GDP equals hours of work multiplied by output per hour. This can be rewritten as
A. growth rate of potential GDP = growth rate of labor input + growth rate of labor productivity.
B. potential GDP = wages + cost of production.
C. growth rate of real GDP = growth rate of labor input + growth rate of marginal output.
D. growth rate of GDP = growth rate of wages + growth rate of labor productivity.
Answer: A
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What will be an ideal response?
Firm X owns both a grocery store and the parking lot outside the grocery store. In order to increase the traffic at the store it must
a. Decrease the prices on the goods sold in the store b. Decrease the parking rates c. All of the above d. None of the above