Multiple Choice
Suppose that in year 1 every adult in the country works 40 hours a week and GDP is $6.7 trillion.In year 2 every adult in the country works 45 hours a week and GDP is $7.5 trillion.Which of the following statements is true?
A) Per-capita GDP is necessarily higher in year 2 than year 1.
B) People are "better off" in year 2 than in year 1 because there are more goods and services in year 2 than year 1.
C) Government transfer payments were higher in year 2 than in year 1.
D) a and b
E) none of the above
Correct Answer:

Verified
Correct Answer:
Verified
Q24: The expenditure approach to measuring GDP sums<br>A)
Q25: Which of the following would definitely not
Q26: List and explain the two different approaches
Q27: Refer to Exhibit 7-3.Consumption is equal to<br>A)
Q28: Real GDP is the value of all
Q30: Net exports equals<br>A) exports divided by imports.<br>B)
Q31: Which of the following goods is an
Q32: Investment equals inventory investment added to<br>A) business
Q33: A business cycle refers to the<br>A) continued
Q34: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit