In Econland total output is $8 billion, population equals 500,000 people, and, of these, 400,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $20,000; $20,000
B. $16,000; $20,000
C. $20,000; $16,000
D. $16,000; $16,000
Answer: B
You might also like to view...
Suppose the growth rate of GDP in the United States is 4.2 percent. If 1.1 percent and 1.4 percent of GDP growth are due, respectively, to capital and labor growth, the amount resulting from technological progress is
A) 0.3 percent. B) 1.1 percent. C) 1.4 percent. D) 1.7 percent.
Average fixed cost is
a. the sum of variable and fixed costs b. total cost minus variable cost c. variable cost plus marginal cost d. total fixed cost per unit of output e. constant as output changes
Under deferred compensation packages,
A) a moral hazard occurs if a firms fires a good worker before the worker receives her deferred compensation. B) a moral hazard occurs if workers decide not to shirk so as to receive the deferred compensation. C) moral hazards are avoided. D) workers' wages are below their marginal revenue product as they near retirement.
In an all-currency economy in which real output and the real interest rate are fixed and the rates of money growth and inflation are constant, the inflation rate equals
A. the real interest rate. B. the nominal interest rate. C. the level of real seignorage revenue. D. the growth rate of the nominal money supply.