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Question
Last year, in a nation far to the South, real GDP was $90 million and 900,000 workers were employed. This year real GDP is $100 million, 950,000 workers are employed, and the number of hours each worker works per year did not change. Hence, labor productivityA) has increased.
B) has decreased.
C) has remained constant.
D) cannot be compared between the two years because both real GDP and the number of workers increased.
E) might have changed, but more information is needed to determine if it changed.
Answer
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Related questions
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Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them.
B) not all goals are desirable.
C) we cannot answer the major economic questions.
D) choices made in self-interest are not always in the social interest.
E) the population keeps growing.
Q:
Why does scarcity lead to the what, how, and for whom questions?
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B) the social interest.
C) self-interest.
D) incentives.
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A) What type of health care will be produced and in what quantity?
B) How will health care be produced?
C) For whom will health care be produced?
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E) Must we offer health care?
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When the federal government decides to pay senators more than it pays soldiers, it answers the ________ question.
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Q:
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B) why
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Which of the following scenarios describes an action that is NOT rational from an economic point of view?
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Q:
Which of the following is a topic studied in macroeconomics?
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Q:
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Q:
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Q:
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Q:
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B) a horizontal or a vertical line.
C) a downward-sloping line.
D) a steeply sloped line.
E) any straight line curve.