Potential GDP per labor hour can increase due to
A) increases in labor productivity.
B) increases in the quantity of money.
C) increases in population.
D) decreases in the quantity of capital.
A
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What is regulatory capture?
A) It is a situation in which a firm being regulated successfully influences the regulatory agency's actions to benefit the interests of the firm, rather than the public interest. B) It is a situation in which a regulatory agency uses its authority to force actions that are not favored by the regulated firms but are in the public's interest. C) It is a situation in which a policymaker seeks to improve his election prospects by aligning himself with a powerful special interest group which will finance his political campaign. D) It is the exchange of political support between a regulatory agency and the regulated firm resulting in both parties capturing economic rents.
In Econland, 500,000 of the 2 million people in the country are employed. Average labor productivity in Econland is $15,000 per worker. Real GDP per person in Econland totals:
A. $3,750. B. $11,250. C. $60,000. D. $1,250.
If demand is represented as Qd = 24 - P and supply is represented as Qs = 6 + 2P, the equilibrium price is
A. $3. B. $6. C. $10. D. $18.
A market where there is only a single buyer is called a(n):
A. Monopoly B. Monopsony C. Oligopoly D. Dominant firm