Holding everything else constant, if total factor productivity increases, the debt-to-GDP ratio will ________, and if the labor force growth rate increases, the debt-to-GDP ratio will ________
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
D
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If aggregate hours are 100 billion hours and labor productivity is $40 an hour, than real GDP equals
A) $100 billion. B) $40 billion. C) $100 trillion. D) $2.5 trillion. E) $4 trillion.
Which of the following is likely to lead to a left shift in the demand curve for labor in the petroleum extraction industry?
A) An increase in the wage rate B) A decrease in the wage rate C) An increase in the price of cars D) An increase in the price of petroleum
Which of the following macroeconomic variables is countercyclical?
A) Real interest rates B) Unemployment C) Money growth D) Consumption
To convert nominal GDP to real GDP, we use which one of the following?
a. real GDP = nominal GDP × GDP deflator b. real GDP = nominal GDP/GDP deflator c. real GDP = GDP deflator/nominal GDP d. real GDP = (nominal GDP/GDP deflator) × 100 e. real GDP = (nominal GDP/GDP deflator)/100