The table above gives a nation's production function. Which of the following is NOT an attainable combination of real GDP and labor?
A) real GDP of $4.0 trillion and labor of 90 billion hours per year
B) real GDP of $4.7 trillion and labor of 110 billion hours per year
C) real GDP of $4.0 trillion and labor of 70 billion hours per year
D) real GDP of $5.2 trillion and labor of 90 billion hours per year
E) real GDP of $5.5 trillion and labor of 150 billion hours per year
D
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If both players in a game have a dominant strategy, then the game they are playing
A) has no Nash equilibrium. B) must have one Nash equilibrium. C) must have two Nash equilibria — one for each player. D) More information is needed to determine the number of Nash equilibria in the game.
What is meant by world price of a good? How do the domestic price and the world price of a good together determine whether a country will be an importer or exporter of a certain good?
What will be an ideal response?
The benefits paid by the largest pension program in the United States are: a. not adjusted for changes in the price level
b. adjusted for changes in the price level. c. revised every five years. d. adjusted for changes in the nominal rate of interest. e. adjusted for changes in the real rate of interest.
Judging from the table showing income inequality in the United States, the Great Depression and new social programs of the 1930s, plus the impact of World War II, caused the proportion of income earned by the wealthiest Americans to ______.
a. drop significantly
b. drop slightly
c. rise slightly
d. rise dramatically