The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. For the U.S. steel industry, a "Buy American"
provision would create gains for all of the following except
A) U.S. steel companies.
B) U.S. taxpayers.
C) U.S. steel workers.
D) All of the above would gain from the provision.
Answer: B
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Labor productivity is calculated as
A) (real GDP ÷ aggregate hours). B) (real GDP ÷ aggregate hours × number of workers). C) (real GDP ÷ number of workers × ratio of capital per worker). D) (real GDP ÷ technology level). E) (real GDP ÷ aggregate hours × number of workers) × 100.
The above table shows the short-run total product schedule for the campus book store. At what levels of books sold per hour will the marginal product of labor be greater than the average product of labor?
A) 40 books sold per hour B) 73 books sold per hour C) Both A and B are correct. D) Neither A nor B is correct.