SOLVED

91) Labor productivity equals A) real GDP divided by the capital stock. B) real GDP divided by the working-age population. C) total wages divided by real GDP. D) real GDP divided by aggregate labor hours. 92) If real GDP is $800 million and aggregate labor hours are 20 million, labor productivity is ________. A) $40 per hour B) $16,000 million C) $40 million D) $160 per hour 93) If real GDP is $13,000 billion and aggregate hours are 270 billion, labor productivity equals A) $6.50 per hour. B) $45 per hour. C) $48 per hour. D) $650 per hour. 94) If real GDP is $13,500 billion and aggregate hours are 110 billion, labor productivity equals A) $6.75 per hour. B) $104 per hour. C) $123 per hour. D) $675 per hour. 95) If real GDP is $11,750 billion and aggregate hours are 175 billion, labor productivity equals A) $23.50 per hour. B) $52 per hour. C) $67 per hour. D) $235 per hour. 96) An increase in labor productivity relates to A) working harder over time. B) working longer over time. C) producing the same output with fewer labor hours. D) producing the same output with more labor hours. 97) When labor productivity increases, the demand for labor curve ________ and the supply of labor curve ________. A) shifts rightward; shifts rightward B) shifts rightward; does not shift C) shifts leftward; shifts rightward D) shift s leftward; does not shift 98) If the nation’s capital stock increases so that workers become more productive, the A) demand for labor will increase B) supply of labor will increase C) demand for labor will decrease D) supply of labor will decrease 99) Which of the following statements is correct? A) When workers become more productive, the demand for labor curve shifts rightward. B) When technology decreases, the supply of labor curve shifts leftward. C) When labor force participation increases, the supply of labor curve shifts leftward. D) When human capital increases, the demand for labor curve shifts leftward. 100) If both the supply of labor and the demand for labor increase, then A) potential GDP decreases. B) potential GDP increases. C) full employment decreases. D) the impact on potential GDP is uncertain