The productivity curve is a relationship between ________ and ________
A) real GDP per hour of labor; capital per hour of labor
B) real GDP per hour of labor; capital
C) capital per hour of labor; labor per hour of capital
D) real GDP; hours of labor
E) real GDP; capital
A
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The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the quantity of milk sold is
A) greater than the efficient level of output. B) less than the efficient level of output. C) 100 million gallons greater than the efficient level of output. D) the efficient level of output.
If we included the purchases of used goods in GDP,
a. we would be overestimating GDP b. we would be underestimating GDP c. we would be accurately measuring GDP d. the effect on GDP would vary depending on what year the goods were sold new e. we could offset any measurement problems by also including purchases of stocks and bonds