The GDP growth rate:
A. is measured as the percent change in real GDP from one time period to the next.
B. is a measure to track changes in an economy over time.
C. looks at changes in GDP across different time periods.
D. All of these statements are true.
Answer: D
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Suppose a firm is a price searcher in the product market and hires labor in a perfectly competitive labor market. If the wage rate is $20, the marginal product of the last worker hired is 5, and the firm is hiring the profit-maximizing amount of labor, then the marginal revenue product of the last worker hired must be
a. $1 b. $1.50 c. $4 d. $5 e. $20
Since the demand for labor depends on the demand for the product labor produces, the demand for labor is called:
a. primary demand. b. secondary demand. c. dependent demand. d. derived demand.