Refer to Table 19-18. What is the GDP deflator in 2016 if 2016 is the base year?
A) 120 B) 118 C) 100 D) 87
C
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As the percentage of the labor force belonging to a union fell in the United States during the 1955 through early 2000 period, the share of national income going to labor
a. increased 10 percent. b. remained approximately the same. c. decreased 10 percent. d. decreased 20 percent.
Collective bargaining
A. deals only with issues relating to wages. B. substitutes one labor negotiator for many independent workers. C. is NOT a function of labor unions. D. is illegal in the United States.
Comparing GDP across countries is unrealistic unless we make adjustment in exchange rates to take into account differences in the cost of living via
A. real GDP. B. price index. C. international GDP. D. purchasing power parity.
An increase in the amount of physical capital will cause
A. aggregate demand and aggregate supply to increase by the same amounts, causing real GDP to increase and the price level to remain constant. B. an increase in both aggregate demand and real GDP, but have no effect on the price level. C. an increase in both aggregate supply and real GDP and a reduction in the price level. D. an increase in both aggregate supply and real GDP, but have no effect on the price level.