Author Question: Real Gross Domestic Product is A) the amount of people unemployed divided by the total labor ... (Read 115 times)

asd123 · **on:** Jun 29, 2018

Real Gross Domestic Product is

A) the amount of people unemployed divided by the total labor force.
B) the productivity of labor.
C) the most that can be produced when the economy's resources are fully employed.
D) the value of total production linked back to the prices of a single year.

Question 2

The worst drought in over 50 years has decimated crops of soy beans and corn in the United States. (Source: New York Times, August 10, 2012). Because the production of corn has decreased, prices are expected to increase by 25 percent.

These data are insufficient for calculating the elasticity of demand because we also need to know the A) percentage increase in income.
B) percentage increase in quantity.
C) percentage decrease in quantity.
D) increase in bushels per acre.