What is the equation for Real GDP in terms of labor? Explain the factors that go into each component
Please provide the best answer for the statement.
Real GDP = labor inputs (hours of work) x labor productivity (average output per hour)
The factors that influence labor inputs (hours of work) include size of employed labor force and average hours of work. The factors that influence labor productivity include technological advance, quantity of capital, education and training, allocation efficiency, and other influences.
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For an impure consumption good the maximum output is determined where_____
a. price equals marginal cost b. marginal cost equals the vertical summation of all individual demand curves c. price equals long run average total cost d. marginal cost equals the horizontal summation of all individual demand curves
The primary reason for the success of the colonial shipbuilding industry was:
a. the plentiful supply of skilled labor. b. low wages in the American shipbuilding industry. c. a plentiful supply of iron ore. d. the close proximity of raw materials, especially lumber.
List and describe three arguments that help to explain why nations sometimes restrict trade. Does everyone agree with these arguments?
A. has a price elasticity coefficient greater than unity. B. has a price elasticity coefficient of unity throughout. C. graphs as a line parallel to the vertical axis. D. graphs as a line parallel to the horizontal axis
A. perfectly inelastic. B. perfectly elastic. C. relatively inelastic. D. relatively elastic.