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Author Question: Why do people in New York City often read the obituaries to locate an apartment? A) They are ... (Read 112 times)

ericka1

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on: Jun 29, 2018
Why do people in New York City often read the obituaries to locate an apartment?
 
  A) They are strange.
  B) They find it efficient, given the alternatives.
  C) The landlords force them to.
  D) There is no other source of apartment rental information outside the obituaries.

Question 2

What is the effect on real GDP per person if labor productivity increases? What is the effect on the nation's standard of living?
 
  What will be an ideal response?


choc0chan

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

B

Answer to Question 2

Real GDP equals (aggregate hours)  (labor productivity). Hence an increase in labor productivity increases real GDP. Real GDP per person equals (real GDP)  (population). Therefore an increase in real GDP with no change in the population increases real GDP per person. The nation's standard of living is measured by real GDP per person. So, an increase in labor productivity boosts real GDP per person and therefore boosts the nation's standard of living.


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