Author Question: Although imperfect, which of the following is used as a measure of the standard of living? A) ... (Read 73 times)

K@ · **on:** Jun 29, 2018

Although imperfect, which of the following is used as a measure of the standard of living?

A) real GDP population
B) real GDP population
C) nominal GDP population
D) nominal GNP population
E) nominal GNP population

Question 2

Which of the following statements correctly identifies a difference between labor and land?

A) Land can be rented but not owned by a firm, whereas labor can be rented or owned.
B) Labor can be rented but not owned, whereas land can be rented or owned by a firm.
C) Labor is hired until a point where the marginal product of labor equals the price of labor, whereas land is rented until a point where the average product of land equals the price of land.
D) Labor is hired until a point where the average product of labor equals the price of labor, whereas land is rented until a point where the marginal product of land equals the price of land.