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Author Question: Suppose that the country of Pacifica imposes a quota on bananas. The reason that the government ... (Read 141 times)

Mimi

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on: Jun 29, 2018
Suppose that the country of Pacifica imposes a quota on bananas. The reason that the government imposed this trade restriction could be
 
  A) that the government of Pacifica needs to increase its revenue.
  B) lobbying from banana farmers in Pacifica.
  C) comparative advantage.
  D) Both answers A and B are correct.

Question 2

Real GDP equals 12 trillion and aggregate hours equals 300 billion hours. What does labor productivity equal?
 
  What will be an ideal response?


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kmb352

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

Labor productivity is (real GDP)/(aggregate hours), so labor productivity equals (12 trillion)/(300 billion hours) = 40 per hour.


Mimi

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

Sarahjh

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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