In Econland population increased from 1 million to 1.1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.

If the price of $1 is 1.67 Swiss francs, the price of a Swiss franc is

A) $0.33. B) $1.67. C) $2.00. D) $0.67.

Which of the following is the correct formula for computing GDP?

a. GDP = consumption + private investment + government spending + exports - imports b. GDP = consumption + public investment + government spending + exports - imports c. GDP = consumption + private investment + government spending - exports - imports d. GDP = consumption + private investment + government spending + transfers e. GDP = consumption + private investment + tax revenue + transfers