If real GDP is $13,500 billion and aggregate hours are 110 billion, labor productivity equals
A) $6.75 per hour.
B) $104 per hour.
C) $123 per hour.
D) $675 per hour.
C
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If real GDP per capita in the United States is $8,000 in 2016, and if real GDP per capita is $12,000 in 2026, what is the total percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33% B) 5% C) 33% D) 50%
The minimum efficient scale is
A) the plant size that yields the most profit. B) the smallest output level where the firm finally reaches productive efficiency. C) the level of operation where long-run average costs are lowest. D) the level of output where diminishing returns have not set in yet.
Which of the following is one of the reasons for declining union membership in the United States?
A) Much of the unskilled, nonunionized work in the United States is done by immigrant workers who are undocumented. B) The AFL-CIO merger and creation of the Change to Win Federation reduced competition among unions. C) the repeal of the Taft-Hartley Act D) Labor force participation by women has decreased.
In which of the following years was inflation in the United States the highest?
a. 1960. b. 1970. c. 1980. d. 1990. e. 2007.