The growth rate of real GDP equals
A) the growth rate of hours worked plus the growth rate of labor productivity.
B) the growth rate of hours worked minus the growth rate of labor productivity.
C) the growth rate of hours worked multiplied by the growth rate of labor productivity.
D) the growth rate of hours worked divided by the growth rate of labor productivity.
Answer: A
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A futures contract
A. gives the owner the right, but not the obligation, to buy shares of a stock at a specified price within the time limits of the contract. B. gives the owner the right, but not the obligation, to sell shares of a stock at a specified price within the time limits of the contract. C. is a contract in which the seller agrees to provide a particular good to the buyer on a specified future date at an agreed-upon price. D. gives the owner the right, but not the obligation, to buy or sell shares of a stock at a specified price within the time limits of the contract.
If a $1 increase in price leads to a $1 decrease in total revenue, then demand must be elastic
Indicate whether the statement is true or false
Chapter 12
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. Governments should avoid investing in education because it has little impact on productivity or economic growth. 2. Rapid population growth can negatively impact per capita output. 3. The law of diminishing marginal returns means that population growth can result in workers with insufficient capital. 4. A larger population means a larger labor force, greater production, and higher standards of living for the average worker. 5. With a higher population growth rate comes greater capital stock per worker.