Real GDP per person can increase: A) only if the share of the population employed decreases....
Real GDP per person can increase:
A) only if the share of the population employed decreases.
B) if the share of population employed and/or average labor
productivity increases.
C) only if average labor productivity increases.
D) only if the share of the population employed increases.
Homework Answers
Ans: If the share of population employed and/or average labor productivity increases.
Explanation:
Real GDP person = Real GDP / Total population
According to the classical growth theory, increase in employment and labor productivity growth will lead to increase in real GDP. So, real GDP per person will also increase.
Thus, option [B] is the correct answer.
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