As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by the value of
What will be an ideal response?
the output produced by the working women plus the value of any household work they are now hiring someone to perform.
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If the growth rate of multifactor productivity is 2.5, and b = 0.25, k = 4, n = 2, and y = 5, then the growth rate of labor productivity is
A) 3.0. B) 8.0. C) 2.0. D) 2.5.
An increase in population can be expected to
a. increase the marginal product of land. b. decrease the supply of land. c. decrease the rents on land. d. decrease the demand for land.
In determining living standards, productivity plays a key role
a. for individuals, but not for nations. b. for nations, but not for individuals. c. for both nations and individuals. d. for neither nations nor individuals.
Which of the following is the unifying issue of economics?
a. income b. opportunities c. resources d. choices