Real GDP can increase either because the quantity of labor increases or because labor productivity increases. What is the effect on the standard of living if real GDP increases because
a. the quantity of labor increases?
b. labor productivity increases?
a. An increase in real GDP because the quantity of labor increases has no effect on the standard of living.
b. An increase in real GDP because labor productivity increases boosts the nation's standard of living.
Economics
You might also like to view...
The beginning point of a graph (the 0,0 point) is known as: a. ground zero. b. the quadrant. c. the origin
d. variable one.
Economics
Jim bought a new bike and rides it every day, while his old one sits in the garage untouched. Jim’s opportunity cost of keeping the old bike is:
A. nothing, since he doesn't really value it anymore. B. whatever he could sell it for. C. whatever he would be willing to sell it for. D. All of these are true.
Economics