GDP per capita in the U.S. on a PPP basis is closest to which level?
A) $30,000
B) $60,000
C) $45,000
D) $75,000
Answer: B) $60,000
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In the long run, the firms in a perfectly competitive market
A) maximize their profit. B) make an economic profit. C) display price setting behavior. D) are protected by barriers to entry.
A monopsony owner believes that hiring an additional worker would increase the company's revenue by $150 per day. We can conclude that the monopsony pays its workers:
a. more than $150 per day. b. exactly $150 per day. c. less than $150 per day. d. exactly $75 per day.
The demand curve for labor would shift leftward as the result of:
A. an increase in the price of the product labor is producing. B. a decrease in the productivity of labor. C. an increase in the price of labor. D. a decrease in the price of capital, provided the output effect exceeds the substitution effect.
The percentage of the population over 16 that is employed or seeking employment is called the
A. Unemployment Rate. B. Employment Rate. C. Employment-Population Ratio. D. Labor Force Participation Rate.