Real GDP equals _________ times _________.
Fill in the blank(s) with the appropriate word(s).
Labor input; labor productivity
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GDP is a measure of:
a. domestic production. b. changes in the general level of prices. c. material well-being. d. social welfare.
Which of the following people would be considered employed in the Census Bureau's Household Survey?
a. A homemaker working 20 hours cleaning her house b. A person paid to work 2 hours per week cleaning houses c. A child shoveling neighbors' driveways for money d. A person volunteering full-time at a local hospital e. A laid-off carpenter looking for a job
A reduction in inflation would lead to
a. more frequent price changes and increased variability of relative prices. b. more frequent price changes and decreased variability of relative prices. c. less frequent price changes and increased variability of relative prices. d. less frequent price changes and decreased variability of relative prices.
The Herfindahl-Hirshman Index is a method for determining ______.
a. whether or not price fixing is occurring b. compliance with import tariff laws c. an industry’s market concentration d. how much collusion exists in an industry