In a given year the nominal growth rate is 5% with inflation and population growth rates of 1.2% and 3.8% respectively, then real growth rate of GDP per capita is:

The demand for labor curve is derived from the:

A) total product of labor. B) supply curve for labor. C) average product of labor. D) value of marginal product of labor.

Discuss the correct and incorrect economic analysis in the following statement

"The United Auto Workers Union has successfully negotiated a 9 percent increase in wages for its workers. This increase in the wage rate causes an increase in demand for automobiles, since many consumers now have greater incomes, and also a decrease in the supply of automobiles because the cost of production has increased. These effects cancel each other out resulting in no change in equilibrium price and quantity in the automobile market."