Labor productivity is
a. real GDP per hour of labor times the number of people.
b. real GDP per hour of labor.
c. real GDP per hour of labor times the hours of work.
d. the rate of change in real GDP per hour of labor.
Ans: b. real GDP per hour of labor.
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A major difference between stocks and bonds is that
A) bonds pay their owners dividends while stocks pay interest. B) bonds pay their owners interest while stocks pay dividends. C) the interest on a bond depends on the earnings of the corporation and is not guaranteed while dividends on stock are legally required. D) bonds represent ownership while stock represent debt.
Price ceilings set below the equilibrium create:
a. externalities. b. unemployment. c. shortages. d. surpluses.
Suppose that because of climatic conditions, the smog levels in Los Angeles suddenly soar to dangerous levels. The most successful policy in this case would be
a. direct controls to limit driving. b. taxes on drivers at rush hours. c. voluntary cooperation to reduce driving. d. removal of autos with excessive emissions.
Explain why some argue that income tax loopholes primarily benefit the rich