Draw a scatter diagram of the growth rate and the unemployment rate. Describe the relationship
What will be an ideal response?
To make a scatter diagram of the growth rate and the unemployment rate, plot the growth rate on the x-axis and the unemployment rate on the y-axis. The graph will be a set of dots and is shown in Figure A1.5 . The pattern made by the dots tells us that when the growth rate increases, the unemployment rate usually decreases so there is a negative relationship.
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If for a given year nominal GDP is $2,000 billion and real GDP is $1,500 billion, then the GDP price index is
A) 133. B) 1.33. C) 100. D) 0.75. E) 750.
Damian owns a tattoo parlor and has hired three tattoo artists to work for him. The marginal product of labor is 8 for the first artist, 12 for the second artist, and 7 for the third artist
What is Damian's average product of labor for these three tattoo artists?