Real GDP per person equals average labor productivity:
A. times the share of population employed.
B. minus the share of population employed.
C. times one minus the unemployment rate.
D. times the labor force participation rate.
Answer: A
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The members of Federal Reserve district bank boards of directors appointed by the Board of Governors are known as
A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors.
Refer to Figure 16.1. If a firm expects that consumer preference for its product will increase in the future, this is best represented by a movement from
A) point A to point C. B) point B to point A. C) point A to point B. D) point C to point A.
Suppose that a new machine tool having a useful life of only one year costs $80,000. Suppose, also, that the net additional revenue resulting from buying this tool is expected to be $96,000. The expected rate of return on this tool is:
A. 80 percent. B. 8 percent. C. 2 percent. D. 20 percent.
If price is increased by law from a market equilibrium value of $5 to a higher value of $6:
A. producer surplus will decrease and there will be some lost surplus. B. consumer surplus will decrease and there will be some lost surplus. C. both producer surplus and consumer surplus will increase. D. there will be lost surplus, as both producer surplus and consumer surplus decrease.