. placed in an individual's savings account. D. in any interest-bearing account.
When there is a positive externality associated with the watering of one's lawn, the free market results in
a. not enough lawn watering b. too much lawn watering c. the socially optimal level of lawn watering d. people watering each other's lawns e. government taxes on lawn watering
Which is not true for a monopolistic ally competitive industry?
A. Firms tend to operate with excess capacity B. Each firm faces a downward-sloping demand curve C. These firms earn zero economic profits in the long run D. Firms operate at the lowest point of their ATC curves in the long run