In the United States, the number of hours worked per person has decreased since 1800. How would growth rates since 1800 be different if they were calculated for real GDP per capita instead of GDP per hour worked?
What will be an ideal response?
Because the number of hours worked per person in the United States has decreased in the years since 1800, the growth rates would be lower if they were calculated for real GDP per capita instead of per hour worked.
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A tariff is
A. a tax imposed on imports. B. a subsidy granted to imports. C. a tax imposed on exports. D. any non?subsidy used to increase trade. E. any non?tax action used to restrict trade.
If the purchase of used goods was to be incorporated into measuring GDP using the expenditure approach, then
A) consumption spending would need to be adjusted for depreciation. B) it will be very difficult to assign a fair market value to a used good. C) we will have to account for the natural depreciation that a used good experiences. D) we also will have to account for spending on financial assets. E) we will be counting the value of the used goods both at the time of their production and at the time of their re-sale.
The quantity of newspapers sold will decline if: a. newsprint becomes more expensive
b. the printers' union makes wage concessions. c. newspaper prices are reduced. d. magazine prices rise.
Which of the following relations is not correct?
A. 1 - MPC = MPS. B. APS + APC = 1. C. MPS = MPC + 1. D. MPC + MPS = 1.