To measure productivity in an economy, we compute the actual real GDP and then divide it by
A) the number of years over which it was produced.
B) the amount of labor that went into producing it.
C) the capital stock in existence at the time.
D) the value of the capital stock that was used up in the process of production.
E) the natural real GDP in the same period.
B
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Because of the quantity and quality of its resources, the U.S. has an absolute advantage in the production of many goods and services. Does this imply that the U.S
cannot benefit from trading with a developing country that has less productive ability? Why or why not?
Illegal immigrants to the U.S. usually charge higher wages than their American counterparts
a. True b. False Indicate whether the statement is true or false
In a classic administrative snafu, the Army assigns trained classical musicians to kitchen duty and places trained cooks in the military band. This is an example of inefficiency in
A. output selection. B. production planning. C. product distribution. D. market segmentation.
If a U.S. citizen buys a car produced in Germany, this transaction will add to
a. U.S. aggregate demand. b. U.S. aggregate supply. c. German aggregate demand. d. German imports.