In 2011, real GDP in the United States was $60 per hour worked. In major European economies, real GDP averaged on $48 per hour worked. This difference is explained by the points that ________ and ________
A) Americans work the same number of hours per week as Europeans on average; Americans are less productive due to technology differences
B) Americans are equally as productive as Europeans; Americans work more hours on average
C) Americans take more vacations than Europeans; Americans take more sick days than Europeans
D) Americans work more hours than Europeans; Americans produce more per hour than Europeans
E) Americans work less hours than Europeans; Americans take less sick days than Europeans
D
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Suppose output is $440 billion, government purchases are $40 billion, desired consumption is $320 billion, and net exports are $35 billion. Absorption is equal to
A) $405 billion. B) $420 billion. C) $435 billion. D) $440 billion.
If the current price of a good is the same as that found at the intersection of the market demand and supply curves, then:
A. the market is in equilibrium. B. excess supply exists. C. price will rise. D. price will fall.