Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country A?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. $1,800
B. $5,000
C. $2,400
D. $7,200
Answer: B
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Alex must prepare for exams in both biology and economics this week. Assume that the production possibilities curve showing the tradeoff between exam scores in biology and economics is concave toward the origin. As Alex moves along the curve spending more of his time studying for economics, the opportunity cost of an hour of preparation for economics: a. increases
b. remains constant. c. decreases. d. first increases then decreases.
There is a
a. short-run tradeoff between inflation and unemployment. b. short-run tradeoff between the actual unemployment rate and the natural rate of unemployment. c. long-run tradeoff between inflation and unemployment. d. long-run tradeoff between the actual unemployment rate and the natural rate of unemployment.
The Coffee Nook, a small cafe near campus, sells cappuccinos for $2.50 and Russian tea cakes for $1.00 each. What is the opportunity cost of buying a cappuccino?
A) 2 1/2 Russian tea cakes B) 2/5 of a Russian tea cake C) $2.50 D) $1.00
Monetary theorists maintain that to eliminate the business cycle, it is necessary to eliminate
a. money. b. currency. c. bank creation of check able deposits. d. bank reserves.