Real GDP per person can increase:
A. if the share of population employed and/or average labor productivity increases.
B. only if the share of the population employed decreases.
C. only if the share of the population employed increases.
D. only if average labor productivity increases.
Answer: A
You might also like to view...
Economists calculate GDP two different ways. They add up the total value of all final goods and services produced in the economy in a given year and add up the total value of the resources used in making these goods and services. Identify these two approaches. a. The former calculation is called the circular flow approach to GDP; the latter is called the income approach to GDP
b. The former calculation is called the expenditure approach to GDP; the latter is called the income approach to GDP. c. The former calculation is called the income approach to GDP; the latter is called the expenditure approach to GDP. d. The former calculation is called the real GDP approach; the latter is called the nominal GDP approach. e. The former calculation is called the nominal GDP approach; the latter is called the real GDP approach.
Beginning in 2013, a local government in Georgia is instituting a tax on owners of land at a flat rate of $100 per acre every year.
i. Explain who gains and loses from the tax. Specifically comment on what happens to the value of the land, who ends up bearing the burden of the tax. ii. If in 100 years the local government decides to repeal the tax, who will gain and who will lose as a result of the repeal? Explain.
Summarize how the law of demand explains the effects of price on the quantity demanded
What will be an ideal response?
A price taker is a buyer or a seller who:
A. takes the market price as given. B. buys or sells only at a price where profits can be made. C. accepts whatever price that the government legislates as the price of the good or service. D. has the ability to influence the equilibrium price in the market.