Real GDP is $700 billion, average hours worked per week is 42 and aggregate hours is 150 billion hours. What is the economy's labor productivity?
A) $3.75 per hour
B) $1.80 per hour
C) $4.67 per hour
D) $16.67 per hour
E) $4.50 per hour
C
Economics
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The above figure shows the market for labor. The employer is a monopsony. If a minimum wage is set at $10 per hour, which of the following will occur?
A) The firm will pay $5 per hour. B) The firm will pay $10 per hour. C) The firm will pay $15 per hour. D) The firm will hire less than 400 hours of labor.
Economics
The exchange rate value of a foreign currency is ________ in the short run by a rise in its expected future spot exchange rate value.
A. not affected B. lowered C. made volatile D. raised
Economics