Suppose Total Output (Real GDP) Is $10,000 and Worker-Hours Are

question 4

Multiple Choice

Suppose total output (real GDP) is $10,000 and worker-hours are 20,000.We can conclude that:

• A)real GDP per capita must be $200,000.
• B)the price-level index must be less than 100.
• C)labour productivity must be 0.5.
• D)nominal GDP must be between $10,000 and $20,000.

Analyze the characteristics of successful leaders and the development of leadership qualities.

Understand the strategies for improving consideration and interpersonal skills in leadership.

Recognize the importance and structure of effective team building and management.

Understand the concept of leadership styles and the theories supporting or discrediting the notion of an overall best leadership style.

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of individuals increases, inversely related to income levels.

Substitutes

Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in the demand for the other.

Demand Curve

A visual chart that illustrates the connection between the cost of an item and the amount consumers are willing to buy at those costs.

Demand Curve

A chart that illustrates how the quantity of a product that consumers are ready to buy varies with its price.