Assume that an economy has 1500 workers, each working 2000 hours per year. If the average real output per worker-hour is $20, then total output or real GDP will be:
A. $3 million.
B. $45 million.
C. $30 million.
D. $60 million.
Answer: D
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If the price elasticity of demand for peanut butter is 2.4, then peanut butter
A) has an elastic demand. B) has an inelastic demand. C) has a unit elastic demand. D) is a normal good.
The net balance on the balance of payments accounts:
a. always shows a surplus. b. always shows a deficit. c. is always zero. d. is either positive or negative. e. is arrived at without considering omissions and errors in transactions.
Economic growth measured in terms of an increase in per capita real GDP is not a good measure of the distribution of income in a nation
a. True b. False Indicate whether the statement is true or false
The term excess capacity refers to the fact that a firm operates on the upward-sloping portion of its average-total-cost curve
a. True b. False Indicate whether the statement is true or false