Average labor productivity is computed as the
A) ratio of industrial production to the employment rate.
B) ratio of real output in manufacturing to the level of real GDP.
C) ratio of real GDP to the unemployment rate.
D) ratio of real GDP to the level of employment.
D
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Fractional reserve banking
Refer to Figure 17-2. Suppose the economy is at point A. The Fed uses expansionary monetary policy to lower the unemployment rate permanently below the level associated with A. Which of the following will occur?
A) Inflation will accelerate in the long run. B) Unemployment will accelerate in the long run. C) Inflationary expectations will decline. D) Unemployment will rise above the natural rate.
The fact that more women have chosen to work as real wages rise is evidence that, for them:
a. leisure is an inferior good. b. income and substitution effects of higher real wages work in the same direction. c. income and substitution effects of higher real wages may work in opposite directions. d. income and substitution effects may work in opposite directions but that the substitution effect is stronger.
Identify the international organization that makes loans to developing countries
a. The World Bank b. The Federal Reserve c. The World Trade Organization d. The Industrial Development Board e. The Bank of England