Last year, in a nation far to the South, real GDP was $90 million and 900,000 workers were employed. This year real GDP is $100 million, 950,000 workers are employed, and the number of hours each worker works per year did not change
Hence, labor productivity
A) has decreased.
B) has increased.
C) has remained constant.
D) cannot be compared between the two years because both real GDP and the number of workers increased.
E) might have changed, but more information is needed to determine if it changed.
B
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If the return on capital is less than the cost of capital
A) economic profits are zero. B) accounting profits are zero. C) then accounting profits minus economic profit are zero. D) economic profits are negative.
If the economy of Gwondanaland is growing more rapidly than the economy of Japan, most likely
a. Japan has more current investment than Gwondanaland. b. Japan has more government spending than Gwondanaland. c. Japan spends more on capital goods than Gwondanaland. d. Gwondanaland has lower current consumption than Japan. e. Gwondanaland has lower current investment than Japan.