Which of the following would not be counted in 2016's GDP?
A. the commissions earned by a real estate agent in selling condominiums built prior to 2016
B. the 2016 salary of a used motorcycle salesperson
C. the value of a refrigerator manufactured in 2016 but not sold in 2016
D. the value of a 2008 boat you purchased from a boat dealer in 2016
Answer: D
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Because of technological change, oil companies like Chevron were able to produce almost twice as much output from refineries in 2016 as in 1950 while using 60 percent fewer workers. This represents ________ in output per worker, which is also known as
________. A) an increase; labor productivity B) a decrease; structural unemployment C) an increase; crowding out D) a decrease; capital growth
Suppose Country A is labor-abundant and capital-scarce, and Country B is labor-scarce and capital-abundant. Good X is produced using a labor-intensive technology and Good Y is produced using a capital-intensive technology. Which of the following can most reasonably be inferred from the given information?
A. Country A would import Good X. B. Country B would import Good Y. C. Country B would import both Good X and Good Y. D. Country A would export Good X.