Suppose y = Ak1/4, the capital-labor ratio is $40,000 per worker, the level of total factor productivity is 800, 70% of the population works, and there are 70 million workers. Real GDP per worker is
A) $5,000.00.
B) $7919.60.
C) $11,313.71.
D) $14,142.14.
C
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A black market is a market where buying and selling take place
A) in non-licensed shops and warehouses. B) at prices that violate government price regulations. C) after regular office hours. D) on foreign soil.
The economic system that has the benefit of cooperation among individuals but suffers from a lack of individual initiative that leads to greater production describes the:
a. market economy. b. command economy c. soviet economy. d. traditional economy.
Consumers are willing to pay a higher price for a product with a brand name as opposed to a generic product because:
a. a brand name provides a signal about a product's quality and reliability. b. they are willing to pay more for the privilege of watching the firm's commercials. c. a product with a brand name is always of higher quality. d. consumers maximize utility by purchasing the most expensive products. e. consumers are irrational.
One of the problems with calculating the true amount of discrimination that takes place in the market for labor is
a. the inability to calculate wage differentials. b. the inability to see changes in the wage differentials over a period of time. c. the difficulty in measuring productivity differences between workers. d. the difficulty in measuring female labor-force participation.