4. Select the best answer The real variables __________. a.These are those that
ID: 1103195 • Letter: 4
Question
4. Select the best answer
The real variables __________.
a.These are those that determine the cost of living.
b.They are those that determine economic welfare.
c.Include variables such as the price level and the inflation rate.
d.None of the previous ones.
Throughout the production function, if the amount of labor increases, the real GDP _________.
a.Aument.
b. down
c.It remains the same.
d.All of the above can happen.
Almost all economists believe that the economy is always in full employment.
True or False
According to the law of diminishing returns as work increases, the marginal product of labor also increases.
True or False
Labor productivity is calculated by dividing the real GDP by the aggregate hours of work.
True or False
Explanation / Answer
A) The answer is C-) includes variables such as the price level and the inflation rate.
Because,In economics, the real variable is defines or real value is amount of money which adjusted for price level or inflation.
B) The answer is D-) All of the above can happen.
Because , the value of output or GDP is based on production fucntion whcih comprosises of both capital and labor. So if the lbor increase and capital remains the same, then the value of output might be increased or decreased or remain the same . Because it depends on the labor productivity.
C-) The answer is -) False.
Because many economists believe that economy never be in full employment situation.
D-) The answer is -) False.
Because law of diminishing returns state that if the additional output is produced, the marginal prpduct of labor decreases.
E-) The answer is True.
Because labor productivity is calculated by number of units produced divided by number of hours labor worked
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