In a given year, U.S. nominal GDP was $527 billion and the GDP chain price index for that year is 23.3 . Real GDP in 1996 dollars is:
a. $1,228 billion.
b. $2,262 billion.
c. $3,000 billion.
d. $3,262 billion.
b
Economics
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If the average productivity of labor equals the marginal productivity of labor, then
A) the average productivity of labor is at a maximum. B) the marginal productivity of labor is at a maximum. C) Both A and B above. D) Neither A nor B above.
Economics
In the above table, what is the marginal revenue product of the 1st worker?
A) $92 B) $70 C) $40 D) $8
Economics