The growth of real GDP per person in Australia between 1964 and 2000 was the result of:
A. growth in average labour productivity only
B. growth in the share of population employed only
C. growth in both average labour productivity and the share of population employed
D. growth in neither average labour productivity nor the share of population employed
Answer: C. growth in both average labour productivity and the share of population employed
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A tax levied on the purchase of a specific good or service is
A) an excise tax. B) a consumption tax. C) a purchase tax. D) a value tax.
In any given market, prices are determined by
A) specialization of labor. B) transactions costs. C) supply and demand. D) comparative advantage.
A firm estimates that when output is 10, its total costs are $900 . It also finds that when output is 11, its total costs are $920 . The marginal cost of the eleventh unit of output is:
a. $1. b. $20. c. $90. d. $900. e. $920.
Other things remaining the same, a decrease in the real return on bonds causes the velocity of money to:
a. Rise. b. Fall. c. Not change.