The formula for the computation of labor productivity is
A. real GDP/number of workers.
B. nominal GDP/number of workers.
C. real GDP/population.
D. nominal GDP/population.
Answer: A
Economics
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Which of the following implies that a model is an approximation?
A) The model is not based on any assumption. B) The predictions of the model are mostly wrong. C) The predictions of the model will hold in most cases but not all. D) The predictions of the model cannot be tested with data.
Economics
Assume that when the price of good X is $12, quantity demanded is 32. When price is decreased to $9, quantity demanded increases to 45. Over this range, the arc elasticity of demand is 1.182
Indicate whether the statement is true or false
Economics